In recent news, Brazil’s central bank has announced that it will delay its central bank digital currency (CBDC) project, Drex, until 2025. The as a result of the inefficient privacy solutions currently available for the project.

CBDCs are digital versions of a country’s currency, and they are being developed by central banks around the world as a means to improve financial inclusion and reduce the costs associated with traditional banking methods. Brazil’s Drex project aimed to provide a secure and private means of conducting financial transactions, but the current privacy solutions available for the project have proven to be inefficient.

The delay in the Drex project is a setback for Brazil’s efforts to improve financial inclusion and reduce the costs associated with traditional banking methods. However, the central bank’s decision to delay the project is a sign that it is committed to finding a more efficient and effective privacy solution for the Drex project.

In conclusion, Brazil’s central bank has delayed its CBDC project, Drex, until 2025 due to inefficient privacy solutions currently available for the project. The delay is a setback for Brazil’s efforts to improve financial inclusion and reduce the costs associated with traditional banking methods, but it also demonstrates the central bank’s commitment to finding a more efficient and effective privacy solution for the Drex project.