Legal Aspects of CBDC – Central Bank Digital Currency – in National Financial System
DOI:
https://doi.org/10.12662/2447-6641oj.v24i45.5905.pe5905.2026Keywords:
CBDC, Drex, National Financial System, monetary regulation, legal innovationAbstract
Context: The implementation of the Central Bank Digital Currency (CBDC) in Brazil, materialized by the Drex project, transcends technological innovation, marking a turning point in the National Financial System by incorporating distributed ledger technology into the sovereign currency.
Objectives: This article critically analyzes the legal foundations of the Brazilian CBDC, investigating the constitutional competence for its issuance, the administrative legality of its implementation via infralegal acts, and emerging regulatory risks.
Method: The deductive method is adopted with bibliographic and documentary review, examining the theory of the constitutional economic order vis-à-vis Central Bank guidelines and current legislation.
Results: It is identified that the absence of a specific complementary law for Drex creates legal uncertainty, particularly regarding the nature of "tokens," State civil liability, and data governance.
Conclusions: It is concluded that the use of the regulatory sandbox, while useful for testing, is insufficient as a definitive normative framework, requiring legislative density to avoid the judicialization of the model.
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Copyright (c) 2026 Álisson dos Santos Cappellari, Daliane Mayellen Toigo
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