After Pix, Drex should be the next big central bank (BC) creation. The launch date has not yet been set, but real digital implementation is scheduled for the end of 2024.
An official virtual currency is already under development. The tests will continue until May of next year, according to the municipality’s schedule.
Drex will be the “digital representation” of reality. “It is a digital representation of reality, [da moeda] Of physical life. “So this digital representation, by definition, already has parity with reality,” says Marcello Bentivoglio, CFO of banking technology company Qi Tech.
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The Central Bank informed that each rial would be worth 1 drex. This is the equivalence that Bentivoglio refers to. Therefore, it will not be something like a “cryptocurrency,” like Bitcoin, from Brazil.
This is the big difference between Drex Future and cryptocurrencies. The main purpose and difference of Bitcoin, using the same example, is specifically to have a decentralized version. In other words, no organization controls this payment method.
“What the central bank did here with Drex was not to launch a new currency. This is the central point of the discussion. “What makes the central bank system different from cryptocurrencies is that cryptocurrencies are nothing more than a new currency,” explains Marcelo Bentivoglio.
Origin of name
For the municipality, like Bex, “the name Drakes comes from the combination of letters in a word that has a strong, modern sound.”
“The letters ‘d’ and ‘r’ stand for Real Digital, while the letter ‘e’ comes from electronic, and the letter ‘x’ refers to the idea of communication associated with the technology used,” BC explains.
A new postponement is possible
In addition to the lack of a specific date, the launch of Drex may be delayed. This is because the end of the exams has already been postponed from February to May 2024.
questioned before p. 7 At what stage the tests reached and whether the implementation date was maintained, the Central Bank made a mistake and limited itself to sending information that had already been published, without confirmation.
*Under the supervision of Anna Vinhas
The new digital currency: find out what Drex is
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.