Brazil taking a lead on CBDC

Majority of countries are now exploring the possibility of digital Fiat currency and this is part of the initiative called Central Bank digital currency aka CBDC in short. This is the initiative ways most of the countries are working to bring there digital currency which will be equal and to the same as physical currency.

This is the time when technology should be playing an important role to bring more digitisation in place that will bring more convenience along with a better visibility and tracking. Some countries are already about to launch CBDC and India has done it already. Currently it is under trial phase in India and it's expected for the people to have the digital currency this year if everything goes well.

The Central Bank of Brazil selected 14 selected institutions to participate in the pilot of the digital real, the country’s central bank digital currency (CBDC).

Navd Brazil has taken this good decision and they have also selected banks to start the process and facilitate the same. This is a good initiative and with this the country is going to be added in the list of one's who are moving forward. It's important to note that the value of digital currency will be the same as Fiat currency and there will be complete control by the government only.

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With currency digitisation the country can save a lot of money on its logistics and distribution expenses. Even the tracking will become easy so most of the benefits are in favour of government and users are the ones who will find the convenience to use the same.

It's also expected that more countries are going to enter or share their progress if they're already part of it and trying to bring the same in there for the their citizens.

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