Brazilian digital currency is serving as a reference for other central banks around the world. The testing phase of the DREX pilot project is being monitored by other institutions seeking to digitize their currency. The information was confirmed by the Central Bank itself, DREX developer, in the last week.
During the DREX Forum, Rogério Lucca, head of the BC Banking Operations and Payment System Department (Deban), revealed that the coin is generating great interest. “The pilot has been followed by other central banks, multilateral bodies and international companies with the prospect that their development addresses issues central to the industry”, confirmed the representative.
During the event, It was also confirmed that, of the 16 consortiums selected to participate in the DREX pilot project, 13 are already operating on the network. Furthermore, 11 They also carry out test transactions in bank reserve transfer simulations, tokenized deposits and purchases and sales of federal public securities.
DREX project timeline
The Central Bank pilot project is following a strict schedule until its implementation. In the end, after many tests, the digital currency is scheduled to be launched in 2024. In the coming weeks, the survey of three more nodes in the DREX network is scheduled.
Nonetheless, This is a project that, to be implemented in Brazil and other central banks, will need to go through several validations. Implementation will still involve a lot of research and, therefore, challenges. Testing of the DREX pilot project should take place by May next year. About that, the BC is already working to choose privacy and security solutions for the digitized system.
At the moment, the project is already evaluating some alternative solutions based on the prerequisites stipulated for the development of the new payment method. Among the solutions quoted are Anonymous Zether, from the company Consensys, a Starlight, then Ernest & Young e a Parchain, by Parfin.
