The Central Bank has decided not to include new participants in this phase of the Drex Pilot. The project, which has proven to be technologically challenging, requires more intensive monitoring than initially expected. Riding the Carnival wave, we reflect that Drex’s challenges are not just technical, but also regulatory and commercial.
The Central Bank and the Senate continue to discuss measures that could define the role of Drex in the economy.
Constitutional Amendment PEC 65/2023, which proposes granting the Central Bank greater autonomy to create new financial products, is one of the pillars for the registration of real-world assets (RWA) and the implementation of smart contracts and delivery versus payment (DvP) transactions. Meanwhile, PLP 80/2023, which addresses the regulation of digital currency and sets principles for its issuance and operation, is also under discussion. These frameworks could shape Drex’s future and its market adoption.
But regulation doesn’t stop there. Last Friday marked the close of public consultations on VASPs (virtual asset service providers), which will define the rules for exchanges, custodians, and other players in the crypto sector. The outcome of this regulation could directly impact the interoperability between Drex and digital assets in Brazil, creating either new opportunities — or barriers — for integrating the digital real with the tokenization ecosystem.
Beyond regulation, for Drex to scale, it must go further than just digitizing money. It needs to deliver efficiency, cost reduction, and a superior experience for companies, banks, and end users. Only then will it gain traction in the market. Without concrete use cases, it risks being perceived as just another option in an already consolidated financial system.
The bet lies in asset tokenization, instant settlement, and new credit models — but these applications still need to prove themselves in the real world. Drex can’t just be a well-designed technical project — it needs to solve real problems and add value to the market.
If technology, regulation, and the market dance to the same rhythm, Drex will shine on the financial system’s main stage. But for that, the harmony must be in tune: a robust technological infrastructure, a well-defined regulatory framework, and clear incentives for companies and consumers to adopt the platform.
The distributed model is no longer a distant trend — it’s being built now. Anyone who wants to lead the innovation parade needs to start rethinking their processes, exploring new possibilities, and preparing for the tokenized economy that’s on the way.