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Brazil Introduces New Bill To Create Central Bank Digital Currency

source-logo  thecryptobasic.com  + 5 more 24 February 2022 13:20, UTC

After approving a bill that would regulate crypto in Brazil, A new bill was introduced that, if approved, would help in launching Brazilian Real in digital form.

Deputy Aureo Ribeiro presented a bill to create a digital Real in Brazil. According to the bill, the Central Bank of Brazil is responsible for issuing Digital from of Real.

The author of this new bill, Aureo Ribeiro, was also responsible for presenting Bill, which regulates the Brazilian cryptocurrency market and is currently under analysis by the Federal Senate.

A new bill that reaches the Brazilian National Congress is presented this Wednesday by Deputy Aureo Ribeiro. The bill discusses the needs and permission to launch Brazilian central bank digital currency (CBDC).

The new bill will allow the Brazilian monetary authority to issue and regulate Real currency in the digital format. The bill will enable the issuance of currency in digital form; it will be linked to the Brazilian Payment System, under authorized conditions and controlled by the National Monetary Council.

The bill clarifies that digital currency wallets must be managed only by authorized institutions. Any issue found in this digital approach will fall on the National Monetary Council, correcting problems.

The bill also defines that any savings in the Digital portfolio will be considered a crime against the economy in the early stage. The bill will be forwarded to the Federal Senate for review if approved.

Aureo Ribeiro also made it clear that the Central Bank of Brazil has the technical capacity to create this digital currency, still, all risks associated with Digital Real must be kept in consideration.

Aureo also expresses that the process to create the digital Real should be transparent. The Brazilian population must be aware of the entire process and the risks and benefits of the new system.

thecryptobasic.com

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