Confirmed by the Central Bank of Brazil in mid-December 2022, Real Digital is scheduled to be launched on the market in the first half of 2024. However, it will have a testing period still in 2023.
The new Brazilian digital currency promises new possibilities, but still arouses curiosity and doubts on the part of people. Want to know how it works? Detective TudoCelular explains it in detail for you.
How will Real Digital work?
Real Digital will be launched as the first official virtual currency in Brazil and will become a kind of extension of physical banknotes. Its main objective is to be an alternative to the traditional format for electronic operations, but without replacing the Real as we know it.
The proposal includes that the Brazilian digital currency has the same value as the physical one. In other words, there will be no big calculations for this conversion. People will be able to have a virtual wallet through an authorized institution.
The implantation will have some objectives. It can be used for transfers, international payments without depending on conversion or even for the purchase and sale of products and services. The list even includes cars and real estate.
The idea is that the conversion to Real Digital is no different than depositing physical notes into an existing account.
Real Digital vs Cryptocurrency
From the name, it is possible that many people think that Real Digital would be like a cryptocurrency. However, the way it works differs. This is because cryptos are considered as an investment, with a variable value at any time of the day.
In other words, there will be no “purchase” of the Brazilian virtual ballot. Saving money for this digital currency is more similar to a savings or checking account than the formats seen with Bitcoin, Ethereum and others.
Another distinction is in its regulation. Real Digital follows the CBDC (Central Bank Digital Currency) standard, that is, all its regulation is the responsibility of the BC. Cryptocurrencies, on the other hand, have a decentralized character, without specific rules.
Thus, purchases at establishments will accept the Brazilian virtual currency for any type of transaction, as it will be valid nationwide. With cryptos, as they are not current currencies, not all places accept them.
Real Digital vs Pix
One more question that arises is a comparison between Pix and Real Digital. The first consists of an electronic operation, focused on transferring and receiving money instantly, quickly and securely, with the need for bank authentication and the existence of a key with CPF, cell phone, e-mail or random number to replace account data. .
In turn, the second will be the currency itself in its digital version. It will be present in digital wallets and will allow transactions between these walletswithout the need to go through the banks.
In other words, a person without a bank account can have their wallet with Real Digital – thus, the initiative also helps in the digital inclusion of people considered “unbanked”.
security
10 Jan
economy and market
15 Dec
Testing and development
The initiative has been studied by the Central Bank since August 2020 and had its guidelines created in May 2021. The first units were still issued on October 20, 2022, on an experimental basis, while by the end of 2023 it should be tested by more citizens, with availability of 2024.
The experiments are carried out through the platform of the Financial and Technological Innovations Laboratory (Lift). Development had professionals from the BC Attorney’s Office and from areas such as International Affairs, Studies and Research, Currency, Monitoring of the Financial System, Banking and Payment System Operations, Promotion of Financial Citizenship, Regulation, Supervision and Conduct and Information Technology .
What are your expectations for implementing Real Digital? Tell us in the space provided for comments.
