It is the pioneering Brazilian digital currency, formerly known as Real Digital, and it functions as an extension of physical currency. It enables payments, transactions, and transfers. According to Fabio Araújo (Coordinator of Drex at the Central Bank), the platform essentially acts as a 'Pix for financial services,' allowing for instant transfers of financial assets. The new digital currency is expected to be available to the public by the end of 2024.
The Central Bank has stated that the origin of the name corresponds to each characteristic of the tool:
D - Digital
R - Real
E - Electronic
X - Conveys modernity and representation of transactions
Benefits of the Platform
The primary purpose of the platform is to revolutionize the approach to global monetary policy. According to the Central Bank, the Drex solution, formerly known as Real Digital, will establish a secure and regulated environment to democratize access to the digital economy for both citizens and entrepreneurs.
Furthermore, all financial operations will be reinforced with an additional layer of security, providing greater efficiency for both service providers and users. This will result in tangible benefits achievable only through the adoption of blockchain technology.
According to the Central Bank, one of the main premises of the new Brazilian virtual currency is to maintain the high standards of security and privacy that already exist in banking and payment operations.
Access to Drex will be done through tokenized bank deposits. These tokens are immutable electronic contracts that represent asset custody.
Additionally, BBChain has launched the BBChain Sandbox on HyperLedger BESU, a platform that allows companies to experience the same technology used in the Drex project."
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