Brazilian Central Bank Director, Fabio Araujo, praised Bitcoin’s properties and described it as a financial innovation using new technology.
According to Araujo, Bitcoin gave impetus to what is now known as Web3. Araujo also spoke about the changing state of digital money during an event and stated that his business aims to add smart functions to the currency.
Central banks worldwide grapple with the problem of cryptocurrencies and how to innovate to keep up with these technologies.
The director of the Brazilian Central Bank, Fabio Araujo, praised Bitcoin as a financial breakthrough that led to the Web3 movement and discussed how the digital reality currently being researched, the central bank digital currency (CBDC) could have programmable capabilities.
At an event sponsored by the Sao Paolo Business School, Araujo said:
“We started accelerating this in 2009 with the launch of Bitcoin with distributed database technology that facilitated the creation of Wweb3. The Bitcoin app brings a Proof of Work solution that is fundamental to Web3 services to the population.”
Also, Araujo stated that this technology predates Ethereum, which includes smart contracts that expand the capabilities of the financial system.
The Central Banker also made a clear distinction between the digital sector and other crypto assets such as Bitcoin.
