- August 8, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Previously commonly referred to as “digital real”, Brazilian central bank digital currency gets its official brand name.
Brazilian central bank digital currency (CBDC), previously commonly referred to as “digital real”, gets its official brand name. It would be called Drex.
On August 7, the Central Bank of Brazil issued a press release, revealing and explaining the new brand for its CBDC. Developed by the Central Bank, the brand “Drex” is an acronym:
““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)”.
Along with the brand name, the Central Bank revealed Drex’s visual identity. On the CBDC logo, two arrows, including in the capital D, picture the evolution of the national currency, real, to its digital version, while the transition from blue to light green colors stands for the “transaction completed” message.
In July, Pedro Magalhães — a blockchain developer and founder of tech consulting firm Iora Labs, has reportedly discovered in the Drex code functions that would allow a central authority to freeze funds or reduce balances. Last year, Fabio Araujo, an economist at the Brazilian central bank, explained that the CBDC has the potential to halt bank runs in the country.
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Last week the Central Bank of Russia has also revealed the visual identity of its CBDC, digital ruble. An international ruble symbol in a circle, the logo comes in four basic color combinations: red and white or black and white.
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