In this article, we will discuss DREX. However in our last piece about 'End of Brazil', we addressed the country's difficulties, such as:
- Public debt
- Judicial Recoveries
- High government spending
Let's delve into Brazil's future, which is not promising.
As we failed on Black Friday for the second consecutive year, for man brasilians, the best way out seems to be airport.
A challenging future
The Brazil has announced its digital currency, ainmed at:
- Expanding financial transaction possibilities
- Eliminating the use of paper currency
- Functioning with blockchain technology
- Enhancing financial control and tax collections (as I said, it's a challenging future).
The DREX
The Digital Real X, a brasilian digital currency by the Central Bank of Brazil, will be a digital version of the brasilian real.
According to the Central Bank of Brazil:
"Article 2: The issuance backing of the Real will consist of a portion of available international reserves in foreign currencies and in gold, expressed in their equivalences in United States dollars."
The DREX will be pegged to the Brasilian Real, which, in turn, is paired with other assests.
Drex is a centralized currency, first utilized in August 2023, with its official launch scheduled for 2024.
This currency raises several questions:
- Can DREX be used as social points link in China?
- Can the government freeze my finances, for any reason?
- Being based on blockchain tech, does it allow for 51% attacks?
The answers may vary, as in the crypto world we have BTC to protect us from the State.
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