REAL GOODBYE? Will paper money really disappear? Central Bank takes a stand!

Is it true that paper money will come to an end in Brazil? Understand the statement from the Central Bank about this possibility that affects people’s minds.

With an update that promises to revolutionize the Brazilian monetary system, the Central Bank of Brazil made a surprising announcement that could mark the end of the era of paper money in the country.

The institution, responsible for administering monetary services and ensuring the stability of the financial system, announced the creation of a new currency that could be the missing nail in the coffin of banknotes. More details? Just stay with us!

Is paper money coming to an end? Credit: plasticaxe.

Why has the use of Paper Money decreased?

In recent years, the world has witnessed a significant digital transformation in the financial sector. Electronic transactions have become increasingly popular, and the use of paper money has steadily declined.

This shift is driven by several factors, including the convenience, security and efficiency of digital transactions, as well as increasing financial inclusion through mobile and online technologies.

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Central Bank announces the end of paper money?

According to press information, the Central Bank announced the introduction of Drex, short for "digital real x", Brazil’s new official digital currency.

The innovation promises to be the replacement for real and paper money in 2024. After all, Drex can be exchanged for paper money and vice versa and will be accessible through virtual wallets offered by banks and other financial institutions.

What is Real Digital for?

In the official note released by the Central Bank, the institution emphasized that the Real Digital is an expression of Brazilian sovereign currency, developed to support a safe environment for innovation and access to technological advantages.

The focus is to enable entrepreneurs to innovate and consumers to enjoy the benefits of these new tools in a regulated financial environment.

Furthermore, the new digital currency aims to lower the costs of financial operations and increase user inclusion, serving as a gateway to the new financial market. The expectation is that, by the end of the year, Drex will be available for use by Brazilians.

Therefore, at least for now, paper money will not come to an end in Brazil. But, over time, the tendency is for banknotes to be replaced by digital payment methods.

Money at the Central Bank for you!

Along with the announcement about the possibility of paper money ending, the Central Bank confirmed that many amounts are still available to Brazilians in the Values ​​Receivable System (SVR).

To check if you have money available at the Central Bank, you need to access the official SVR website and log in with your gov.br account.

For amounts for individuals, it is necessary to have a silver or gold category account, while for legal entities, the account must be linked to the CNPJ. Click here to find out how to level up your account!

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Drex comes to change everything

The Central Bank’s announcement about the introduction of Drex marks a new era in the Brazilian economy, potentially signaling the end of paper money.

The change represents a technological advance and, from the same point of view, an evolution in the way people interact with money, opening doors to innovation and financial inclusion in an increasingly digital world.

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