The president of the Brazil Central Bank, Roberto Campos Neto, has revealed that the institution is planning for a CBDC launch in 2024. The president relayed the news in a press conference to the Brazilian site, Poder360.

Neto revealed some details, such as the bank’s plan to conduct a pilot program. He also revealed that the program will reportedly be done alongside various financial institutions prior to the varied implantation of the CBDC.

In addition, Campos Neto shared the positives of the implementation of a digital currency issued by the Brazil central bank. Notably, he hinted at the benefits of how digital assets could drive participation.

He said, “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.”

He added, “Greater inclusion, lower cost, intermediation, competition with reduced barriers to entry, efficiency in risk control, monetization of data, complete tokenization of financial assets and contracts. This is what we see in this digital economy in Brazil.”

This development is occurring after Brazil’s announcement of its development of digital currency back in March. 

Brazil will join the likes of the Bahamas, Nigeria, Jamaica, and the Eastern Caribbean as nations with individual CBDCs.