Central Bank Of Brazil Announces A Pilot Test For CBDC This Year

This will make this the first South American country to launch a pilot for digital currency, according to El Economista.

The test to be conducted later this summer will have a fixed amount, which the President says will be linked to the reserve transfer system, a fiduciary payment system.

This is a way to create currency digitization without creating a break in bank balance sheets. This project should have some kind of pilot in the second half of the year ”, said the BCB president.

President Neto said

Brazil’s President Jair Bolsonaro and his administration are working on a bill to mitigate the cryptocurrency market, providing a clear definition of the status of digital assets and ‘defines control jurisdictions in government agencies,’ El Economista added.

Furthermore, Bitcoin.com noted:

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The Central Bank of Brazil has been advancing with its digital real project since last year when it redacted the guidelines that a Brazilian CBDC would have to follow, and announced it was still studying and debating the possibility of the issuance of such a currency.

However, in March, the institution selected nine institutions out of 47 proposals that will be able to produce projects designed to present the opportunities that a hypothetical digital real might offer in different sectors.

Brazil has also been making advancements when it comes to legislating to approve a unified cryptocurrency legal framework. In this sense, deputies and senators have declared they will combine several proposals into one that will be presented to the Brazilian Congress. The rapporteurs of these initiatives expect this new hybrid proposal to be approved in the next months.

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Brazil, being one of the founding nations of the BRICS alliance, is looking to dump the U.S. dollar and trade more with Eastern allies instead. Brazil recently announced a new trading deal with China in yuan and reals exclusively, devoid of the dollar.

At the same time BRICS nations as a collective have agreed to create a new currency as a replacement to the U.S. dollar.

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AUTHOR COMMENTARY

Nations all around the world are racing to get a CBDC created and ready to launch in the neat future, to slap upon a desperate population that will be groveling for a solution to their pain.

It is important to note that while these nations are looking to overthrow the United States’ hegemony, they only seek to replace it with their digital fiat system to control people with. They still want to control and enslave people all the same, but they must take down the U.S first, and that goal is nearing completion.

The rich ruleth over the poor, and the borrower is servant to the lender.

Proverbs 22:7

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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