{"id":14945,"date":"2022-11-29T14:48:53","date_gmt":"2022-11-29T14:48:53","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/president-of-bank-of-brazil-shows-open-finance-digital-real-concept-featuring-stablecoin-integration-and-payments-functionality-blockchain-bitcoin-news\/"},"modified":"2022-11-29T14:48:53","modified_gmt":"2022-11-29T14:48:53","slug":"president-of-bank-of-brazil-shows-open-finance-digital-real-concept-featuring-stablecoin-integration-and-payments-functionality-blockchain-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/president-of-bank-of-brazil-shows-open-finance-digital-real-concept-featuring-stablecoin-integration-and-payments-functionality-blockchain-bitcoin-news\/","title":{"rendered":"President of Bank of Brazil Shows ‘Open Finance’ Digital Real Concept Featuring Stablecoin Integration and Payments Functionality \u2013 Blockchain Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Roberto Campos Neto, president of the Bank of Brazil, explained the role that the Brazilian central bank digital currency (CBDC), the digital real, might play in the future of personal finance. At an event, Neto explained the concept of \u201copen finance,\u201d showing a \u201csuper app\u201d that featured PIX (a payments network) functionality, and also integration with other stablecoins already available.<\/strong><\/p>\n

Digital Real Might Connect Directly With Cryptocurrencies<\/h2>\n

The proposed Brazilian CBDC, the digital real, is ostensibly growing to have more and more functions. Roberto Campos Neto, president of the Bank of Brazil, showed the concept the bank has for the finished version of the currency. On Nov 25. at an online event<\/a>, Campos Neto introduced the ideas that the institution has for the currency, under the \u201copen finance\u201d name.<\/p>\n

This idea includes the integration of the digital real, which is still under development, with traditional and decentralized financial structures and institutions. A \u201csuper app,\u201d that will allow customers to hold stablecoins and the CBDC, was also shown in the event, showcasing the connection the system will have with the already available PIX payments network.<\/p>\n

On the app mockup, Campos Neto clarified:<\/p>\n

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This is basically a teaser of what this integration I\u2019m talking about will be. <\/span>Instead of having several apps on your cell phone, from several banks, you will have some kind of integrator. <\/span><\/p>\n<\/blockquote>\n

In this way, the app will allow the users to have a complete picture of their savings, traditional or crypto-based, in just one place.<\/p>\n

A Push for Digitization<\/h2>\n

While the digital real concept has been in development for quite some time, there is no estimated date for its completion, as the central bank and other organizations continue to test the different implementations and functions this new coin would have. However, Campos Neto stated that the currency will be a bridge to decentralized finance, as the country pushes towards monetary digitization.<\/p>\n

On this, Campos Neto explained:<\/p>\n

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The digital real part is a bridge to the defi environment. We are bringing the digital world to the banking system. <\/span>Several other central banks are doing the opposite. They are actually pushing digital out of banking.<\/p>\n<\/blockquote>\n

However, contrary to what Campos Neto states, several central bank digital currencies are already being tested by myriad central banks. The European Union is currently studying the implementation of a digital euro and is expected to regulate<\/a> it soon. The Federal Reserve Bank of New York is also piloting<\/a> an interoperable network of central bank wholesale digital money, and a proposal<\/a> has surged in Argentina to eliminate physical money.<\/p>\n

What do you think about Campos Neto\u2019s open finance concept for the digital real? Tell us in the comments section below.<\/strong><\/em><\/p>\n

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\nSergio Goschenko <\/h6>\n

\nSergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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