The official brand name for the Central Bank Digital Currency (CBDC) of Brazil, referred to as the “digital real”, has been announced. The digital currency will be launched under the name “Drex”, according to a press release.
On August 7th, the Brazilian Central Bank published a press release announcing the new brand for its CBDC. The brand name “Drex” is explained in the press release as follows:
“’D’ and ‘R’ imply Real Digital; ‘E’ stands for electronic, and ‘X’ represents the use of distributed ledger technology (DLT) with the idea of modernity and connection.”
Alongside the brand name, the Brazilian Central Bank also revealed the visual identity of Drex. The CBDC logo depicts the evolution of the national fiat currency real into its digital version, including a large letter D, and the transition from blue to light green represents the message “transaction completed”.
In July, Pedro MagalhÃ£es, the founder of Iora Labs, a blockchain developer and technology consultancy firm, reportedly discovered functions in the Drex code that would allow a central authority to freeze or reduce balances. Last year, Fabio Araujo, an economist at the Brazilian Central Bank, stated that the CBDC had the potential to halt banking transactions in the country.
Last week, the Central Bank of Russia also unveiled the visual identity of its CBDC, the digital ruble. The logo features an international symbol for the ruble inside a circle and has four basic color combinations: red and white or black and white. Additionally, the Central Bank of Russia announced that there would be no transaction fees for operations with the digital ruble until 2025. The simultaneous announcements of digital currencies by two significant countries before the BRICS Summit are noteworthy. These digital currencies could accelerate trade, reduce costs, and make financial transactions more efficient, heralding a new era for international trade ahead of the BRICS Summit.