The operation of banks’ financial reserves was carried out on August 30 and 31 in a central bank test environment
After Itaú and BTG made their first interbank Drex transaction on August 29, it was the turn of Caixa Econômica Federal and Banco do Brasil to operate the first digital real transfer.
in warrant issued On Tuesday (September 5, 2023), BB reported that the values in its wallet were transferred to Caixa and then returned to the bank on August 30-31. Then, the same test took place between Banco do Brasil and Banco BV, on Sunday (September 1, 2023). Transactions were carried out in a BC (Central Bank of Brazil) test environment, where currency issuance, transfers and redemptions are simulated.
Maria Rita Serrano, President of CAIXA, stated that the collaboration between the two institutions represents a commitment to innovation and modernization of the financial sector. “We are pleased with the positive results so far and look forward to continuing to explore the potential of digital currencies and flexible transactions.”announced.
BB President Tarciana Medeiros highlighted that Drex is an initiative that provides technology adoption blockchain and coding to improve banking services and adapt them to the digital world.
“We are one of the organizations that invests mostly in IT in Brazil. In addition, we have an outstanding performance in projects implemented by BC, such as Pix and Open Finance. With digital reality, with Drex, it will not be different.He said.
The Drex initiative, coordinated by BC, aims to create a digital currency that is part of Brazil’s monetary policy and follows the rules of the national financial system. Its regulation will require greater formality and security of operations, given that technology has already become an integral part of society. –With cryptocurrencies, for example– But without regulation.
The currency should be used for wholesale solutions, i.e. for operations with high values. It is in the first phase of implementation and is expected to reach citizens for testing at the end of 2024 or the beginning of 2025, according to Fabio Araujo, BC coordinator of the initiative.
According to the Central Bank, each letter of the digital real is equivalent to one of the characteristics of the tool:
- Hey “Drrepresents the numeric word;
- Hey “R” Real;
- Hey”AndThe word electronic
- Hey”XIt conveys the idea of modernity and connection, as well as repeating the last letter of PEX, a teleportation system created in 2020.
“Hardcore beer fanatic. Falls down a lot. Professional coffee fan. Music ninja.”