ChainCatcher reported that according to Cointelegraph, Brazil is integrating decentralized finance (DeFi) into its ongoing experiments to develop a "synthetic" central bank digital currency (CBDC) Drex, which was previously known as the digital Brazilian real.

On October 3, Roberto Campos Neto, president of the Central Bank of Brazil, emphasized the country's need for a multi-dimensional CBDC that aims to solve the "trilemma" of decentralization, privacy, and programmability - challenges that traditional markets face in solving these problems simultaneously.