The Central Bank of Brazil (BCB) revealed its new digital currency is called Drex, as it moves closer to a live launch, set for late 2024. 

In a statement on August 10, the BCB said the central bank digital currency (CBDC) “will provide a secure and regulated environment for developing new businesses” as Brazil’s economy digitises. 

The retail version will be provided by a regulated financial intermediary. On its website, the central bank says Drex will use a distributed ledger technology (DLT