João Pedro Nascimento, president of the Brazilian Securities and Exchange Commission (CVM), believes that drex, the Brazilian central bank digital currency (CBDC), will “kill” many cryptocurrencies. While established cryptocurrencies like bitcoin and ethereum will keep being used in the country, drex will impact the adoption of smaller and less-known crypto projects, Nascimento stated.
CVM President: Brazilian CBDC Drex to End Lesser Cryptocurrencies
The Brazilian government has high hopes for the future of drex, the Brazilian central bank digital currency (CBDC). João Pedro Nascimento, the head of the Brazilian Securities and Exchange Commission (CVM), stated that the issuance of drex will kill many cryptocurrencies due to several factors.
During a financial symposium, Nascimento stated that while larger and already established cryptocurrencies will be safe, drex will sip away attention from lesser-known cryptocurrency projects by offering many of their functionalities in just o
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