Brazil eyes 2022 for issuing a CBDC as China nears a full digital RMB launch

With China on track to launch its digital currency soon, other major nations like France, Japan & now Brazil are intending to do the same

On the face of it, the pandemic caused a global disruption with millions losing their jobs as economies shut down to control the spread of the virus, but it might also have expedited the digital transformation that was already taking before the onset of the pandemic. The demand for online services, surge in e-commerce volume and the shift to touchless systems have spurred this digitization.

Although cash usage was already seeing a steady decline in usage in many economies of the World, people moved further away from the traditional payment mechanism to avoid the interaction. Ever since the launch of decentralized cryptocurrencies like Bitcoin, many central banks have been mulling over the idea of digital currencies, with quite a few running their individual pilot programs.

It’s no secret that China has been vying for a pioneering spot when it comes to issuing a Central Bank Digital Currency (CBDC). In fact, the second-largest economy is already testing a digital version of its national currency — according to a recent announcement, it will…