The digital financial revolution is underway and the BRICS digital currency offering is underway in Brazilian banks. In this post, you will read a report about the beginning of the supply of this currency.
The digital financial revolution will take control of the global economy in the coming months. In fact, the BRICS bloc is preparing itself for these developments. Brazil is witnessing a flurry of banks to launch the country’s digital currency.
According to Bloomberg, some of the country’s largest lenders are preparing to enter this digital asset. In particular, Itao, BTG, Santander, etc. are strengthening their teams to prepare for the final launch of the digital version of the national currency by the central bank.
In the past few months, digital currency has become a big part of the BRICS economic alliance. The group launched BRICS Pay. BrixPay is a blockchain-based payment system for international transactions. China announced that the country’s first digital yuan oil deal was concluded. And this is an important development. Now, a member of the BRICS alliance is set to follow suit.
Brazil has reportedly seen many of its banks prepare for the inevitable launch of its digital currency. In particular, Bloomberg noted that some of its biggest lenders are “supporting” final approval from the country’s central bank. The decision was probably spurred by the success of China and the BRICS payment system entry with positive reception.
The report states that the banks “are all ramping up headcount and adding resources to prepare for the nationwide launch of Brazil’s digital virtual reality, Drex.” Additionally, it noted that a blockchain platform launched in partnership with this asset should grow the market. This American country is looking for economic prosperity with the release of this currency.
Since the success of the digital yuan, it seemed that similar developments in the BRICS bloc were only a matter of time. Now, the success of Brazil’s digital currency could play a very important role. In particular, it could show that the BRICS alliance would benefit from a focus on digital finance. Ultimately, this development could provide a fast track to the de-dollarization of these global economies.