Brazil Begins CBDC Pilot With Public Use Scheduled for 2024: Report
The Central Bank of Brazil has announced the commencement of its pilot testing for the central bank digital currency (CBDC) project. The project is aimed at increasing financial inclusion for individuals in the country. The CBDC project coordinator, Fabio Araujo, stated that the digital real is expected to be widely used in 2024 after the completion of the pilot. The testing phase will include individuals buying and selling federal bonds, with subsequent evaluation. The Brazilian CBDC will be a blockchain-based payment that supports retail transactions and will be backed by the customer’s deposits in their bank accounts.
In related news, the Thailand government has announced its willingness to offer tax breaks for companies that issue digital tokens for investment purposes. The move is aimed at promoting the growth of the digital asset industry in the country. The tax breaks will be offered to companies that issue digital tokens for investment purposes, with the aim of attracting more investors to the sector. The government hopes that this move will help to boost the country’s economy and create more job opportunities for its citizens.
The announcement by the Central Bank of Brazil and the Thailand government’s move to offer tax breaks for digital token issuers are both significant developments in the digital asset industry. These moves are expected to promote the growth of the industry and increase financial inclusion for individuals in the respective countries. As more countries explore the potential of CBDCs and digital assets, it is expected that the industry will continue to grow and evolve, offering new opportunities for investors and businesses alike.