During the LIDE Brazil Conference London, which took place this Tuesday (29) in the English capital, the Brazilian digital currency and the Drex pilot platform gained prominence.
Roberto Campos Neto, president of the Central Bank of Brazil (BC) spoke about interest rates, Brazilian CBDC and the use of Artificial Intelligence (AI) by the monetary authority.
If we imagine that all countries will have efficient instant payment methods in the future, we will be able to make international transactions more easily. We work with governance today because different countries have different mechanisms, so we need to have a common taxonomy to make payments instantly on a global level, said Campos Neto.
The economist, in fact, addressed the main challenges of the post-pandemic world economy. He also presented the integrated Artificial Intelligence (AI) agenda and the BC's financial services aggregator.
source: Presentation by BC president Roberto Campos Neto at the UK Brazil Conference.
Regarding interest rates, Campos Neto argued above all that every strategy to reduce interest rates in Brazil was accompanied by fiscal initiatives that reassured the market.
Pix will have integration with Google Pay, reveals BC
The head of the Brazilian Central Bank spoke about the new partnership between Pix and Google. The new integration with the big tech will allow users to make transfers through Google Pay.
Pix will be able to perform all the functions that a credit card does today, much cheaper and more efficiently.
Roberto Campos Neto at the LIDE Brazil Conference, in London (Photo: Felipe Gonçalves/LIDE.
Real Digital will put Brazil at the forefront, says BRB president
During the meeting, the president of Banco BRB, Paulo Henrique Costa, highlighted that Brazil is a reference in the adoption of new technologies. He mentioned the more than 160 million people who have already made or received a transfer via PIX.
According to Costa, 88% of Brazilians are active users of accessible, innovative and inclusive financial services. This opens the door to, for example, the open finance revolution and the democratization of credit.
The paradigm shift of the digital real with the use of blockchain as a new business model for intermediation and activation of these contracts will be a reference for the global financial industry. Open finance allows transactions to be carried out in real time, inside and outside Brazil, with the tokenization of assets in a secure manner, with online and offline payments.
Drex from Brazil to the world
Vanessa Rubio Márquez, academic and researcher at the London School of Economics and Political Science, explored the topic of the digital economy
We need to look at the regulation of public entities and how much the government needs to be involved in the movement, data quality, communication, energy, workforce, a series of elements that are pertinent to the public sector that need to be defined so that better regulations are created for a sustainable digital economy.
Furthermore, the president of UK Finance, Robert Wigle, highlighted that Great Britain has a lot to learn from Brazil when it comes to innovation, accessibility and digitalization of the economy.
The collaboration between the UK and Brazil in terms of business and services is breaking new ground. We need to continue to move forward and pioneer the new era of services, product modernisation and banking. Digital currency is just the start of this transformation: I want the UK to be a leader in the tokenisation of global assets.
The article Drex is featured during Brazilian event in London was first seen on BeInCrypto Brazil.
