Brazil advances Drex digital currency and crypto regulation

The Brazilian Chamber of Deputies has released a technical bulletin focusing on central bank digital currencies (CBDCs) and the progress of Drex, the official digital real project. The study highlights that 146 countries and monetary unions are researching CBDC models, with 41 pilot projects currently underway. In Brazil, the Central Bank is advancing Drex as digital banking continues to grow, with 80% of financial transactions now occurring through digital channels.

Legislative proposals in the National Congress aim to establish rules for the sovereign digital currency. Key measures include Complementary Law 9/2022, which regulates the formal issuance of the digital currency, and Bill 4.212/2015, which focuses on ensuring economic freedom and privacy protections for citizens during digital currency operations.

In a related development regarding the broader digital asset market, Anbima has scheduled a debate involving the Central Bank and executives from major institutions such as BTG Pactual, Itaú, and Bradesco. The discussion will focus on the regulation of virtual asset service providers (PSAVs) under Central Bank Resolution 520. Key topics include asset segregation, custodian responsibilities, proof of reserves, and key governance, all of which are considered critical for investor confidence.