Drex: digital currency testing phase completes 50 days with 500 operations closed, says BC

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According to the Central Bank, 11 financial institutions carried out operations. Participants in the pilot project began to be incorporated into the platform in July. Drex, the Real Digital JN The Central Bank reported this Wednesday (13) that the Drex pilot project, the Brazilian digital currency, completed 50 days with 500 operations closed successfully. According to the BC, 11 financial institutions carried out operations on the network. Understand what the new Brazilian digital currency is According to the Central Bank, participants in the pilot project began to be incorporated into the platform at the end of July. Since then, various types of operations have been simulated, both wholesale and retail. The BC clarified that all these transactions are only simulated and are intended to test Drex’s basic infrastructure, which does not yet have the privacy protection solutions that will be tested throughout the ongoing pilot project The first issuance of public bonds on the Drex platform, for example, it happened last Monday (11). Fabio Araujo, project coordinator at BC, recalled that Drex is being developed to democratize access to financial services, such as credit, investment and insurance. In this testing phase, according to him, the operations available refer to the creation of portfolios for participants, who operate with wholesale Drex, and the creation of portfolios for end customers, who operate with retail Drex. “In addition to creating wallets, participants have already started to carry out transfer operations, which can be directly between participants, between a participant and their customers, between customers of the same participant and even between customers of different participants”, added Fabio Araujo , from the Central Bank. DREX: How will the digital Real work? Drex guidelines The digital real guidelines were launched in 2021. It is not a cryptocurrency, because it will be guaranteed by the government. See some characteristics of this virtual currency: it will be issued by the BC, as an extension of the physical currency, with distribution to the public intermediated by banks and payment institutions, it can be exchanged for the traditional real (in notes), and vice versa, the exchange rate against other currencies will also be the same and will not be allowed For banks to lend these resources to third parties, as currently happens with the physical real, and then return them to customers there will be no remuneration, that is, the resources will not have an automatic correction there will be a guarantee of legal, cyber security and privacy in operations

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