Brazil's Central Bank Praises Bitcoin
Fabio Araujo, director of the Central Bank of Brazil, praised the properties of bitcoin, saying that it is a financial innovation using new technologies.
At the event, Araujo also commented on the state of development of the digital real, saying that his organization hopes to add intellectual functions to the currency.
Brazil's Central Bank Praises Bitcoin As a Pioneer of Web3 Technology
More and more central banks around the world are dealing with the problem of cryptocurrencies and how to innovate to keep up with these technologies. Fabio Araujo, director of the Central Bank of Brazil, praised Bitcoin as a financial innovation that led to the Web3 movement, and talked about how digital reality, the central bank's digital currency (CBDC), which is still under research, can have programmable functions. .
In addition, Araujo noted that this technology preceded Ethereum, which includes smart contracts that add more features to the financial system.
Programmable digital reality
Araujo also touched on the topic of digital reality, hinting at the possibility of its intellectual capabilities. In a set of slides presented at the event, the central bank's digital currency is shown as linked to Web3 elements such as digital assets, tokens, Internet of Things (IoT) protocols and offline payments.
Araujo explained that digital reality is an opportunity to use intelligent functions to bridge the existing gap between traditional finance and Web3 protocols. While the bank has been conducting various experiments related to the concept of digital reality, the decision to launch or postpone this project will be made in 2024.
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