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Brazilian banks gear up for the country’s new digital currency

Press Releases Crypto News Crypto-News Brazilian banks gear up for the country’s new digital currency

Brazil’s top financial institutions are preparing for the nationwide rollout of the central bank’s digital currency, Drex.

As Brazil’s central bank gears up for the introduction of its digital currency, Drex, leading financial institutions like Itau Unibanco, BTG Pactual and Santander Brasil are escalating their efforts. These major banks are increasing staff and investing in the technology infrastructure required for the nationwide implementation of Drex.

Central Bank President Roberto Campos Neto has long been an advocate for digital assets, even as some of his global counterparts have taken a more conservative stance. Since his appointment in 2019, Campos Neto has maintained that blockchain technology is not just a passing trend but an innovation that can enhance the stability and efficiency of financial systems.

Brazil central bank names its digital currency ‘DREX,’ scheduled for 2024 launch

Brazil’s central bank forthcoming digital currency, set to launch next year, will be named DREX, it announced on Monday, aiming to use the currency to boost financial services.

The DREX will use… pic.twitter.com/ea2YLWxoAg

— Jack Straw (@JackStr42679640) August 9, 2023

The central bank-regulated Drex platform will harness blockchain technology to establish a new ecosystem where various financial assets—ranging from equities to bonds—can be digitalized or “tokenized.”

This new platform will facilitate asset transfers via digital transactions. These transactions will be processed and verified within the Drex ecosystem by banks and other entities that receive the central bank’s authorization. Whil

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Author: Mohammad Shahidullah

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