The Brazilian Central Bank says that its central bank digital currency (CBDC) – the digital real – is being designed to help now domestic businesses grow. The bank is also looking to tighten the regulations surrounding cryptoassets.

The newspaper O Globo reported that Roberto Campos Neto, the bank’s governor, confirmed that the digital real is set to begin the first stage of its pilot in March.

And Campos Neto claimed that the Brazilian digital currency model was being created with the aim of “fostering new business” in the financial services sector. He claimed that this model was “unlike” those being used in “other countries.”