Previously known as “digital real,” the digital currency issued by the Brazilian central bank now has an official brand name.
The Brazilian central bank digital currency (CBDC), formerly known as “digital real,” now has an official brand moniker. It would be known as Drex.
The Central Bank of Brazil issued a press release on August 7 announcing and describing the new identity of its CBDC. The Central Bank created the “Drex” trademark, which 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)”.
In addition to the brand moniker, the Central Bank disclosed the visual identity of Drex. On the CBDC logo, two arrows, including a capital D, represent the evolution of the national currency, the real, to its digital iteration. At the same time, the transition from blue to light green signifies the “transaction completed” message.
Pedro Magalhaes, a blockchain developer and founder of the tech consulting firm Iora Labs, reportedly discovered functions in the Drex code in July that would enable a central authority to freeze funds or reduce balances. The Brazilian central bank economist Fabio Araujo explained a year ago that the CBDC could prevent bank runs in the country.
Last week, the Central Bank of Russia unveiled the visual identity of its CBDC, the digital ruble. The logo, a circle containing the international ruble symbol, is available in four essential color combinations: red and white or black and white.
