The Central Bank held, on Wednesday (27), the 5th meeting of the Drex Forum during the G20 TechSprint 2024. The event was promoted by the G20 and the BIS Innovation Hub in partnership with the Inter-American Development Bank (IDB), IDB Lab and the National Federation of Associations of Central Bank Employees (Fenasbac).
The meeting, which took place in Brasília, was broadcast live and aimed to identify technological innovations that help central banks and regulators face global challenges.
Drex’s next phase will focus on governance
Fábio Araújo, coordinator of the Drex pilot, announced that the next phase will focus on creating governance. He emphasized that the project will strictly follow regulatory standards, including the protection of banking secrecy and the LGPD, ensuring security and privacy.
In fact, registration for the selection of new themes ends this Friday (29). The expectation is to announce the new use cases of the pilot in early 2025. The BC economist also highlighted the importance of integrating digital assets with the traditional market, including, for example, debentures and agribusiness credits, to increase efficiency and accessibility in this sector. It is worth remembering that the BC has already selected 13 themes for phase 2.
The first phase of the Drex pilot has 16 consortiums and more than 70 companies involved, including giants such as Microsoft, Itáu, Caixa Econômica Federal, Parfin and Mercado Bitcoin. Thus, the final report should be published next month, said Araújo.
Drex new phase
Clarissa Souza, the IT manager for the project, mentioned that it has not yet been possible to test the Microsoft Nova ZKP solution in the first phase. However, development is still in progress.
The focus of the second phase is to mature the use cases, says Araújo. And the market is teeming with ideas. Today I have already heard about 20 cases for the new applications. We have very high expectations for these applications, he said.
Privacy, which continues to be tested in various use cases, has been resolved. However, now the question focuses on privacy with programmability.
The law is the law. The code helps us to enforce the law., highlighted the Drex coordinator during the presentation. In other words, the law is the law. Your code will help us fulfill it.
The speech was because Araújo remembered that in DeFi the maxim is “Gold is the law.” But in the BC, certainly not. The above phrase is valid!
The article Drex Annual Meeting Focuses on Governance and Pilot Expectations appeared first on BeInCrypto Brasil.