From now on, Brazil's CBDC is called Drex.
Brazil's central bank has unveiled its official branding for the country's central bank digital currency. No longer referred to as the "digital real," it proudly carries its new title: Drex.
This revelation came on August 7th when the Central Bank of Brazil took to the media, sharing the news about the brand evolution of its digital currency.
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Coined by the bank itself, the name "Drex" isn't just a fancy term. Each letter of the acronym carries weight.
Breaking it down, the "D" and "r" subtly hint at the "Real Digital." Meanwhile, the "e" mirrors its electronic nature, while the "x" encapsulates the essence of today's world, emphasizing both modernity and connectivity. This, the bank states, reflects the intricate utilization of distributed ledger technology or DLT.
Moving past the name, the bank showcased the aesthetic aspect of Drex. The visual identity revolves around two arrows. These symbols, particularly evident in the capital D, signify the metamorphosis of Brazil's traditional currency as it embarks on its digital journey.
However, it's not just about the aesthetics and the naming. Last month, tech insights from Pedro Magalhães, the mind behind Iora Labs, shed light on the technical capabilities of Drex. According to his findings, the Drex code possesses features that could enable a central entity to both reduce and freeze digital funds.
Such revelations aren't entirely surprising. Fabio Araujo, a notable economist associated with Brazil's central bank, highlighted last year how the nation's digital currency can potentially serve as a solution against banking crises.
In other Brazil-related news, authorities in the country have summoned the director of Binance Brazil, Guilherme Haddad, to testify in front of the Brazilian parliament.
In a rapidly digitizing world, central banks are gearing up, and the introduction of Drex by Brazil signifies an important step in the global financial landscape's inevitable transformation.
