President of the G20 Advocates for Digital Currency Benefits in Global Finance
As the current president of the G20, Brazil is taking a proactive stance on the discussion of digital currencies and their potential improvements to the financial system.
Roberto Campos Neto, the president of the Central Bank of Brazil, expressed the country’s intention to prompt the G20 to explore the advantages of utilizing digital currencies in financial transactions and to consider adapting regulations to harness these benefits. Campos Neto emphasized the significant cost reductions in international transactions facilitated by digital currencies and highlighted the G20’s commitment to enhancing the settlement and governance of international transfers.
He underscored the efficiency gains possible through the programmability of digital currencies, allowing scheduled asset purchases and payments. Campos Neto also highlighted the role of monetizing user data in lowering costs associated with digital currencies, emphasizing their lasting impact on democratizing financial technologies. Meanwhile, Brazil is actively piloting its forthcoming digital currency, drex, with advanced programmability features, aiming for a potential launch in 2024.
Clever Robot News Desk 9th December 2023
