‘Drex’: Caixa and Banco do Brasil carry out 1st transfer via digital real between public banks

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Sending bank reserves was done in a test environment of the Central Bank. Institutions celebrated the result. Central Bank launches the brand of digital currency, Drex Divulgation/BC Caixa Econômica Federal and Banco do Brasil carried out the first transfers between public banks using Drex, the new digital real. The operation involved sending bank reserves in a test environment of the Central Bank of Brazil (BC). Drex is in the process of being implemented by BC and does not yet have an official release schedule. The expectation is that the new currency will be released to the public at the end of 2024. According to the banks, the transactions took place on August 30th and 31st. First, amounts in digital currency were transferred from the Banco do Brasil portfolio to Caixa. They were then sent by Caixa to BB’s wallet. ‘Drex’: what is the new Brazilian digital currency? See questions and answers “We are thrilled with the positive results so far and look forward to further exploring the potential of digital currencies and agile transactions,” said Caixa president Maria Rita Serrano. The president of Banco do Brasil, Tarciana Medeiros, said it was an important step towards a more efficient financial system. “Drex is yet another successful initiative, in which we will have the possibility of improving banking services with the adoption of blockchain technology and tokenization.” Tokenization is the movement of transforming a real good or asset into a digital representation — the case of Drex. In practice, the digital currency is nothing more than a new representation of the Real, only 100% available on a digital platform. That is: the Drex is the Real, but on a virtual platform. ‘Makes a Drex?’: understand the difference between the new digital currency and PIX Caixa’s expectation is that, with the arrival of Drex, financial services will be improved and cheaper. “A practical example is the prediction that the financing of a property, for example, can be done in a matter of hours. This will happen since both the money and the property will be tokenized “, the bank said in a note. ‘Drex’: what is the new Brazilian digital currency?

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