Brazil’s CBDC Rebranded as ‘Drex

The official brand moniker for the Brazilian central bank digital currency (CBDC), previously known as the “digital real,” is now the Drex.

The Central Bank of Brazil issued a press release on August 7 announcing and describing the new identity of its CBDC. The brand “Drex”, created by the central bank, 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 moniker, the central bank disclosed the Drex logo.

On the CBDC logo, two arrows, including a capital D, represent the evolution of the national fiat currency, the real, to its digital counterpart, while the color transition from blue to light green signifies the “transaction completed” message.

The Central Bank of Brazil launches the brand of digital currency, Drex. Source: bcb.gov.br

Pedro Magalhes, a blockchain developer and proprietor of the technology 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 has the potential to prevent bank runs in the country.

The Russian Central Bank disclosed last week the visual identity of its CBDC, the digital ruble.

The logo, a circle containing the international ruble symbol, is available in four basic color combinations: red and white or black and white.