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Brazil Central Bank Director considers Bitcoin as innovation amid world shows concern on cryptocurrency

The Director of the Brazilian Central Bank, Fabio Araujo, has highlighted the features of Bitcoin, stating that it is an innovation in the financial sector that makes use of modern technology.

According to Araujo, Bitcoin provided the impetus for the development of the Web3 protocol. Araujo made more remarks regarding the current state of the development of the digital world at an event. He said that his business intends to add intelligent capabilities to the currency in the future.

Central banks all over the globe are becoming more concerned with the problem of cryptocurrencies and the need to innovate in order to stay up with the latest technological advancements. The director of the Central Bank of Brazil, Fabio Araujo, lauded Bitcoin as a financial innovation that was responsible for the birth of the Web3 movement. He also discussed the possibility that the central bank digital currency (CBDC), which is still in the research phase, will have programmable features. Bitcoin was the financial innovation that led to the Web3 movement.

Araujo also addressed the issue of the digital record, suggesting that it may be possible for it to have intelligent capabilities. In a series of slides that were exhibited at the event, the digital money issued by the central bank was shown as having connections to Web3 components. These components include digital assets, tokens, internet of things (IoT) protocols, and offline payment systems.

Araujo highlighted that the digital real was a chance to bring in smart functionalities that would bridge the gap that now exists between conventional banking and Web3 protocols. The bank has conducted a number of trials with the idea of the digital currency. Nevertheless, the choice about whether or not to proceed with this project will not be made until 2024.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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