The Brazilian central bank focused on taking support from domestic as well as from international tech giants for its CBDC project.
Crypto investment & trading is legal under the jurisdiction of Brazil. The Central Bank of Brazil does not regulate or supervise transactions with cryptocurrencies. The Brazilian central bank is fully focused on blockchain technology & aims to bring a highly advanced version of the digital form of its sovereign fiat currency, or says Brazilian CBDC.
Recently tech giant Microsoft & card payment processor firm Visa joined Brazil’s CBDC pilot initiative.
Along With these two giants’ support, Central Bank is also getting support from other 12 participants, including a Brazil-based bank, and 7COMm.
In America, the Federal Reserve (Fed) also proposed the idea to develop American CBDC (Digital Dollar), to remain top in the race for digital financial Innovations.
Recently Florida’s Governor opposed the digital dollar concept and said that it will remove the money power from the people’s hands and also proposed a different concept to distribute the control of digital dollar money flow.
At present, nearly 100 Central banks are engaged in the CBDC development race and nearly 7 banks are in the pilot phase.
In the world, the Bahamas was the first to introduce its CBDC, called Sand Dollar. Later China and Nigeria showed their fast efforts to launch CBDC.
In particular, the Nigerian CBDC (e-Naira) failed to grab adoption in the first 1 year but later during the currency demonetization phase, e-Naira saw sudden adoption bump.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.