Central Bank to Create Substitute for Real but Fears New Currency Won't Achieve Same Success as PIX

Central Bank to Create Substitute for Real but Fears New Currency Won’t Achieve Same Success as PIX

Written by Alisson Ficher

Published on 28/08/2024 at 05:20

Updated on 28/08/2024 at 09:21

Adeus Real! Banco Central vai criar substituto do Real, mas teme que moeda não tenha o mesmo sucesso do PIX

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The Central Bank of Brazil Is Developing a New Digital Currency Called Drex That Promises Much More Than Simple Transactions. But the Big Question Hanging in the Air Is: Will This New Digital Currency Be As Successful As Pix, the Instant Payment System That Has Already Conquered the Country?

The coordinator of Drex at the Central Bank, Fabio Araújo, in a recent interview on Minsait Cast, was candid in acknowledging that achieving the tremendous success of Pix may be an impossible mission.

“Pix Has Set the Bar High,” Araújo Admitted. Since Its Launch, Pix Has Exceeded All Expectations, Revolutionizing the Way Brazilians Make Payments.

“No One Imagined It Would Be So Successful,” He Added, Emphasizing That Drex, Despite Its Innovations, May Not Reach the Same Level of Adoption.

ARTICLE CONTINUES BELOW

Drex and the Promise of a New Digital Economy

Whether Drex Will Replicate the Success of Pix Remains to Be Seen. However, the Central Bank Is Betting Big on Creating a New Digital Economy That Will Be Worth Exactly the Same as the Real, but Being Programmatic and Smart Money.

Fabio Araújo Mentioned That the Range of Applications for Drex Goes Far Beyond Investment Tokenization. “The Use of This Technology Has the Potential to Reduce Risks in Complex Transactions, Such as Purchasing Vehicles or Real Estate,” He Emphasized.

One of the Major Attractions of Drex Is the Promise to Simplify and Automate Transactions That Traditionally Required Intervention from Lawyers or Other Intermediaries.

“With Smart Contracts, a Code Can Ensure the Custody of the Asset, Guaranteeing That Payment and Transfer of the Good Are Made Automatically and Securely,” Araújo Explained, Making Transactions Safer and More Accessible to Everyone.

In Addition to Facilitating Complex Transactions, Drex Also Has the Potential to Make the Investment Market More Attractive and Accessible, Especially Compared to Cryptocurrencies and Betting, Which Have Gained Popularity in Brazil.

Araújo Noted That “Drex Can Significantly Simplify Transactions and Generate Trust in Asset Exchanges, Making Safe Investments More Accessible to the Population.”

The Democratization of the Financial Market

The Central Bank Is Not Only Interested in Creating a New Digital Currency; It Is Also Committed to Democratizing Access to the Financial Market.

According to Araújo, Drex Offers a Decentralized and Standardized Environment Where Startups and Companies Can Operate Easily, Provided They Are Authorized by the Central Bank.

This Could Open Doors to a New Wave of Innovation in the Brazilian Financial Sector, Similar to What Pix Has Done for Digital Payments.

Araújo Further Stated That Drex Has the Potential to Increase Competition and Democratize Access to New Financial Services for the Population.

“Today, If a Startup Enters the Financial Sector, Such as the Agricultural Market, It Needs to Develop Specific Technologies to Operate in That Niche. With Drex, It Will Be Possible to Operate in Different Sectors Without the Need to Create New Infrastructures,” He Asserted, Pointing to a Future Where Access to the Financial Market Will Be Simpler and More Inclusive.

But Will Drex Truly Dethrone Pix and Become the New Favorite of Brazilians? Or Will It Be Just Another Attempt at Innovation That Will Not Achieve the Same Success? Only Time Will Tell. Meanwhile, the Central Bank Continues Its Journey to Transform Drex into a Central Piece of the Country’s Digital Economy.

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Hdjdjd

#41780

28/08/2024 11:38

Bitcoin ninguém controla ele é seu longe das garras dos governos parasitas.

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Central Bank to Create Substitute for Real but Fears New Currency Won’t Achieve Same Success as PIX

The Central Bank of Brazil Is Developing a New Digital Currency Called Drex That Promises Much More Than Simple Transactions. But the Big Question Hanging in the Air Is: Will This New Digital Currency Be As Successful As Pix, the Instant Payment System That Has Already Conquered the Country?

Drex and the Promise of a New Digital Economy

The Democratization of the Financial Market

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Central Bank to Create Substitute for Real but Fears New Currency Won’t Achieve Same Success as PIX

The Central Bank of Brazil Is Developing a New Digital Currency Called Drex That Promises Much More Than Simple Transactions. But the Big Question Hanging in the Air Is: Will This New Digital Currency Be As Successful As Pix, the Instant Payment System That Has Already Conquered the Country?

Drex and the Promise of a New Digital Economy

The Democratization of the Financial Market

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

BRICS is preparing a payment system inspired by the Brazilian PIX that will allow direct transactions between countries using national digital currencies without relying on the dollar or Western banks as intermediaries.

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

On the coast of China, fishermen received an official reward after finding 10 foreign underwater devices capable of “stealing secrets” in just two years, showing that the silent war for the seabed has already reached the nets of those who rely on fishing.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

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