According to Reuters, the Central Bank of Brazil announced the launch of a digital currency pilot project, aiming to replicate the success of its instant payment system Pix to popularize financial services in the country. Fabio Araujo, the coordinator of the project at the Central Bank of Brazil, said that after the completion of the testing phase (including the buying and selling of federal public bonds between individuals) and subsequent evaluation, the public use of digital currency should begin by the end of 2024.

Araujo said the central bank digital currency will be built as a payment method executed on distributed ledger technology (DLT) to support the provision of retail financial services settled through tokenized deposits of Brazilian financial and payment system institutions.

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