Brazil: digital real is well regarded by 80%, but few know the practical use of new technology – survey

By Toni Sciarretta

Most Brazilians have heard of the digital real, the tokenized version of the Brazilian currency being developed by the Central Bank (BC), but few know the usefulness of the new technology, and a large portion of companies still have a certain skepticism about the practical applications that come with the digitalization of money, according to a study commissioned by Cryptum, a “blockchain as a service” (BaaS) infrastructure startup.

In the survey of the general public, 93% of respondents say they have heard of digital currencies, and 80% say they look favorably on this initiative.

The survey included about 1,041 consumers with a general profile consulted online in May.

A second survey was heard from 104 C-level executives of financial firms in the same period.

For 53% of the general public respondents, the novelty should bring time savings as one of the main benefits associated with the theme.

42% expect a reduced bureaucracy, while 37% see a greater simplification of purchases and loans in general processes.

On the other hand, the group of executives from the financial sector expressed a more reticent view regarding the tokenization of money.

When asked about the digital real, 35% of the representatives of this group said they had heard about it but did not yet understand how the digital currency would work in practice. Another 28% expressed disbelief about the implementation.

A group of 25% of respondents from the financial sector said they keep an eye on the discussions because of their interest in the subject. Of those respondents, 34% said they believe that companies in the financial sector are not yet ready to adopt the digital real, but they can prepare for its implementation within a few months.

Another 30% expressed pessimism and did not believe in a favorable environment for the future digital currency in Brazil anytime soon.

For Andre Salem, CEO of Cryptum, the data from the study shows a very favorable environment in the country for the development of tokenization because of the regulatory initiatives and the successful experience in the implementation of Pix and now “open finance”.

DIGITAL SECURITY

The survey also measured the elements that would make consumers more comfortable adopting a digital currency.

For 52% of those consulted, operations must occur on a secure platform prepared against cyber attacks.

Another 47% demand a greater knowledge about digital currency, while 35% expect a language accessible and easy to understand by the general public.

On the other hand, 30% expect something easy to use, and that does not require a lot of technical knowledge to operate.

In the respondents’ perception, the Central Bank (BC) plays a crucial role in implementing the digital real.

The results show that 66% agreed partially or totally that they would feel more comfortable using the digital real because it is a government-issued currency.

However, 52% of respondents said they did not know enough about the subject, confusing them.

Another 32% do not feel safe, and 35% are concerned about the security of their money and therefore would not use the digital real.

With information from Valor

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