Brazil is incorporating decentralized finance (DeFi) principles into the development of its synthetic central bank digital currency (CBDC), Drex. The president of the Central Bank of Brazil, Roberto Campos Neto, has noted the need for a multidimensional CBDC to solve the trilemma of decentralization, privacy, and programmability. 🇧🇷

In parallel, Brazil is accelerating tokenization through the Open Finance platform, giving users more options for banks and payments, including CBDC.

In the first phase of the CBDC pilot, Brazil experimented with elements of decentralization, while the second phase, running until 2025, focuses on digital asset transactions.

Also, Ripple and Mercado Bitcoin have launched a tool for faster and cheaper cross-border crypto payments for Brazilian companies.