The expectation is that the Brazilian digital currency will be released to the public mexico number lookup by the end of 2024, when it can be converted to any other form of payment, such as paper money, for example, and used in everyday transactions.
Meaning and Benefits of Drex
The name represents a set of letters and their meanings: D (digital), R (real), E (electronic), X (modernity, connection, similar to Pix).
According to information from the Central Bank , through Drex, the institution seeks to reduce the costs of traditional and innovative financial transactions, promoting the efficiency of markets in this segment and financial inclusion.
Both will be present on a blockchain platform, but with different functions:
Cryptocurrencies represent an asset on a blockchain, while Drex is a representation of Brazilian physical currency.
Drex is issued and controlled by the Central Bank, a centralized institution, following the same policy as physical money, while cryptocurrencies are issued in a decentralized, non-permissioned manner and distributed by any platform or financial institution.
Cryptocurrencies can undergo price changes, depending on supply and demand, unlike Drex, which does not allow variation.