Cavalcanti, Rodrigo de Camargo2026-05-112026-05-112026MORAIS, Túlio Vinícius Nunes. Drex e a ordem econômica: análise da CBDC brasileira à luz dos princípios constitucionais econômicos. Goiânia (GO), 2026. 105 f. Dissertação (Mestrado Profissional em Direito Constitucional Econômico) - Centro Universitário Alves Faria, 2026.http://repositorio.unialfa.com.br/handle/123456789/779The study investigates Drex, the Brazilian central bank digital currency (CBDC) project, in the context of the growing digitalization of payment methods and the diffusion of cryptoassets and arrangements based on distributed ledger technologies, which challenge state centrality in monetary issuance and financial intermediation. The research is justified by the lack of systematic analyses that frame Drex specifically in light of the principles of the constitutional economic order and the forms of State intervention in the economic domain, going beyond purely technological or macroeconomic descriptions of the project. The problem sought to be answered is whether Drex is adequate to the constitutional principles governing the Brazilian economic order, particularly regarding free enterprise, free competition, consumer protection, and the reduction of social inequalities. To answer this inquiry, the general objective of the research is to investigate the compatibility of Drex, as an instrument of monetary policy and regulation, with the precepts of Article 170 of the 1988 Federal Constitution—notably free enterprise, free competition, consumer protection, and the reduction of social inequalities—as well as with the role attributed to the State by Articles 173 and 174. The specific objectives aim to: (i) understand the operational architecture and legal nature of Drex as a public digital infrastructure; (ii) examine the limits of State intervention, assessing whether the project constitutes direct exploitation of economic activity or effective regulatory action; and (iii) analyze the impacts of the new currency on competitive dynamics and the mitigation of inequalities. To this end, a methodology of qualitative approach and legal-dogmatic nature is adopted, embodied in an analytical, bibliographic, and documentary investigation. Constitutional and infraconstitutional norms, official documents from the Central Bank of Brazil and international organizations, as well as specialized domestic and foreign literature, are examined. The hypothesis confirmed by the research is that Drex tends to align materially with the Constitution when understood not as a means of direct exploitation of economic activity by the State in competition with private agents, but rather as a public digital infrastructure that instrumentalizes the State's function as a normative, regulatory, and planning agent. The results indicate that the project's shift modifies the direct relationship with the end user into a public digital infrastructure function for the financial system, and furthermore, that this design tends to bring Drex closer to the normative, regulatory, and planning role attributed to the State, reducing the risk of its characterization as the direct exploitation of economic activity in competition with private agents. Furthermore, it is observed that Drex's potential to foster free enterprise, competition, consumer protection, and the reduction of inequalities is significant, but conditioned by regulatory decisions regarding governance, access criteria, data protection, and the prevention of new barriers to entry. It is concluded that the constitutionality of Drex is not guaranteed merely by its existence, but depends fundamentally on a robust regulatory framework that ensures transparent governance, interoperability, and data protection, fostering innovation and entrepreneurship without compromising the stability of the National Financial System.ptDrexMoeda Digital do Banco Central (CBDC)Ordem constitucional econômicaIntervenção do Estado