The official name for the Brazilian central bank digital currency (CBDC), previously known as the “digital real,” has been unveiled as “Drex.”
The Central Bank of Brazil introduced this new brand in a press release on August 7, where it was explained that “D” and “r” represent Real Digital, “e” signifies electronic, and “x” symbolizes modernity and connection through distributed ledger technology (DLT).
The CBDC’s visual identity was also disclosed, featuring two arrows within the capital D to depict the progression from the national fiat currency, real, to its digital counterpart.
The color transition from blue to light green reflects a “transaction completed” message. Concerns were raised when blockchain developer Pedro Magalhães discovered code functions in Drex that could potentially allow a central authority to freeze funds or adjust balances.
Last year, economist Fabio Araujo from the Brazilian central bank suggested that the CBDC could prevent bank runs in the country. In a similar vein, the Central Bank of Russia revealed the visual identity of its CBDC, the digital ruble, depicting an international ruble symbol enclosed within a circle, available in red and white or black and white color combinations, according to Cointelegraph.