Brazil begins trials for its own CBDC, the digital real

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Brazil yesterday started the pilot project to create the digital real, the country’s future official virtual currency (CBDC), the Central Bank announced.

According to the central bank, the digital currency will be tested until February 2024. The project will be evaluated in March next year before it becomes a reality.

“We are working with the expectation of maturing the project sufficiently to allow access to the population by the end of 2024,” said Fabio Araujo, the central bank’s digital real initiative coordinator.

Initial tests will be conducted in a simulated environment without involving real transactions and securities. Access . . .

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