The Central
Bank of Brazil has announced its forthcoming digital currency called DREX, whose
purpose is to leverage the power of digital innovation to transform the way financial
services are accessed and executed.
DREX is
poised to simplify wholesale transactions via cutting-edge distributed ledger
technology (DLT).
The vision
of the digital currency, whose adoption is expected by 2024, extends beyond
interbank dealings.
Retail access
to DREX will be facilitated through encrypted bank deposits, offering users a
secure and user-friendly way to engage with the digital currency.
Officials of
the Central bank of Brazil have accentuated DREX’s potential to reconstruct the
financial landscape.
In view of
the successful completion of rigorous testing phases, the officials predicted
that the adoption of DREX would gain traction by the close of 2024.
This
timeframe underscores the central bank’s commitment to ensuring a robust and
reliable digital currency framework.
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