CandleFocus Central Bank of Brazil Highlights Tokenization Potential Before IMF and World Bank
2024-10-26
Author: Content Editor
The Central Bank of Brazil has emphasized the importance of tokenization and open finance in the future financial system. The bank's president, Roberto Campos Neto, spoke at a panel presentation before the International Monetary Fund (IMF) and the World Bank, stating that the potential of tokenization and its intersection with open finance had been underestimated. Open finance involves sharing data and services between regulated entities with user permission to promote innovation and competition. Campos Neto highlighted the efficiency and productivity benefits of tokenization for banks, stating that they would gradually shift from looking at balance sheets on an account basis to a token basis. Tokenization and stablecoins are part of the bank's regulatory schedule for 2025 and are seen as having the potential to generate efficiency gains in payment and credit services. The bank is also exploring the integration of artificial intelligence (AI) in its central bank digital currency project.
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