Preprint / Versión 1

Drex and the institutional limits of digital money: The interrupted experiment of the brazilian CBDC

Autores/as

DOI:

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

Palabras clave:

Tokenização, Soberania Monetária, Moeda Digital de Banco Central, Drex, Drex brasil

Resumen

This article analyzes the evolution of Drex, Brazil's official digital currency project. Initially conceived as a blockchain-based CBDC, the project was reportedly suspended in its original form until 2025. Media reports indicate that it abandoned DLT to become a tokenization ecosystem, with an official representative stating that it is "not a CBDC." This article argues that this transition highlights the fundamental tension between technological innovation and monetary sovereignty. We argue that this shift prioritized hierarchical state control and position Drex as a "third way" between centralized surveillance and private innovation. Drex's unfinished legacy offers crucial insights into the institutional future of money.

Biografía del autor/a

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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