The Central Bank of Brazil plans to launch a digital currency called "DREX" next year

ChainCatcher news, the Brazilian central bank announced on Monday that the digital currency to be launched next year will be named DREX, aimed at leveraging this currency to promote financial services.

DREX will use distributed ledger technology (DLT) to settle wholesale interbank transactions, while retail access will be based on tokenized bank deposits. Central bank officials previously predicted that after the testing phase is completed, the Brazilian digital currency will begin to be adopted by the end of 2024.