Drex gets update and digital currency should arrive in 2024

Development of the Drex, BC’s digital currency in development, continues at full speed. Another virtual meeting took place on September 27 at the Drex Forum.

For an hour and a half, BC employees worked on various aspects of the Drex Pilot: degree of maturity of transactions that have already been tested by participants; differences between the nature of Pix’s services and those of Drex; types of smart contracts with TPFt that have already been developed; questions about privacy solutions; adjusted planning of the first phase.

The pilot phase of the Drex is expected to end in June 2024, when all fundamental testing is completed.

Widespread and growing interest in Drex, says central bank

The head of the Banking Operations and Payment System Department of the Central Bank (Deban) and coordinator of the Drex Forum, Rogério Lucca, highlighted the growing interest in digital currencies.

Everyone sees, directly or indirectly, the potential for offering differentiated financial services through a multi-asset distributed ledger technology (DLT) platform that will be operated by the B.C.“, he said in reference to institutions in the financial system, the payment system, the capital market and developers in general.

According to him, Drex has also attracted interest from regulators in the possibility of revising its work processes and activities based on the project developed by the BC.

In this sense, the National Treasury Secretariat (STN), our partner in the Drex Pilot, with the inclusion of tokenized federal public securities, and the Securities and Exchange Commission (CVM), our constant interlocutor on tokenization , on. ‘ of financial assets and securities“, says Rogério Lucca, Head of the Banking Operations and Payment System Department of the Central Bank (Deban).

He also commented on how the foreign market has viewed the BC initiative: “Internationally, the Drex Pilot has been followed by other central banks, multilateral agencies and international companies with the prospect that its development will address issues central to industry development.“.

Lucca emphasized the importance of the Drex Forum as a space for dialogue and exchange of information about the experiences between the BC and society, in addition to the participants in the Drex Pilot. It should be noted that the BC has received suggestions and technical questions via Piloto Drex’s github.

Work in progress, highlights coordinator

Drex Initiative coordinator Fabio Araujo revealed that of the sixteen consortia selected to participate in the pilot, thirteen are already operating network nodes and eleven are already transacting in a simulated environment of transferring bank reserves, tokenized deposits and purchasing and sales of federal government securities.

Progress is very good, there are three knots left, which should be cleared in the coming weeks. The integration of participants is going well and according to schedule‘ he thought. He also revealed that Drex’s first generation of smart contracts (which enable the automation of financial transactions) are nearly complete.

As for next steps, Araujo believes there are still several issues that need to be addressed. “It is an innovative project with research and development features. There are natural challenges. We will test privacy solutions by May 2024. In June we will have an evaluation of the Drex Pilot and from then on we will open the debate on what the next steps will be. Until then, network security and privacy must be well defined“, he said.

Source: Live Coins

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