A digital real is a digital currency issued by a central bank. Its purpose is to facilitate daily financial operations. In this way, it will be possible to conduct various financial transactions without the need for physical or online funds for this. Thus, the new currency is in a trial period and can be used anywhere in the world without conversion. Therefore, digital banknotes will allow and facilitate the stimulation and facilitation of new businesses as well.
So, check below how granny works.
What is Real Digital?
The digital real is a project of the Central Bank of Brazil that should be launched by 2024. Thus, the idea is that there is an electronic version of the real in order to make life easier for citizens as well as move the economy. The goal of the central bank is to make it available to those who use bank accounts, payment accounts, cards, and even cash. The head of the foundation, Roberto Campos Neto, revealed that the group responsible for the digital currency is already in advanced stages and intends to popularize the project in the middle of 2023.
Also, the digital real differs from the cryptocurrency, because it will be backed by the Central Bank of Brazil, making it the equivalent of the money currently issued. In this way, the digital currency allows greater circulation of funds and facilitates technological deployments by banks.
digitizing the economy
Since 2020, the central bank has been working on digitizing the economy, starting with Pix. So, the idea is to facilitate operations and carry out physical economic activities via the Internet. Pix, which is currently the main digital banking system in Brazil, appeared in October 2020 and since then has become the most widely used banking method today. To date, the second project of the institution is Real Digital.
Differences between Real Digital and Pix
Many people are still confused about how it works and how it differs from Pix. First of all, it should be noted that PIx is a form of payment, that is, it carries out transactions that transfer values from one bank account to another. Real Digital, in turn, represents the Brazilian physical cell that operates through a digital currency. In other countries, digital currency works mainly for remittances, similar to Pix. However, the idea in Brazil is that it can cover other applications.
The idea is that it is used in transactions such as smart contracts, which allow you to sign transactions, such as in the case of buying cars and real estate. However, the central bank reveals that this type of currency will also prevent fraud, because the money will be more secure and will also prevent the use of counterfeit money. So the goal so far is for Real Digital to meet the requirements of smart contracts, retail payments, and programmable funds.
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