The Central Bank of Brazil (BCB) has partnered with leading tech companies like Chainlink, Microsoft, and Banco Inter to further develop DREX, the country’s central bank digital currency (CBDC).
Unlike traditional CBDCs aimed at everyday use, DREX is designed specifically for trade finance, with a strong focus on facilitating cross-border agricultural transactions. This digital currency will integrate advanced technologies, including blockchain and AI-driven supply chain management, to support these specialized use cases.
The second phase of DREX’s development is now underway, with testing centered on Chainlink’s CCIP (Cross-Chain Interoperability Protocol) to ensure seamless transactions between Brazilian and international financial institutions.
One of the key innovations of DREX will be the tokenization of Bills of Lading and automation of export payments through blockchain, which could significantly streamline trade processes.
Brazil’s broader crypto initiatives this year have included launching the first Solana spot ETF, reinforcing the country’s commitment to being a global leader in digital assets.
With ambitious goals for regulating cryptocurrency, Brazil is positioning DREX as a key player in the future of cross-border finance. If successful, this project could set a new standard for CBDCs in Latin America, with potential implications for global trade systems.
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