Crypto asset networks could be used to intermediate financial transactions in the future, says Central Bank president

This article is from cointelegraph.com.br and the original article can be read here in Portuguese

The president of the Central Bank, Roberto Campos Neto, once again showed sympathy and admiration for cryptocurrencies and its underlying technology. Participating in an event promoted by the International Monetary Fund (IMF) in Washington, USA on Monday, 19, Campos Neto declared that cryptographic networks and protocols could be used to intermediate financial transactions in the future, according to a report by Valor Econômico:

“People focus a lot on the asset, but the beauty of it is the ‘network’ being created with the protocols [de criptoativos]. They have good features that can be used and that will change financial intermediation in the future.”

According to Campos Neto, digital asset networks can contribute to standardizing international payment systems, since today each country has its own technology:

“Coordination [between countries] is the key. Not long ago, if you asked me the fastest way to send US$1 million from Brazil to England, the answer would have been on a plane. This shows that we still have a lot to innovate.”

Innovation potential of crypto assets

In February of this year, the president of the BC had stated during an event promoted by the bank BTG Pactual that “cryptocurrencies have enormous value and foster an important technology for the financial system.”

Campos Neto had also declared in October last year that the decentralized finance has great innovation potential and should be integrated into the national financial system in the near future:

“The DeFi sector and the use of blockchain technology are promising and we have to participate in this sector to build programmable money. In Brazil we are already working on this integration path aimed at Open Finance with Real Digital, our CBDC.”

Between the partnerships signed for the development of Real Digital announced in March of this year there are two cryptocurrency companies, the DeFi protocol, Aave, and the provider of services and infrastructure for blockchain networks, Consensys, in addition to Brazilian exchange, Mercado Bitcoin.

Campos Neto also commented on the implementation of the CBDC (central bank digital currency) in Brazil, stating that it will be added to pix to create a complete digital financial infrastructure in the country:

“Firstly, we needed an instant payments system, the Pix project was fast. We are also making digital currency, which will have another role.”

As Cointelegraph Brasil recently reported, Campos Neto assured that the Real Digital will be implemented in the testing phase later this year. The BC president further revealed that the Brazilian CBDC will have an issuance limit, that is, a pre-determined fixed supply, just like Bitcoin (BTC).

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