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RIO DE JANEIRO, BRAZIL - Across the developed world, central banks are being drawn into the 21st century financial system. The main challenge for these institutions has been to keep up with the pace of innovations introduced by the market to revolutionize payment methods.

In very few areas this can be perceived as well as in relation to digital currencies, a new territory in which the Brazilian government is starting to venture. Earlier this month, celebrating Senate approval of Central Bank (BC) autonomy, Minister of Economy Paulo Guedes announced that the country will create the digital real, a virtual currency backed . . .

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