The schedule of the Central Bank of Brazil indicates that the drex it could happen in 2025, after delays in recent years due to server attacks and other factors. Now some senators are starting the year with support for the project, which could eventually even replace the country’s cash supply.
Created in a DLT environment, which simulates blockchain, but in a private environment, Drex has already undergone several tests. Transactions between banks, for example, are already taking place normally during the pilot project.
Still, part of the population still fears that the arrival of Drex may entail risks, such as privacy and cybersecurityamong others. The initiative to create digital currency in CDBC format came from the last management of the BCB, which was led at the time by Roberto Campos Neto.
Now, with the arrival of new President Gabriel Galípolo, who took over as central bank governor in early 2025, the project can move forward.
Senators are working to make Brazil’s Drex viable as a new currency
Drex does not yet have a set date for reaching Brazilians, but due to the public controversy surrounding the topic, some senators have expressed public support for the project.
On the BCB side, the idea is being sold as a new tool that expands financial services in Brazil. Furthermore, it will enable greater efficiency and lower transaction costs for banks and payment institutions operating in the country.
Speaking to Agência Senado, Senator Oriovisto Guimarães (Podemos-PR) defended the arrival of Drex, even though Brazilian notary offices are affected. This is because, according to him, the country must evolve in the financial market, with the central bank gaining more and more freedom in its work.
“We hope that with Drex there will be growth in the use of smart contracts that provide greater security, agility and savings in different types of transactions, such as the purchase and sale of real estate and other assets. Drex will also drive new forms of financial services, new companies and new business models.”
Another who publicly defended the arrival of the new currency is Senator Carlos Portinho (PL-RJ), who indicated that the project reduces bureaucracy in the country’s financial world.
“The creation of Drex is not only a step forward in reducing bureaucracy in our financial system, it is an opportunity to advance tax fairness, financial inclusion and economic efficiency while strengthening the integrity of our system against illegal practices. This project represents a fairer, more inclusive and prosperous future for Brazil.”
There is a lack of alignment of privacy and confidentiality of transactions on the system
With no date yet on the calendar, the second phase of the Drex pilot began in 2025, focusing on two themes. One of these is the privacy of citizens, a point of attention for the central bank when laying down new proposals for the pilot in this second phase.
Finally, the secrecy of transactions is the other measure sought, in the final phase. So if the central bank decides both conditions are met, the Drex could arrive as early as 2025.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
