The president of the Central Bank of Brazil reportedly shared his confirmation for the official going live timeline of the sovereign digital currency pilot, which will be in 2022. 

Specifically, the confirmation regarding the digital currency was reportedly made at an event on April 11th, where Roberto Campos Neto, the president of the Central Bank of Brazil revealed that a pilot CBDC program could be officially rolled out in the latter half of 2022. 

The value of the upcoming CBDC would be pegged against the national fiat payment system STR (Reserve Transfer System).

Neto additionally shared a confirmation for the “Digital Real” released with a fixed supply, and only a particular sum of it would be minted – bearing similarities to Bitcoin. 

“This [using the STR in Real Digital] is a way of creating the digitalization of the currency without creating a rupture in the banks’ balance sheets. This project should have some kind of pilot in the second half of the year.”

During his speech, Neto reportedly offered further clarification regarding his beliefs for crypto to possess the potential of turning into a form of investment instead of being utilized mainly for payment while adding that it could change if the adoption among the masses rises.

The confirmation of a CBDC pilot by the latter half of 2022 reportedly surfaced after one month since the central bank forged alliances with nine banks to help with its CBDC development.

With confirmation from the central bank president, Brazil would be becoming a member of the list – with many more being added on – of nations investing resources in their sovereign digital currency.

Aside from the ongoing project with CBDC development, Brazil reportedly also released crypto legislation in late February, dedicated to market regulation.