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At the recent event in Rio de Janeiro, the Central Bank spokesperson discussed the introduction of Drex and its repercussions for Bitcoin. Let’s take a closer look.
From September 12 to 14, the Blockchain Rio Festival took place. During this event, more than 300 speakers and 5,000 participants had the chance to delve deeply into future digital innovations. One of the main attractions was Drex, an initiative of the Central Bank.
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Fábio Araújo, a director at the Central Bank and one of the leaders of the Digital Real project, led the discussion on the digital transformation of our currency. Continue reading to learn about this launch.
The Central Bank’s perspective on Drex
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First of all, it is vital to understand that Drex will not replace Bitcoin. As Fábio Araújo explained, the future vision is for individuals to form a broad set of assets based on government bonds. “We are establishing the infrastructure for a much more accessible financial sector than it is today,” Araújo stated.
Regarding the possibility of Drex competing with cryptocurrencies such as Bitcoin, the head of the financial authority was emphatic: “It would be unwise for us to try to eliminate Bitcoin.” And he reiterated this, stating that suppressing the cryptocurrency is unfeasible.
Details of the discussion at the event
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Alongside the presentation of Drex at the Blockchain Rio Festival, Clarissa Souza, a coordinator at the BC, used the opportunity to broaden the conversation about the Digital Real and the application of Blockchain technology. Thus, over the three days, with a focus on the future direction of the financial sector, the festival promoted discussions on artificial intelligence, emerging startups, the metaverse, among other topics.
Francisco Carvalho, CEO of the festival, stated that the goal of this edition was to prioritize digital revolutions. In an interview with the Livecoins portal, the executive noted: “Our goal for this edition was to shed light on digital changes in the financial sector through Web3 technology. And the results exceeded our expectations.”
