Brazil will launch its digital currency DREX in 2024
The Central Bank of Brazil has called DREX the digital currency that will be launched on the market in 2024
Brazil’s digital currency (CBDC) will be launched in 2024. The country’s Central Bank has indicated that its launch is scheduled to boost financial services.
The DREX CBDC will be based on “distributed ledger technology (DLT) to settle wholesale interbank transactions, while retail access will be based on tokenized bank deposits.”
The BCB authorities had already anticipated that once the tests were completed, the coin would be launched on the market at the end of 2024. Fabio Araujo, coordinator of the initiative at the bank, pointed out that the purpose of DREX is to improve citizen access to financial services.
“By enabling easy and reliable access to registered securities through DLT technology, we reduce costs and democratize access to financial services,” he emphasized.
Likewise, the BDV executive “highlighted that Brazilians already make numerous digital payments through the Pix instant payment platform, launched at the end of 2021 and which has been well received.”
DREX design refers to the strength of digital real
Regarding the choice and design of the name, DREX, it is known that it is an acronym formed by the letters “D” and “r”, both referring to the Real Digital which is the national currency, combined with the “e”, which means electronic in addition to the “x”, which “conveys the idea of modernity and connection, the use of distributed ledger technology (DLT)”, according to the digital medium Tekios.
The logo shows the capital D, which transmits “the evolution of the national fiat currency, the real, to its digital version.” Inside, it has two arrow-shaped triangles in blue and green, where the transition “represents the transaction completed message.”
M.Pine
With information from national and international media, news agencies and social networks
(Reference image source: engin akyurt, Unsplash)
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