Fabio Araujo, coordinator of Brazil's CBDC pilot project Drex, envisions that the network will replace the current national transaction system and transfer all funds currently settled by the Reserve Transfer System (STR). However, he noted that this will take some time, as the cost of such a migration will be huge.
At the same time, Araujo said that the system has no direct connection with real estate records, as banks are not interested in taking over these operations. Drex's goal will be simply to manage and simplify financial settlements.
Although Drex is in the second phase of the pilot, Araujo believes that the technology behind it could replace STR. The country's central bank said that STR is considered the backbone of the Brazilian financial system, processing settlements in currency, foreign exchange and capital markets in institutions that manage bank accounts. (Bitcoin.com)