The central bank of Brazil announced the official name and the logo of the central bank digital currency, which will be, DREX.
On the bank’s youtube channel, the CBDC’s name had been revealed during a live broadcast. This broadcast was hosted by Fábio Araújo, coordinator of the digital real, and Aristides Cavalcante, deputy head of the Central Bank’s technology and information department.
“DREX combines several elements of innovation: the D for digital, R for real, E for electronic, and X for transaction, taking a step further in this family of Pix that we created and was a success,” Araújo said.
Pix is a successful platform, which offers free, instant electronic fund transfers using QR codes and simplified IDs like phone numbers.
The logo of DREX includes two arrows that lean into the ‘D’, which represents the evolution of currency from physical to digital. The color would transition from blue to light green, signifying ‘transition completed.’
DREX will be based on distributed ledger technology (DLT). From there, the operations like buying and selling of public treasury bonds- translations will happen quickly. These operations are supported by Web3 infrastructure for burning, creating, and registering tokens.
Tokenized real (CBDC) will be minted by authorized entities for the use of citizens. DREX will leave an impact on lives of everyday Brazilians, especially in increasing the financial services.
Also Read: Bank of Russia Launches New Logo for CBDC
