To increase the participation of Brazilians in the financial system, the apex bank of Brazil is looking to roll out the digital version of the Brazilian currency by 2024.

The president of the central bank of Brazil Roberto Campos Neto disclosed the innovation at a recent conference which was hosted by Brazilian news site Poder360 on Tuesday, December 13.

The Brazil central bank will collaborate with some financial institutions in the country to conduct a pilot program which will be a step towards the wider use of CBDC in Brazil,  Campos Net noted.

“I think that this digitized, paid-in, integrated system, with inclusion, will help a lot in the development and inclusion of people in the financial world,” Campos Neto said.

Meanwhile, in March this year, Brazil’s apex bank selected nine financial institutions which are to assist the bank in developing the CBDC.

After the pilot, Brazil will join the likes of Nigeria, Jamaica, and The Bahamas amongst others that have rolled out CBDC to their citizens.

Recall that the Bank of International Settlement has already reported from a survey that more than 90% of central banks are exploring CBDC. The quest for central banks to explore CBDC is spurred by the increased daily popularity of digital currency, to ensure a safe and effective financial system in the digital world, apex banks are left with no option but to develop the digital version of their fiat currencies.

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