Coinspeaker
Brazil Tests DeFi Elements in Drex CBDC Pilot
Brazil is looking for ways to make its central bank-issued digital currency (CBDC) Drex unique. One way it has thought to do so is by introducing decentralized finance (DeFi) principles into its ongoing experiment with Drex.
At the moment, the digital currency is still in its developmental phase. So, the country is exploring ways it can introduce known elements of DeFi into Drex in a manner that will likely reshape banking and payment systems. Like in every other nation, Brazil’s central bank, Banco Central do Brasil, is in charge of the Drex CBDC pilot.
Brazil’s Double Efforts: Drex CBDC and Open Finance
According to the bank’s president, Roberto Campos Neto, Brazil does not just need a CBDC. It needs a multidimensional one.
He identified decentralization, privacy, and programmability as three areas that traditional markets struggle to overcome and hopes that the Drex CBDC should, at least, be able to address
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