2023-09-13 05:19:27
The initial step towards carrying out simulations of negotiations with digital federal public securities was taken, this Monday (11), when the Central Bank (BC) issued the first securities in the form of tokens (digital representations) on the test network of the Drex, as the digital Real came to be called. In this preliminary phase, securities such as LTNs (National Treasury Bill) and LFTs (Financial Treasury Bill) were issued, albeit in fictitious form.
The next stage consists of transferring assets to the portfolios of financial institutions participating in the pilot project, so that they can carry out purchase and sale operations. The idea here is to guarantee security and privacy for operations, especially in tests that involve the transfer of fractions of titles, up to one hundredth.
“With the issuance of the titles and the transfer to the institutions’ portfolios, we begin to facilitate the different tests that will be carried out throughout the pilot”, explains the superintendent of Selic (Special Settlement and Custody System) – the system responsible for registration and settlement of transactions with public securities from the National Treasury – Francisco Vidinha.
After experiencing delays in August, due to problems installing nodes in the currency network, operated by participating financial institutions (distributed across 16 consortiums), the Drex testing phase began last March and should last until May next year. The platform is expected to be projected at the end of 2024 or beginning of 2025.
As a characteristic, Drex will become the country’s first official virtual currency, serving as a logical extension of traditional physical banknotes, but also providing the same payments, as long as it is transacted exclusively in the digital environment.
Although its motto is to ‘facilitate Brazilians’ access to credit, as well as carrying out transactions’, such as the acquisition of a vehicle or property, Drex – a digital version of the real, announced by the Central Bank (BC) – is a digital currency which gives the State greater control over the lives of taxpayer-citizens, which requires a lot of attention from civil society in general.
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