Digital reality is already a possibility; See what the Central Bank reveals

Due to the rise of cryptocurrencies, central banks around the world have started planning how to digitize their currency. In this way, the Central Bank of Brazil is working to launch the digital real in 2024. Thus, the new project would help Brazilians to facilitate offline transfers, speed up the processes of selling and buying real estate, among other things. . The digital real will, therefore, be a representation of the currency that circulates in Brazilian territory within digital media.

Check below how digital reality will work.

Real digital will be published in 2024. Credits: @jeanedeoliveirafotografia / pronatec.pro.br

How Real Digital will work

The first project for Real Digital was carried out by the National Federation of Central Bank Server Associations (Fenasbac). So, together with the Central Bank, they began to collect the projects of several banks, such as Itaú, Visa, Tecban, Santander and Mercado Bitcoin in order to start organizing the launch of the digital real in 2024.

And how will the digital currency work? Well, the digitized real will have the same value and can be converted into bank deposits. In addition, it can also be used to pay for purchases, purchases and personal transfers. In this way, we can see that the new currency platform will work in the same way as the traditional real. However, they will be able to count on new updates that are not available for conventional real.

The director of financial innovation at Fenasbac, Rodrigoh Henriques, reveals that the goal is for the product to reach the Minimum Viable Product (MVP, American acronym) by February of next year. This way, it will be possible to present a working product, even though it is not yet finished. Still, Henriques says he believes the product will be of great benefit.

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The Central Bank will select projects to move to the pilot phase

After obtaining the minimum product, the Central Bank will select the best bank projects to start the pilot phase of the digital reality. Thus, the pilot phase will be extended until the second half of 2024. In addition, the product will enter a test phase with users on a reduced scale, in order to assess the quality and the need for improvements to the digital currency.

Below, check the banks’ projects for digital real

1. Visa from Brazil

Visa partners are Consensys and Microsoft. The company makes a proposal that takes into account small businesses. So, the idea is that Brazilian SMEs can communicate with the global market by accessing competitive financing proposals.

2. Tecban

Tecban, on the other hand, focuses on electronic commerce. So the idea is to create a network of lockers that will be able to receive digital offers. In this way, the customer will be able to pay for the product at the time of withdrawal using digital currency.

3. Vert

Vert’s focus is on the rural market to facilitate financial tracking. Therefore, rural financing can work with programmed payments.

4. Itaú

The idea is that companies can exchange reals for Colombian pesos through a process where the transfers happen simultaneously.

5. Bitcoin market

The Bitcoin market, on the other hand, intends to develop a stablecoin and, in this way, facilitate the purchase of financial assets with real, broker or crypto-assets.

February 6

On the other hand, Febraban will allow the transfer of the purchase of digital financial assets to occur simultaneously with the receipt of ownership rights.

7. Santander

In addition, Banco Santander intends to promote the rights of vehicles and real estate to a digital format. Therefore, the right to the product will appear simultaneously with the payment.

8. Haha

Aave’s project consists of offering a fund with depositors’ funds. In this way, they will offer loans and ensure their compliance with the laws of the national financial system.

9. Giesecke + Devrient

It will promote a form of payment in which both the payer and the recipient can disconnect from the Internet.

Also check: WILL FORGOTTEN VALUES BE COMING OUT TODAY? The Central Bank publishes

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