Post by account_disabled on Feb 25, 2024 2:28:10 GMT -5
We are in the middle of January 2024, and an unusual viral event has already occurred on website X (formerly Twitter): a video made by the Central Bank of Brazil (BC) has reached more than 1.4 million views . In it, in a light, practical and direct way, the BC explains the difference between Pix, a payment system widely used by Brazilians, and Drex, a digital currency being developed by the Central Bank and scheduled to be launched by the end of 2024.
In a network normally full of controversies, Big Brother Brasil and memes, the reach of the video posted by a user, praising the BCB's communication, is surprising. The main comments raised, in addition to new praise, other B2B Email List topics about the creation of the Brazilian digital currency: how, in a country like Brazil, do we have a central bank that “teaches” innovation in payments to the entire world? Would Drex be able to replace notary offices?
The Brazilian Payment System (also known by the acronym SPB) is awarded worldwide for its innovations, mainly focusing on security and efficiency. Our payments system has been driven to be agile since the times of hyperinflation in the 80s and 90s, a scenario in which any delay in settling payments made could have impactful financial effects. However, it was in the last 20 years that the BCB worked intensively on significant restructuring at SPB, mainly in terms of risks, security and technology.
And these restructurings are easy to notice in our daily lives. Just as Pix brought a revolution in the way Brazilians pay in recent years, ted and doc assumed the same importance in 2002. The most used means of payment, until that moment, was the check, which resulted in a high cost for the entire banking system for its high compensation, in addition to little security and practicality in its use.
The transformation in the SPB structure, therefore, reaps its fruits to this day, like a family tree that presents new descendants. And it is ready to receive its newest development, Drex.
Drex systematizes its operation based on digital assets and smart contracts, using a distributed ledger technology environment. In other words, it uses blockchain technology to ensure that a transaction is completed when all its conditions are met.
An example given in the video is the famous situation of buying a used car. The question always arises as to who should take the first step in the transaction: is it necessary to transfer the money first or transfer the documentation? The existence of this doubt brings uncertainty to the operation, which promises to be resolved by Drex.
If digital currency is chosen for this transaction, ownership of the car and money are transferred simultaneously; If one of the ends (be it the transfer of the car or the existence of a balance for payment) presents a problem, the operation is not completed, and the parties do not suffer losses. It is a revolutionary step in terms of guarantee risks, fraud losses and operational agility.
In a network normally full of controversies, Big Brother Brasil and memes, the reach of the video posted by a user, praising the BCB's communication, is surprising. The main comments raised, in addition to new praise, other B2B Email List topics about the creation of the Brazilian digital currency: how, in a country like Brazil, do we have a central bank that “teaches” innovation in payments to the entire world? Would Drex be able to replace notary offices?
The Brazilian Payment System (also known by the acronym SPB) is awarded worldwide for its innovations, mainly focusing on security and efficiency. Our payments system has been driven to be agile since the times of hyperinflation in the 80s and 90s, a scenario in which any delay in settling payments made could have impactful financial effects. However, it was in the last 20 years that the BCB worked intensively on significant restructuring at SPB, mainly in terms of risks, security and technology.
And these restructurings are easy to notice in our daily lives. Just as Pix brought a revolution in the way Brazilians pay in recent years, ted and doc assumed the same importance in 2002. The most used means of payment, until that moment, was the check, which resulted in a high cost for the entire banking system for its high compensation, in addition to little security and practicality in its use.
The transformation in the SPB structure, therefore, reaps its fruits to this day, like a family tree that presents new descendants. And it is ready to receive its newest development, Drex.
Drex systematizes its operation based on digital assets and smart contracts, using a distributed ledger technology environment. In other words, it uses blockchain technology to ensure that a transaction is completed when all its conditions are met.
An example given in the video is the famous situation of buying a used car. The question always arises as to who should take the first step in the transaction: is it necessary to transfer the money first or transfer the documentation? The existence of this doubt brings uncertainty to the operation, which promises to be resolved by Drex.
If digital currency is chosen for this transaction, ownership of the car and money are transferred simultaneously; If one of the ends (be it the transfer of the car or the existence of a balance for payment) presents a problem, the operation is not completed, and the parties do not suffer losses. It is a revolutionary step in terms of guarantee risks, fraud losses and operational agility.