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

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.