A DREX digital currency is about to usher in a new era in the Brazilian financial market, with the potential to revolutionize the way we buy and sell properties.
Fabio Araújo, coordinator of work on assets in central bank (BC), has an optimistic view on the future of the currency.
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The president of the BC, Roberto Campos Neto, highlighted how DREX can transform the real estate sector, making transactions more efficient and economical.
Buying property made simple with DREX
Roberto Campos Neto recently emphasized that DREX will significantly reduce the costs of registering the purchase and sale of properties.
He stated that people will soon not want to buy properties without using digital currency, as this option will make formalizing contracts extremely accessible.
(Image: Shutterstock/Reproduction)
With DREX, it will be possible to acquire properties and transfer the asset automatically through smart contracts, eliminating intermediaries and reducing the
bureaucracy.Such contracts are validated by blockchain technology, ensuring safe, transparent and decentralized transactions. The innovation also promises to reduce the chances of scams, providing more security in real estate transactions.
However, for this vision to become a reality, changes to legislation will need to be made. Brazilian market and gain the interest of the real estate market, as also highlighted by Fabio Araújo.
When effectively implemented, DREX can democratize Brazilians' access to a wide range of services financial resources, providing more accessible investment opportunities and cheaper credit, with less bureaucracy.
DREX implementation deadline
The BC began the testing phase of DREX, also known as “real digital”, in August. In the first 50 days of the program, 500 successful operations were carried out, marking a significant step towards the implementation of digital currency.
The first phase of testing, which will last until May 2024, is limited to financial institutions and focuses on evaluating the privacy of operations.
In 2025, part of the Brazilian population will have the opportunity to test the digital currency on selected products.
However, widespread use of DREX is only expected to occur in 2026, with the exact date yet to be announced by the Central Bank.
As DREX moves towards implementation, the prospects for modernizing the real estate market and the financial sector as a whole become increasingly exciting.
Digital currency promises to make real estate transactions more accessible, efficient and secure, opening up new possibilities for Brazilians in their financial and real estate journeys.