“Based on the results of a working group created in August 2020, the BCB established the guidelines for issuance of the digital Brazilian currency, henceforth named Drex (Guidelines of Digital Brazilian Real, May 2021). Going forward, the BCB conducted a series of webinars to discuss openly with society the potential uses of the future digital Brazilian currency during the second semester of 2021.
Since then, the BCB has been closely following the increasing trend of financial transactions carried out within Distributed Ledger Technology (DLT) ecosystems in the Brazilian economy. Throughout 2022, the BCB conducted a detailed analysis of potential use cases of Drex in the initiative “LIFT Challenge Real Digital”, in partnership with Fenasbac.
In February 2023, the BCB revised the guidelines of Drex, as well as set the directives of its pilot project, the ‘Piloto Drex’, to be concluded in late 2024. The tests with the new platform started in March 2023. Additionally, the BCB has conducted a workshop in May 2023: “The tokenization of finance: from crypto assets to central bank digital currencies”, in partnership with Fenasbac. The onboarding of 16 participants of the Piloto Drex was initiated in July 2023.”