STORY CONTINUES BELOW THESE SALTWIRE VIDEOSWatch on - Maintaining privacy and increasing understanding of blockchain technology are primary issues to solve before Brazil's central bank digital currency is ready for widespread use, the central bank's coordinator of the project said on Tuesday.
"We are using distributed ledger technology that's based on Ethereum Virtual Machine, this technology tends to be very open with all the information of the participants," said Fabio Araujo, coordinator of the digital real initiative at Banco Central do Brasil , referring to software that executes smart contracts on a blockchain ledger.
Market maturity is another important issue to solve as the central bank wants businesses to develop new use cases for the technology, Araujo said. He noted the digital real was unlikely to see the same rapid integration as Pix, the BCB's digital payments system, but the bank would work with other branches of the government to increase consumer financial education.