2023-09-05 16:52:00
In August, the Central Bank announced the launch of Drex, the name given to the “digital real” that arrives as a new virtual currency in Brazil using blockchain technology. It will be used to create a “safe and regulated environment for the generation of new businesses and more democratic access to the benefits of digitizing the economy for citizens and entrepreneurs”
According to information, Caixa Econômica Federal (CEF) and Banco do Brasil (BB) were the first to carry out an experimental operation using this platform between the 30th and 31st of August. The test consisted of sending a certain amount from Caixa to BB with the amount returned followingwards, confirming the functionality of the system.
The novelty has not yet been launched for Brazilians, but some institutions such as CEF, BB and Nubank have already started internal tests with Drex in order to adapt to this currency. Caixa believes that virtual currency can reduce the time it takes to release funds in real estate financing, modernizing several services at the state-owned company.
The Brazilian digital currency will not change its value, that is, R$ 1 in paper money will always be worth 1 Drex (and vice versa). Cryptocurrencies, on the other hand, always fluctuate, given that they are a form of investment. It is just a digital representation of the real thing, but it aims to ensure more efficiency and security in transactions and lower the cost of banking operations.
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