Paypal research shows that digital real can be well accepted in Brazil
Adherence to the digital real can be successful in Brazil. That's what a survey of online payments company PayPal demonstrates. According to the survey, 93% of Brazilians interviewed are "extremely" or "somewhat likely" to join a central bank digital currency (CBDC).
- US government sets criteria for creating the digital dollar
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For the study, PayPal interviewed 4,000 people in Brazil, the US, China and Germany. Here, the interest in a national cryptocurrency is second only to China (99%). In Germany and the USA the percentages were 77% and 73%, respectively.
The Central Bank of Brazil (Bacen) is already studying the digital real and, in May, presented the guidelines for the development of the Brazilian CBDC. China is already advanced in creating the digital yuan, its CDBC. The country plans to massively test the currency in 2022 during the Beijing Winter Olympics.
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According to the PayPal survey, 79% of Brazilians like the idea of not having to use physical money for payments. In China, the percentage is 72%. Americans (58%) and Germans (40%) are less interested in the solution.
With the spread of the covid-19 pandemic, many users have adopted digital wallets to avoid contact with cash. A survey by Toluna shows that 89% of Brazilians started using digital wallets during the pandemic. This made individuals more used to these tools, which, in addition, are very practical.
In the Paypal study, 57% of respondents say they use less cash since the onset of the health crisis. Only China saw more drop, with 64%. As a justification for still using physical money, the interviewees point out: absence of fees, ease of use, cost control and anonymity.
Pix help
It is possible that enthusiasm for the instant payment system (Pix) has positively influenced Brazilians' perception of digitalization. According to Paulo Aragão, a specialist in cryptocurrencies, Pix was presented as an "answer to cryptocurrencies" in general. The option is, however, a great ally of cryptoactives.
For Aragão, Pix helped Brazilians become familiar with how the digital environment works. “In the short term, because it enabled 24×7 integration between the traditional financial system and the crypto market”, he says. "Already in the long run because people are starting to get used to paying with QR Codes directly from their cell phones."
The specialist also points out that the Brazilian population is already getting used to digital money, as they prefer to pay by bank transfer or card instead of cash. “As Brazilians have been used to digital money for some time, it is natural that they are open to the idea of the digital real. In practice, for the common citizen, there won't be many immediate changes.”
Read the article on Canaltech .
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Text source: CoinRevolution
