Central Bank Brazil leader in Latin America
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Digital Transformation
AF Source BCB
The Central Bank of Brazil (BCB) established general guidelines for the development of a Brazilian Central Bank Digital Currency (CBDC), which may be implemented in order to keep up with the digital transformation of the global economy and foster innovation in Brazil.
![](https://eyesonbrasil.com/storage/2021/06/Roberto-Campos-Neto-Governor-CBC-.jpg)
The Central Bank of Brazil (BCB), through a press release, provided general guidelines for the development of a Brazilian Central Bank Digital Currency (CBDC), seeking to foster innovation in the Brazilian Payments System, while matching the digital transformation of the global economy. The guidelines result from a working group established by BCB in August 2020, through Ordinance n. 108.092/2020.
According to that BCB press release, the possible development of a CBDC is intended to keep up with the technological evolution of the Brazilian economy, enhance the efficiency of the retail payment system and cross-border transactions, and foster new business models and other innovations, while guaranteeing economic stability.
![](https://eyesonbrasil.com/storage/2021/06/Central-Bank-Brasilia.jpg)
The press release provided 10 preliminary guidelines for a Brazilian CBDC, which include the adherence to the Brazilian General Data Protection Law (Law n. 13.709/2018) and the Bank Secrecy Law (Complementary Law n. 105/2001), and the technological design and adoption of standards for tracking illicit operations and preventing cybercrimes.
![](https://eyesonbrasil.com/storage/2021/06/Central-Bank-Microfone.jpg)
The press release also clarifies that the listed guidelines correspond to BCB’s current understanding of the subject, while further discussions and public consultations will be required.
AF Source BCB