Brazil Integrates DeFi Into Synthetic CBDC Development

According to BlockBeats, Brazil is incorporating decentralized finance (DeFi) into its ongoing experiments to develop a 'synthetic' central bank digital currency (CBDC) named Drex, previously known as the digital Brazilian real. On October 3, Roberto Campos Neto, the Governor of the Central Bank of Brazil, emphasized the country's need for a multi-dimensional CBDC. This new digital currency aims to address the 'trilemma' of decentralization, privacy, and programmability, which traditional markets struggle to resolve simultaneously.