Brazil Abandons Blockchain-Based CBDC Plans

Brazil's Central Bank (BCB) has abandoned its blockchain-based plans for Drex, a central bank digital currency (CBDC), opting instead to focus on institutional settlement infrastructure and regulate private stablecoins and tokenization.

The move signals a shift towards embracing crypto-style concepts without the decentralized, censorship-resistant system that makes Bitcoin revered among advocates. Instead, the BCB is creating a tightly controlled environment for financial instruments.

Luiz Souza, a real estate broker in Florianópolis, sees potential in tokenization to democratize access to property ownership and allow lower-income investors to participate alongside wealthier ones.