A recent report from Citi, a global financial institution, highlights Brazil as the frontrunner in digital money initiatives across Latin America.

Brazil's advancement in digitalisation is attributed to factors such as government support and the widespread availability of digital payment solutions.

Citi's analysis positions Brazil ahead of other Latin American countries like Argentina, Chile, Mexico, and Colombia in terms of digital money adoption.

The country's readiness to embrace its upcoming central bank digital currency (CBDC), alongside existing initiatives like Pix and Open Finance, underscores its preparedness for digital financial innovation.

Driss Temsamani, Head of Digital for the U.S., Canada, and Latam at Citi, emphasised Brazil's population's eagerness to adopt new technologies and the importance of integrating the informal economy into formal financial systems through digitalisation.