Brazil’s central bank reported that the Drex digital currency pilot is facing technological difficulties. The second phase requires more oversight than expected, focusing on privacy, data protection, and security. Future developments will depend on the phase’s results.
Brazil’s central bank has indicated that its digital currency pilot project, known as Drex, has encountered unexpected technological challenges. This has led to the necessity for enhanced oversight during its second phase, requiring more rigorous scrutiny than originally anticipated. The central bank is committed to advancing only those solutions that prioritize essential elements such as privacy, data protection, and the security of transactions.
The Brazilian central bank faces technological hurdles in advancing its digital currency pilot, Drex. Enhanced oversight is required for the second phase, and progress will depend on the outcomes of this phase. The bank emphasizes the importance of ensuring privacy and transaction security as it navigates these challenges.
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