Making offline transfers, streamlining real estate purchase and sale processes and facilitating international payments are among the nine projects selected by the Central Bank (BC) innovation laboratory that works on solutions for the digital real, which should be launched in 2024.
The digital real is a virtual representation of the currency that circulates in the Brazilian economy. The project emerged in the global wake: the growth of cryptocurrencies spurred central banks across the planet to develop their own digital currencies.
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The first projects were selected with the work of the Lift Challenge carried out by the National Federation of Central Bank Server Associations (Fenasbac) together with the BC started this month and bring together projects from various institutions, such as Itaú, Santander, Tecban, Visa and Mercado Bitcoin.
Real Digital will have the same value and can be freely converted into bank deposits, into paper money and can be used for purchases, payment of bills and personal transfers, as well as the conventional real. The main difference is that it may have new functions that are being developed, expanding applications that are not possible with the real “conventional”.
The intention, according to Rodrigoh Henriques, director of financial innovations at Fenasbac, is that by the end of the Lift period in February next year, the proposals will reach the stage of a Minimum Viable Product (MVP), that is, , a product that delivers what it promises, despite not being complete.
“It’s not the product yet, it hasn’t been released yet, but the feeling is that, even though it’s not complete, if I released it tomorrow someone would benefit. People would say, it can improve here, there, but it is working”, he said.
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