BCB Recommended Reading List

This comprehensive reading list, curated by the Brazilian Central Bank (BCB), provides essential resources for understanding DREX, CBDCs, and the broader digital finance landscape.

DREX Fundamentals

Core Documentation

• Drex – Basic References
  • Published by: Banco Central do Brasil
  • Date: November 2023
  • Content: Fundamental concepts and framework of DREX

Tokenized Finance

Digital Real Platform

• Digital Real: A Platform for Tokenized Finance
  • Published in: Banking Economy Report 2022 – Box 9
  • Date: June 2023
  • Focus: Platform architecture and implementation strategy

Market Evolution

• The Tokenisation Continuum
  • Published by: Bank of International Settlements (BIS)
  • Bulletin: No. 72
  • Date: April 2023
  • Focus: Evolution and spectrum of tokenization in finance

Decentralized Finance (DeFi)

Technical Implementation

• DeFi – Liquidity Pool & Stablecoins
  • Published in: LIFT Papers 2023
  • Journal: Financial and Technological Innovation Laboratory Review
  • Date: April 2023

Market Analysis

• Decentralized Finance: On Blockchain and Smart Contract-Based Financial Markets
  • Published by: Federal Reserve Bank of Saint Louis - Economic Research
  • Date: April 2021

Digital Assets

Regulatory Framework

• Designing a Prudential Treatment for Crypto-assets
  • Published by: Bank of International Settlements (BIS)
  • Type: Discussion Paper
  • Date: December 2019

Stablecoins

Market Infrastructure

• Stablecoins versus Tokenised Deposits
  • Published by: Bank of International Settlements (BIS)
  • Bulletin: No. 73
  • Date: April 2023
  • Focus: Implications for monetary unity

Regulatory Oversight

• Regulation, Supervision and Oversight of "Global Stablecoin" Arrangements
  • Published by: Financial Stability Board (FSB)
  • Type: Final Report and High-Level Recommendations
  • Date: October 2020

Central Bank Digital Currency (CBDC)

Economic Impact

• Effects of CBDC on Financial Intermediation
  • Published by: BCB – Financial Stability Report
  • Section: 2.5
  • Date: November 2022

Global Perspective

• CBDCs: An Opportunity for the Monetary System
  • Published by: Bank of International Settlements (BIS)
  • Type: Annual Economic Report
  • Date: June 2021

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Note: This reading list is maintained and updated by the Brazilian Central Bank. Last updated: November 2023.