Brazil’s Drex CBDC Set to Revolutionize the Nation’s Transaction System
Fabio Araujo, the coordinator of Drex, envisions Brazil’s CBDC eventually replacing the current transaction system, moving all settlements from the Reserve Transfer System (STR) to blockchain.
He acknowledges that this shift will take time due to the high cost of migrating technology. While Drex is in its pilot phase, Araujo believes the system could eventually handle all financial transactions.
However, he clarified that Drex’s focus is on streamlining financial settlements, with no plans to manage real estate records or require immediate regulatory changes for its implementation.
Clever Robot News Desk 9th October 2024
