Brazil's central bank has announced that its forthcoming digital currency, set to launch in 2024, will be named DREX. The currency aims to boost financial services and will use distributed ledger technology for wholesale interbank transactions and tokenized bank deposits for retail access.
The DREX will use distributed ledger technology to settle wholesale interbank transactions, while retail access will be based on tokenized bank deposits.
During a live discussion organized by the central bank, he emphasized that the development of DREX is primarily aimed at improving access to financial services in the country.
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