Brazil's central bank released an official report that it is planning to create a Central Bank Digital Currency and has set up a team to observe the digital asset industry.
The bank explained that the team is made of 12 individuals who will study how the CBDC will impact society and its effect on the country's economy.
According to reports, Brazil spends about $16 billion every year to enable the functional supply of fiat currency in circulation, representing about 1% to 2% of its GDP.
Rafael Sarees de Almeida, a representative from the IT section of the bank in a statement, explained that the subject of cryptocurrencies considered by several central banks has only been in the research stage for a while. However, more emphasis has been placed on a practical approach since the beginning of the year. He furthered that China is in the final testing stage of its cryptocurrency, and many financial authorities have been proactive in developing crypto-related projects.
Source: Cointelegraph
