A new resolution from the Central Bank of Brazil (BC) will change the regulations of the Real Digital pilot, Drex. The aim is to facilitate the entry of new companies and consortiums into the testing phase, once the project has reached its second phase.

The new rules came into effect on Thursday (10), the date on which the resolution came into effect.

Central Bank changes Drex pilot rules

BC Resolution 423/2024, first of all, added three paragraphs to Article 6 of resolution 315/2023. This is the text that defined the original rules of the Drex pilot project, Brazil's future CBDC.

Article 6 deals with the responsibilities of the pilot's Executive Management Committee (CEG). The new text adds four new paragraphs.

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The first of these, XIV, states that it will be up to CEG to propose to Dirad, Dipom and Dinor the submission to the Collegiate Board of a proposal to update the guidelines of the Real Digital Pilot – Drex.

The CEG will also subsequently gain the ability to invite Drex pilot participants to submit use case proposals for evaluation. The CEG will also decide the opening and closing dates for new applications and, ultimately, publish them on the BC website.

The website will also receive updates with changes to milestones, phases and work schedule.

BC wants to increase participants in the Drex test

One of the obstacles to the participation of companies and consortia in the Drex pilot was Article 5 of Annex II, which sets a maximum number of participants. The new text does away with this limit, giving CEG the final decision on the maximum number.

In addition, the Committee will publish the registration periods for new candidates on the website.

In short, the BC's changes aim to increase the number of companies and consortiums that will participate in the Drex pilot. Some limitations that existed in the original text were removed to speed up this process.

For example, § 3 of Article 11 is no longer valid. It specified that the BC would only accept candidates for the Drex pilot position via email.

The article BC changes Drex pilot rules to allow more participants was seen first on BeInCrypto Brasil.