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Brazil's Central Bank Tasks Group With Laying Out Road Map to Digital Currency Issuance

The 12-member team will submit their findings – and propose a CBDC issuance model – to the central bank in 180 days.

Updated Sep 14, 2021, 9:47 a.m. Published Aug 24, 2020, 4:11 p.m.

Brazil, home to South America's largest economy and a bullish-on-fintech financial bureaucracy, is studying the benefits and challenges of issuing a central digital currency (CBDC).

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Banco Central do Brasil (BCB) established an intergovernmental CBDC study group on Aug. 20.
The 12-member team is tasked with investigating CBDC security risks, economic implications and societal benefits against Brazil's existing payments landscape.
The team will also evaluate CBDC issuance and even propose an issuance model for Brazil. A final report is due in to BCB officials in 180 days.
CBDC may "improve the current model of commercial transactions between people and even between countries," BCB said in a press statement, calling CBDC issuance "eventual."
Brazil's monetary policy makers are already moving to digitize payments in South America's largest economy. Pix, a central bank-run instant payments system, is coming online in November.

Central Bank of Brazil digital currency CBDC CoinFlash

Danny Nelson

Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.