Governments around the world, including in emerging market economies, are considering creating their own tokenized version of sovereign money, known as CBDCs (Central Bank Digital Currencies).
These blockchain-based national currencies are gaining attention, and Brazil’s wholesale CBDC pilot, called “Real Digital,” will begin in 2023. What can we expect from this new form of money?
In a unique column led by the Brazilian expert group “Women in Regulation” (Mulheres na Regulação) published by the legal website “Jota”, Professor Camila VILLARD DURAN explores key concepts of this ongoing monetary and technological revolution and analyzes the recent Brazilian Central Bank (BCB) rules establishing the pilot for the country’s wholesale CBDC pilot. According to current rules, only financial organizations will have access to the tokenized version of the Real.
But the platform will test transactions involving tokenized deposits, e-money, and government bonds. There are relevant directives of the BCB regarding compliance with privacy and security rules and principles, as well as the financial regulatory framework in place.
The tokenization of different assets in the Brazilian market is already an economic reality. The Real Digital pilot is moving towards enabling innovations that increase economic relations’ efficiency and legal certainty. The Brazilian wholesale CBDC has the potential to revolutionize the financial market infrastructure in the country and will be an essential policy tool for the BCB to fulfill its financial and monetary stability mandates in the near future.
Full article in Portuguese (paywall) Full article in FrenchFind out more
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