.According to a statement from the Federal Revenue Service, the Drex, a digital real issued on a digital platform operated by the Central Bank (BC), will not replace cash, despite speculation that has recently emerged on social media. The initial version of the Digital Real will be an additional option to the use of banknotes, but – because it is focused on online use – its impact on the demand for paper money should not be significant.
Another possibility that raised
Doubts among Brazilians is that DREX was overseas data being created to monitor people’s financial transactions, another piece of information denied by the Federal Revenue Service.
Under development by the Central Bank of Brazil since 2020, DREX complies with principles and rules set out in Brazilian legislation, in particular the Banking Secrecy Law and the General Personal Data Protection Law (LGPD).
Drex the real in digital format
will be issued by the BC itself. For wholesale research organic search potential transactions (settlement of transactions between authorized institutions. Or by institutions authorized by the BC. For retail transactions with their customers.
Drex will enable various types of secure digital real replace financial transactions with digital assets and smart contracts to be made available to you. These smart financial services will be settled by banks within the Central Bank’s (BC) Drex Platform, which is an environment under development using distributed ledger technology (DLT).
To access the Drex Platform
citizens will need an authorized financial phone list intermediary, such as a bank. This intermediary will transfer the money deposited in your account to your Drex digital wallet, so that you can carry out transactions with digital assets with complete security.
The Drex Platform’s smart services. Will be carried out through smart contracts. Which can be adapted to the convenience of customers. Allowing financial transactions to be completed when all conditions are met. Bringing security to all parties.
Thus Drex will democratize
access to the benefits of the digital economy, bringing more efficiency and security to financial transactions.
For example if you are buying a car
you may be worried that if you pay, the seller will not transfer ownership of the vehicle. With Drex, it does not matter who makes the first move, as the contract will only be. Concluded when both parties have made the first move. This way, the money and digital real replace ownership of the car will be transferred simultaneously and conditionally. If one party fails, the money and the car remain with their respective owners.