{"id":20853,"date":"2023-08-08T11:06:43","date_gmt":"2023-08-08T11:06:43","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/brazilian-cbdc-gets-official-name-and-logo\/"},"modified":"2023-08-08T11:06:45","modified_gmt":"2023-08-08T11:06:45","slug":"brazilian-cbdc-gets-official-name-and-logo","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/brazilian-cbdc-gets-official-name-and-logo\/","title":{"rendered":"Brazilian CBDC gets official name and logo"},"content":{"rendered":"
\n

The Brazilian central bank digital currency (CBDC), previously commonly referred to as the \u201cdigital real,\u201d has been given its official brand name: the Drex.\u00a0<\/p>\n

On Aug. 7, the Central Bank of Brazil issued a press release revealing and explaining the new brand for its CBDC. Developed by the central bank, the brand \u201cDrex\u201d is an acronym:<\/p>\n

\u201c\u2018D\u2019 and \u2018r\u2019 allude to Real Digital; the \u2018e\u2019 stands for electronic and the \u2018x\u2019 conveys the idea of \u200b\u200bmodernity and connection, the use of distributed ledger technology (DLT).\u201d\u00a0<\/p><\/blockquote>\n

Along with the brand name, the central bank revealed Drex\u2019s visual identity. On the CBDC logo, two arrows, including in the capital D, picture the evolution of the national fiat currency, the real, to its digital version, while the transition from blue to light green colors stands for the \u201ctransaction completed\u201d message.<\/p>\n

The Central Bank of Brazil launches the brand of digital currency, Drex. Source:\u00a0bcb.gov.br<\/em><\/figcaption><\/figure>\n

In July, Pedro Magalh\u00e3es, a blockchain developer and founder of tech consulting firm Iora Labs, has reportedly discovered\u00a0functions in the Drex code that would allow a central authority to freeze funds or reduce balances. Last year, Fabio Araujo, an economist at the Brazilian central bank, explained that the CBDC has the potential to halt bank runs in the country. <\/p>\n

Related: <\/em><\/strong>Binance faces scrutiny in Brazil, exec summoned to testify before Congress<\/em><\/strong><\/p>\n

Last week, the Central Bank of Russia also revealed the visual identity of its CBDC, the digital ruble. An international ruble symbol in a circle, the logo comes in four basic color combinations: red and white or black and white.<\/p>\n

Magazine: <\/em><\/strong>Girl Gone Crypto thinks \u2018BREAKING\u2019 crypto news tweets are boring: Hall of Flame<\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Brazilian central bank digital currency (CBDC), previously commonly referred to as the \u201cdigital real,\u201d has been given its official brand name: the Drex.\u00a0 On Aug. 7, the Central Bank of Brazil issued a press release revealing and explaining the new brand for its CBDC. Developed by the central bank, the brand \u201cDrex\u201d is an […]<\/p>\n","protected":false},"author":1,"featured_media":20854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-20853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"\nBrazilian CBDC gets official name and logo | NFT & Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/brazilian-cbdc-gets-official-name-and-logo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazilian CBDC gets official name and logo | NFT & Crypto News\" \/>\n<meta property=\"og:description\" content=\"The Brazilian central bank digital currency (CBDC), previously commonly referred to as the \u201cdigital real,\u201d has been given its official brand name: the Drex.\u00a0 On Aug. 7, the Central Bank of Brazil issued a press release revealing and explaining the new brand for its CBDC. 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