Central Bank spreads fake news and says that Drex is not a CBDC. Source: Bitnotícias.

The Central Bank (BC) caused controversy by stating that Drex is not a central bank digital currency (CBDC), but rather a digital infrastructure for financial transactions. The president of the BC, Gabriel Galípolo, made this statement during an event promoted by the Bank for International Settlements (BIS) in Mexico City.

However, the information is false because, on several occasions, the Central Bank of Brazil classified Drex as a wholesale CBDC. In addition, any digital currency issued by a Central Bank can be considered a CBDC, which in the translation of the acronym is central bank digital currency.  Not to mention the numerous materials from the BC that point out Drex as a CBDC. Galípolo stated that Drex is not a crypto asset, but a distributed ledger network based on tokenization of deposits and assets, structured in smart contracts. He emphasized that the project will not directly affect the lives of Brazilians, as it will not be used as a legal tender for payments. Before assuming the presidency of the Central Bank, Galípolo argued that Drex would have great potential to transform credit in Brazil, reducing the costs of financial transactions. The statement that Drex is not a CBDC generated a reaction in the market, as it differs from the communication previously adopted by the Central Bank itself. Experts question whether the project will really offer competitive advantages or whether it merely represents a digital infrastructure for traditional banking operations. Drex In addition to the debate on Drex, Galípolo also addressed the growth of cryptocurrencies in Brazil. According to him, the adoption of stablecoins pegged to the dollar increased due to the search for alternatives to taxation of international purchases. #UFO