Today, international security tech firm Giesecke+Devrient (G+D) announced it will work with Banco do Brasil to trial an offline payment solution as part of the central bank’s DREX tests. DREX’s primary purpose is to operate as a wholesale central bank digital currency (CBDC) solution and platform. This enables interbank settlement for tokenized deposits and aims to encourage innovation in the tokenized economy.
DREX initially didn’t aim to be a retail CBDC because there was no need for it. Brazil already has the hugely successful mobile payment system Pix.
As with other offline payment solutions, the aim is to support users in remote areas without internet access or electricity or after outages or disasters.
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