Users Will Be Able to Use Brazil’s CBDC Offline

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Brazil is preparing to launch a digital version of its currency, the real, by the end of 2024. This initiative is expected to improve the accessibility of banking services in the country.

The project has garnered support from industry leaders including Visa and Microsoft. The Central Bank of Brazil has also partnered with French company Giesecke+Devrient to test the digital real as a means of offline payment.

According to Central Bank representative Marisa Reghini, this feature will be particularly beneficial for residents in remote regions where internet connectivity is not stable.

With the digital real, they will be able to make transactions without an internet connection, making it easier to pay for goods and services.

The use of the digital real will also eliminate the need to open a bank account. Instead, individuals can simply open a digital wallet after completing the verification process and use the digital currency for transactions.