Acceptance of a digital version of the real issued by the Central Bank reaches 93%, according to a study carried out by PayPal
In 2021, half of Brazilians wanted to use less cash — and 57% were already using fewer banknotes and coins since the start of the Covid-19 pandemic, according to a study carried out by PayPal in four countries.
Thinking about new technologies, the absolute majority (93%) of those interviewed in Brazil said they would be willing to use a digital currency issued by our Central Bank — a high rate, which was only second to that of China (99%), which has already started testing adoption of the digital yuan. According to research, the biggest enthusiasts of digital currencies are younger people, especially millennials (born between 1981 and 1996).
Furthermore, the idea of no longer having to use physical money pleased 79% of Brazilian respondents, a higher rate than in other countries that participated in the survey: China (72%), the United States (58%) and Germany (40% ).
Digital currency, or CBDC (Central Bank Digital Currency), is a digitized version of the money we already use: it is also issued by a Central Bank and is linked to the country's monetary policy. She is different from cryptocurrency, which is not controlled by an authority nor is it linked to fluctuations in a country's currency — its value is established according to supply and demand.
For those who liked the idea, good news: the Central Bank of Brazil is discussing the creation of a digital currency as another payment method option and intends to start testing it by the end of 2022.
This new currency would be issued by the BC and could be used to make payments in online and physical retail or even in innovative models, such as smart contracts and IoT (internet of things).
The Bahamas was the first country to launch a CBDC in the world, in October 2020, and China is considering testing the digital yuan at the Beijing Winter Olympics in 2022. The United States, Korea, Japan and Sweden are others countries that are researching the adoption of digital currency.
