The Brazilian Central Bank or Banco Central do Brasil lays the foundation for a digital currency of the Central Bank (CBDC).;; An official statement shows that he has already formed a group devoted to studying the cryptocurrency industry.
According to the central bank The team consists of 12 members of an intergovernmental group that will evaluate how the CBDC could fit into the national payments ecosystem and what impact it could have on the economy and society.
Previous reports have detailed this Brazil spent around BRL 90 billion (USD 16 billion) annually to ensure a functioning supply of paper money in circulationwhich accounted for between 1% and 2% of GDP.
The central bank says that The new group will look at how much money will be saved by issuing the CBDC and if there is any benefit to it generally for economics.
Rafael Sarres de Almeida, an official in the information technology department of the Brazilian central bank, said in the statement:
“The topic of digital currencies, which central banks are dealing with, has been on the research agenda of many central banks for some time. This year, however, the focus was more on a more practical perception. “
That was added China had already entered the final testing phase of its digital currency, and many other monetary authorities had announced new projects.
In May, Ripple (XRP) had a closed meeting with Brazil’s central bank to discuss “institutional matters”.. According to the bank, its president Roberto Campos Neto had a video conference with Ripple CEO Brad Garlinghouse and three other representatives from the cryptocurrency company, however No details were given on the specific topics.