Home » Now » Central Bank: check out everything about the authority » End of paper money in 2024: Central Bank announcement confirms new replacement currency for the real
Central Bank (Reproduction: BC)
The Central Bank surprised us with a very important announcement for Brazil. Last year the institution published a statement informing about a substitute for the physical currency (paper money) used in Brazil. Which is already in the implementation process, and the transition to a new form of money is scheduled for this year.
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According to information provided by the ‘G1’ portal, Brazil’s official digital currency that will replace the real is called Drex, which would be an abbreviation for “digital real x”. It is worth remembering that the news ended up taking many people by surprise and promises to cause a real turnaround in the national economy.
The Central Bank issued a note talking about the change: “The digital real is an expression of the Brazilian sovereign currency, which is being developed to support a safe environment where entrepreneurs can innovate and where consumers can have access to technological advantages.”
Drex is a digital version of the real, the currency we all know. But with Drex, you will no longer need to deal with physical notes and coins. It has the same value and the same acceptance as the traditional real, being regulated by the Central Bank, the body responsible for monetary policy.
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One of the main advantages of Drex is precisely security. Just like the real on paper, the Drex is issued only through the Central Bank platform. This means you can trust its authenticity and value, without worries about counterfeits or financial instability.
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Drex functionality
According to the Central Bank, Drex will allow various types of secure financial transactions with digital assets and smart contracts to be at your disposal. These smart financial services will be settled by banks within the Central Bank (BC) Drex Platform.
Banks are already testing the currency
In fact, according to G1, both Caixa and Banco do Brasil have already made the first transfers with Drex. This operation involved sending bank reserves into a Central Bank test environment. It is worth noting that Drex continues to be implemented by the BC and does not yet have an OFFICIAL launch schedule.
In fact, the expectation is that the new currency will help reduce operating costs and increase the inclusion of users as a gateway to the new financial market. Furthermore, the expectation is that, by the end of this year, Drex will have access to it and will be able to work for Brazilians.
How should Drex impact the lives of Brazilians?
As this new currency is expected to arrive by the end of 2024, according to the ‘Terra’ portal, Drex, it will bring impacts to the financial sector, both for companies and people’s daily lives. Thus issued and regulated by the Central Bank (BC), the currency will be used for transactions such as purchases, payments and receipts.
As for companies, this new technology should encourage the creation of new business models and services. Now, when we talk about individuals, this new currency will allow access to other financial services, which continue to be developed, such as digital accounts, applications and payment platforms.
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