The president of the Central Bank (BC), Roberto Campos Neto, states that Brazil is moving towards an increasingly tokenized economy, highlighting the crucial role that Drex, the new Brazilian digital currency, will play in this scenario.
Campos Neto's speech was given during the Digital Assets Conference Brazil 2024, an event promoted by Mercado Bitcoin. For the president of the Central Bank, Drex is not just a digital currency, but an important step in the modernization of the financial system.
Tokenization is already a reality for the BC
Furthermore, Campos Neto also highlighted during the event the importance of creating a solid infrastructure to support this transition. Tokenization will bring more agility and security to transactions, and Drex will be a key tool in this process.
This project has a significant impact on the financial world, and although I don’t have time to detail all the aspects here, I believe that if we can achieve our goals, it could transform the system in very interesting ways. We currently have a partially implemented solution. We are in phase one of the pilot, where we are testing structured transactions against DBP (Delivery vs Payment). We have done some demonstrations of what we are doing, including the introduction of virtual assets into this structure, he said.
Furthermore, he emphasizes that the implementation of Drex involves several stages of testing and discussions, since the goal is to build an efficient, accessible and secure system for everyone. The Central Bank believes that the digital currency will enhance new forms of business, expanding the reach of the financial market and promoting innovation.
O “super hub” do BC
Furthermore, Campos Neto stated that the BC works on a “super hub” concept, where data and financial products are centralized.
The concept we are working on is that of a “super hub,” an environment where all data sources and financial products are centralized in a single place. If you want to carry out a PIX transaction, for example, you will be able to see the balance in all your banks in real time. Likewise, if you want to take out a loan, banks will offer their credit lines with updated rates online, so that the system works continuously and in real time, he pointed out.
For the president of the Central Bank, this creates a dynamic financial environment. Thus, product comparisons and service contracting are done quickly and efficiently. This continuous integration model also covers the investment part. This makes the system much more accessible and useful for users across the country.
Next steps for Drex
Furthermore, Campos Neto guaranteed that, regardless of who presides over the Central Bank, the Drex project must continue at full steam.
The four main blocks of the project are approaching, and the Central Bank will continue with this work, regardless of who is leading the institution. For the first time, there is a clear perception within the Central Bank of how relevant this project is, not only from a technical point of view, but also in terms of the real impact on people's lives, he pointed out.
The article “Brazil migrates to a tokenized economy”, says Roberto Campos Neto was first seen on BeInCrypto Brasil.
