Brazilian CBDC gets official name and logo
The Brazilian central bank digital currency (CBDC), previously commonly referred to as the “digital real,” has been given its official brand name: the Drex.
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 “Drex” is an acronym:
“‘D’ and ‘r’ allude to Real Digital; the ‘e’ stands for electronic and the ‘x’ conveys the idea of ??modernity and connection, the use of distributed ledger technology (DLT).”
Along with the brand name, the central bank revealed Drex’s 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 “transaction completed” message.
In July, Pedro Magalhães, a blockchain developer and founder of tech consulting firm Iora Labs, has reportedly discovered functions 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.
Related: Binance faces scrutiny in Brazil, exec summoned to testify before Congress
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.
Magazine: Girl Gone Crypto thinks ‘BREAKING’ crypto news tweets are boring: Hall of Flame
Source: Cointelegraph.com
The post Brazilian CBDC gets official name and logo appeared first on Crypto Breaking News.
Read more: https://www.cryptobreaking.com/brazilian-cbdc-gets-official-name-and-logo/
Text source: Crypto Breaking News
