The South American country is advancing its state-run cryptocurrency plans
The Central Bank of Brazil’s digital currency (CBDC), previously known as the “digital real,” now has an official new name: the Drex. The Central Bank of Brazil issued a press release on August 7, divulging and describing the new brand for its CBDC.
The brand “Drex” is an acronym developed by the central bank: “‘D’ and ‘r’ allude to Real Digital; the ‘e’ stands for electronic and the ‘x’ conveys the idea of modernity and connection, the use of distributed ledger technology (DLT).”
DREX is expected to help Brazilians have more banking access. Citizens can use the tokenized real, which authorized banks will only handle.
The central bank revealed Drex’s graphic identity, along with the brand name name. The CBDC logo has two arrows, one in the capital D. It pictures the evolution of the national fiat currency, the real, to its new digital version, with the transition in colors from blue to light green representing the “transaction completed” message.
The founder of consulting firm Lora Labs, Pedro Magalhães, a blockchain developer, reportedly said in July that he had discovered functions in the Drex code that allow a central authority to freeze funds or decrease balances. Additionally, an economist at the Brazilian central bank, Fabio Araujo, explained last year that the CBDC has the possibility of ending bank runs in Brazil.
The Central Bank of Russia is also moving forward with its CBDC. Last week, it unveiled the illustrated identity of its CBDC, the digital ruble. The logo comes in four basic color combinations: red and white or black and white, and displays an international ruble symbol inside a circle.