Brazil Pursues Digital Currency to Boost Financial Inclusion
-
Brazil is developing a central bank digital currency called DREX to expand financial inclusion and make transactions easier and cheaper.
-
DREX would allow automating processes like car purchases through smart contracts, reducing risks and costs.
-
DREX is part of Brazil's broader digitalization agenda including instant payments (Pix) and open data sharing (Open Finance).
-
Questions remain whether there is sufficient demand and if people will adopt digital currencies over cash.
-
DREX aims to balance transaction integrity with privacy rights through secure networks and data protection regulations.