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If you still haven’t heard about it, Drex represents the new monetary digital era in Brazil. Let’s delve deeper into this innovation. See the details!
The Central Bank officially launched “Drex”, the latest Brazilian digital currency. Follow along with us for all the details about this new tool intended to benefit the population.
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The Central Bank of Brazil (BC) is already making significant progress in developing the digital real, intended to be the country’s debut in the world of digital currencies. Fabio Araújo, leader of the digital real initiative at the BC, indicates that, although it is still in the experimental phase, the public launch is scheduled for the end of 2024.
The idea of a digital currency, such as Drex, has been circulating within the BC for quite some time, with the aim of modernizing the Brazilian economy. Thus, introducing more robust payment methods for high-value transactions.
Learn more about Drex, the Brazilian digital innovation
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Explaining in greater depth, Drex was developed to act as a digital extension of our paper currency, anchored by the same guidelines and policies that support the strength of our real.
Therefore, it is not a different currency; it is the real in a digital version, enabling financial transactions, remittances, and payments. It maintains parity with the physical real, adjusting according to exchange rate fluctuations, and its management will be the responsibility of the Central Bank.
The Drex system aims to introduce a broader range of financial products and services, more effectively meeting citizens' needs. According to Araújo, the goal is for customers to discover a variety of financial service options directly in their banks' apps.
How does the Real differ from Drex?
Read also: Digital Real: Governments Assess Changes to Benefit Payments. Find Out!
In essence, there is no distinction; the new digital real is simply the electronic form of our currency. The change lies in the infrastructure where these funds will be available, providing users with advantages and convenience through blockchain technology.
In this way, users can exchange R$ 1 for 1 Drex through apps to make transfers. And when they want the amount in physical currency, they simply make the reverse exchange, converting Drex back into the traditional real.
