Brazil is one of the most cryptocurrency-friendly countries. We have already written that it passed a law at the end of 2022 to make cryptocurrency a legal tender. Therefore, already this year, citizens could make various payments through these currencies, such as paying taxes. Now this South American country has taken another step forward and is ready to launch its own digital currency.
Brazil’s central bank has announced that its digital currency “DREX” will be officially launched next year. With its help, it is planned to promote the development and availability of financial services, as well as facilitate daily payments. Representatives of Brazil’s central bank previously predicted that the implementation of the digital currency would begin at the end of 2024 after completing the testing phase that took place over the past couple of years.
Fabio Araujo, coordinator of the Brazilian central bank’s digital currency initiative, emphasized that the development and implementation of “DREX” is primarily aimed at improving the availability of financial services in the country, ensuring simple and reliable access to funds. He also emphasized that Brazilians are quite active in making digital payments, which is another reason to introduce a digital currency.
For now, it is not known when exactly “DREX” will be fully put into circulation.
2023-08-14 05:00:00
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