the central bank Announce the creation of the blockchain for real digital, which should be launched in 2024. Therefore, the current Brazilian Payments System (SPB) will have to transition to the digital economy. The information was disclosed by the director of BC and in charge of the project.
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According to Fabio Araujo, in an interview with Valor Econômico, the cryptocurrency Ethereum served as an inspiration for blockchain. The current payment system in Brazil is outdated, over 20 years old. Based on new projects, the model is outdated because it does not have the necessary support for smart contracts and blockchain.
Blockchain for Real Digital
The central bank intends to create a new digital payment system to meet the full potential of Real Digital. In an interview with Valor Econômico, the director of the Central Bank said that it is necessary to create a digital payment system that will be the Real Digital platform.
Fabio Araujo also confirmed that the change will allow for integrated play with the existing system. With the update, the Reserve Transfer (STR) system, as well as the change in ownership of the asset that occurs in B3, will be implemented through smart contracts.
Also, regarding the blockchain for Real Digital, the central bank will not be responsible for the development. The Foundation will conduct the bidding process, but all points are still in the determination stage. For this reason, the details were not disclosed by the central bank.
Citing Ethereum, Araujo explained that the cryptocurrency served as an inspiration. It is the second major cryptocurrency on the market and the largest reference in smart contract protocol.
Real Digital is expected to start the testing phase in 2023. Despite this, it is planned to reach Brazilians only next year.