The initial phase featured 16 consortiums, mainly banks, exploring the currency through decentralised networks, though privacy issues remain unresolved for some participants.
The Central Bank of Brazil has opened the second phase of its digital currency pilot, Drex, inviting companies to apply from 14 Oct. to 29 Nov. The initiative aims to explore complex use cases for the tokenised real, including government-backed loans, agribusiness assets, and carbon credits. Thirteen proposals have already been approved, advancing Brazil’s push toward integrating blockchain into its financial system.
The first phase of the Drex pilot saw 16 consortiums, mostly led by banks, testing the digital real through decentralised networks. However, privacy concerns remain, with four participants yet to resolve transaction anonymity issues. Brazil’s Securities Commission president stressed that tokenisation is a business model poised for long-term success and must be regulated within the financial system.
Brazil’s efforts to develop its CBDC align with global trends. The Atlantic Council notes that 134 countries are considering CBDCs, with Brazil among the 65 most advanced. China, meanwhile, has made significant strides, with its digital renminbi, e-CNY, reaching $1.02 trillion in transactions by 11 October.
