A recent report by the International Monetary Fund (IMF) indicates that there is a high level of interest in central bank digital currencies (CBDC) in Latin America and the Caribbean. A survey conducted with governments in the region revealed that half of the respondents were considering both retail and wholesale CBDC options. Brazil is one of the countries experimenting with a two-tiered CBDC model, which is currently in the proof of concept stage. The motivations for exploring CBDCs in the region include financial inclusion, monetary sovereignty, and improving payment systems.
In other news, Brazilian President Luiz Inacio Lula Da Silva criticized the Bretton Woods institutions, claiming that they are outdated and no longer meet the aspirations and interests of society. He also expressed his intention to push for a de-dollarization agenda at the next BRICS meeting. Lula accused the International Monetary Fund (IMF) of causing the bankruptcy of nations and called for a change in the functioning of these institutions.
Meanwhile, the government of Venezuela announced its integration of the Russian Mir payments system into its network. The Central Bank of Venezuela updated almost 40,000 point-of-sale terminals to accept payments from Mir-compliant cards. The aim is for 30% of the terminals to accept these cards and convert payments made in rubles to the national fiat currency. Venezuelan President Nicolas Maduro applauded this development, stating that it helps build a new financial and monetary system in the face of monetary and financial isolation.
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