Preprint / Version 1

Drex e os Limites Institucionais do Dinheiro Digital: O Experimento Interrompido da CBDC Brasileira

Authors

DOI:

https://doi.org/10.62059/LatArXiv.preprints.636

Keywords:

Central Bank Digital Currency (CBDC), Drex, Monetary Sovereignty, Tokenization

Abstract

Este artigo analisa a evolução do Drex, o projeto oficial de moeda digital do Brasil. Inicialmente concebido como uma CBDC baseada em blockchain, o projeto foi supostamente suspenso em sua forma original até 2025. Relatos da mídia indicam que ele abandonou a DLT para se tornar um ecossistema de tokenização, com um representante oficial afirmando que “não é uma CBDC”. Este artigo argumenta que essa transição evidencia a tensão fundamental entre inovação tecnológica e soberania monetária. Argumentamos que essa mudança priorizou o controle estatal hierárquico e posicionamos o Drex como uma “terceira via” entre a vigilância centralizada e a inovação privada. O legado inacabado do Drex oferece percepções cruciais sobre o futuro institucional do dinheiro.

Author Biographies

  • Grigor Sahak Ketenchian, Los Angeles City College

    Grigor Ketenchian is interested in economics (with a focus on the economies of South American countries), investments, and financial analysis. He is a professor of Japanese and the Japanese Program Director at Los Angeles City College, where he has been teaching since 2015. He teaches all levels of Japanese as well as a course on Japanese history and culture. Ketenchian received his BA and MA in Japanese Linguistics from the University of California, Los Angeles, where he focused his research on Japanese pragmatics, semantics, conversation analysis, and second language acquisition. In addition to economics and Japanese linguistics, he studies the political history of the United States during the Reagan administration (1981-89), and the relationships between United States Presidents and their Vice Presidents (with a focus on Reagan/Bush, Eisenhower/Nixon, and Nixon/Agnew).

  • Daniel Santo Padilla Garcia, IFCE

    Daniel Santo Padilla Garcia is a Brazilian public financial management specialist with extensive experience in procurement, compliance, and strategic planning within federal institutions. His expertise spans key areas including public budgeting and expenditure management, government procurement and contracting, and forensic financial accounting. As a former head of administration and planning at IFCE Campus Aracati, Daniel played a central role in leading fiscal resilience strategies during budget restrictions, demonstrating innovative leadership and strong governance practices. His research and applied work focus on public sector governance, transparency, institutional accountability, and legal frameworks in Brazilian public administration. Daniel is also engaged in topics related to ESG in public management, higher education administration, and intergovernmental cooperation. His scholarly and professional contributions aim to strengthen fiscal responsibility, enhance procurement efficiency, and promote sustainable public value creation.

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2026-01-06

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Copyright (c) 2026 Leandro Jorge Yacoubian, Grigor Sahak Ketenchian, Daniel Santo Padilla Garcia (Autor/a)

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