Is Brazil Thinking of a CBDC Project?

In line with the country’s growing interest in the crypto space, President of Brazil’s central bank, Roberto Campos Neto, has met with leading figures in the crypto industry. The meeting, which was held virtually, involved the CEO of Circle, Jeremy Allaire, the recently resigned US CEO of Binance, Brian Brooks, and co-founders of Valor Capital Group LLC, a firm that has invested heavily in the Brazilian crypto space.

While pressmen were shut out of the meeting, crypto enthusiasts in the country have reasons to be giddy if the South American country’s previous interactions with the space is taken into account.

Within its region, Brazil is the most advanced crypto-friendly nation with a number of policies and actions that have brought in loads of crypto initiatives. The country’s authorities have approved the operations of 2 Bitcoin ETFs, an Ethereum ETF and also an ETF tasked with tracking several digital assets.

Also, Brazil has been experimenting with blockchain technology since last year and it has also introduced a system that supports free transactions between banks in the country. 

Due to this avalanche of developments, the country’s central bank president had hinted that the next line of action for its financial system would be to initiate a central bank digital currency project which he believes would aid the efficiency of the sector.

You will recall that several countries like China, Japan, Russia and a host of others have also begun working on a CBDC project, with Nigeria also recently hinting that it could join the foray.

Going by this, it could be assumed that Brazil could be working on the modalities of a project of this nature and it needed the expertise and opinions of these thought leaders in the crypto market. It could also be that the conversation in the meeting centered on the developing crypto space within the South American country.

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