Central Bank 'Delivers the Points': Drex Is Dismantled, Loses Functions, and May Not Become a Digital Currency Even in 2026

Central Bank ‘Delivers the Points’: Drex Is Dismantled, Loses Functions, and May Not Become a Digital Currency Even in 2026

Written by Fabio Lucas Carvalho

Published on 05/11/2025 at 11:24

O Banco Central mudou radicalmente o projeto do Drex, desativou parte da estrutura e adiou a próxima fase para 2026 após detectar problemas de privacidade

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Central Bank Dismantles Drex, Abandons Payments and Delays New Phase to 2026 After Privacy Failures in Blockchain Technology

The Central Bank (BC) decided to profoundly alter the project of the digital currency Drex (Digital Real X), created to simplify financial operations through tokenization. The initiative started in 2020, but due to privacy issues, was postponed to 2026 and will proceed with a focus different from originally planned.

Origin of Drex and Changes in the Timeline

BC initiated Drex in 2020 with a working group responsible for studying the creation of the digital currency. The following year, the institution released the guidelines for development, which included retail payments, online and offline operations, and even the possibility of a physical version of the currency.

In 2023, tests of the new technology began, and 16 initial participants were selected, among consortiums and financial institutions. During this period, the name Drex also emerged, replacing the previous denomination, Digital Real. Later that year, the first transfer between banks using the platform occurred, on an experimental basis.

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BC began the second phase of testing in 2024 and planned to start the third in 2025. The public launch, expected to occur at the beginning of this year, did not happen. Now, the agency estimates a new testing phase will only take place in 2026.

With the reorientation of the project, Drex will no longer include payment functionalities. According to BC, part of the infrastructure based on DLT (Distributed Ledger Technology) will be shut down next Monday (10), as communicated to the consortiums participating in the development.

Reasons for the Change and Next Steps

The change occurs because Drex would use a blockchain infrastructure that still has unresolved privacy issues. Matters such as banking secrecy require structural corrections that have not progressed at the necessary pace.

BC expects to decide in the first half of 2026 which technology will replace the current base for the continuation of the pilot program.

Among the priorities is the development of a service that ensures secure records regarding the use of assets as credit collateral. The goal is to enhance this mechanism before moving on to other functionalities.

In an interview with Folha de S.Paulo, Fabio Araujo, project coordinator, stated that the solutions tested “still do not present a level of maturity compatible with what is required by the services operated in the national financial system.” He also emphasized that calling Drex a “digital currency” could lead to misinterpretations, as this is not the essence of the project.

Internally, the Central Bank does not interpret the change in direction as a failure. The institution is evaluating new business models and studying other applications for the technology developed so far, while reorganizing Drex’s next steps for 2026.

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Eliza

#190112

11/11/2025 12:08

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Central Bank ‘Delivers the Points’: Drex Is Dismantled, Loses Functions, and May Not Become a Digital Currency Even in 2026

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Central Bank ‘Delivers the Points’: Drex Is Dismantled, Loses Functions, and May Not Become a Digital Currency Even in 2026

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