Drex Phase 1 delays and will only end in May 2024; Check out the real digital release schedule

Delays in including participants and LGPD-related issues will make the first phase of DrexThe coordinator of the initiative at the Central Bank (BC), Fabio Araujo, said today, Monday (21), that the digital currency that will be equivalent to the real will be postponed to May 2024.

This represents a three-month delay in relation to the original schedule, which projected the end of the testing phase in February next year.

Araujo said He lives Weekly BC on Youtube. According to him, maintaining privacy has proven to be a “huge challenge” for developing a technological solution.

According to the original schedule, the final stage of the testing phase, which included simulated negotiations with public securities, will take place in February. With the postponement, it will move to May. Despite the delay in the testing phase, Araujo maintained his estimate that Drex will arrive at the Nationals in late 2024 or early 2025.

Last 7th, BC introduced Drex as a future Brazilian virtual currency. Until then, the initiative was called Digital Truth.

According to BC, each numeric real character is equivalent to an attribute of the tool. The letter “D” represents the digital word; represents the real “R”; The letter “E” represents the electronic word; And the “X” conveys the idea of ​​modernity and connection, as well as repeating the last letter of Pix, a teleportation system created in 2020.

Drex platform

In March, BC selected the Hyperledger Besu platform to run tests with assets of different types and natures. This platform has a low license and proceeds technology because it works with open code (open source).

In June, BC selected 16 federations to participate in the pilot project. They will build systems that will be interconnected with Hyperledger Besu and develop financial products and technology solutions. The full list of entities selected by the Department’s Executive Committee can be found at location from BC.

According to Araujo, the connection of these federations to the platform is delayed. “The process of selecting privacy protection technology has proven to be very challenging. We are talking to many service providers. We feel that the maturity is not yet sufficient for the level of LGPD we need.” May according to the current schedule.