2024-02-29 11:51:00
Drex, Brazil’s digital currency, has been in the testing phase by the Central Bank since 2023. The launch was scheduled for the end of 2024, however, Fabio Araújo, coordinator of the pilot project, said on Monday (26) that O system launch may be delayed in view of legal definitions that guarantee their safety and effectiveness.
Araujo, who coordinates the Drex pilot project with the Central Bank, states that the authority has made rapid progress in the development of the tokenized currency, but the establishment of protocols related to the system’s infrastructure and privacy might delay the schedule by a few months.
“[…] It is unlikely that we will meet all regulatory requirements by the middle of the year”, said Araujo at an event held at Microsoft’s headquarters in São Paulo. It is worth remembering that the North American technology giant is one of the companies that are providing support for the Central Bank’s digital currency pilot project.
The coordinator reinforces that, despite the possible postponement, the Central Bank is committed to the project. The financial entity bases Drex’s privacy protocols on the General Data Protection Law (LGPD), and this is one of the factors that demand greater attention for the development of digital currency.
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“We will continue privacy testing and try to improve other aspects of the project, such as other use cases and other participants,” he said. “This will depend on the formalities and how we must complete the first phase of the pilot.”
The expectation is that the pilot phase of the digital real will be completed by May, however, privacy solutions must continue to be developed throughout the second half of the year to ensure that the testing phase with the population is released with a solid set of services. Araujo did not rule out the possibility of public tests in 2024.
Drex brings with it great expectations for increasing security in financial transactions. Fraudulent operations, for example, may have their losses reversed while the money is still in its digital format, since transfers made in the system can be completely tracked.
exodus of BC employees might worsen Drex’s delay
The creation of a virtual currency generates demand for new professionals in the private sector. Banking entities are looking for specialists in the area of information technology, cybersecurity and other areas of the industry to develop their own solutions that prepare their services for the launch of Drex.
Employees unhappy with career and salary policies are leaving BC to work in private companies interested in Drex, generating a phenomenon dubbed “Drexit” — the union of the terms “Drex” and “exit” (“exit”, in English ), also alluding to the United Kingdom’s exit process from the European Union, Brexit.
“This hasn’t had much of an impact yet, but it’s difficult,” said Fábio Araújo in an interview with the magazine Exam in November 2023. “We are not working as fast as we would like, it involves working overtime. We were unable to engage as would be ideal. Reduce your speed a little.”
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