Brazil’s central bank digital currency (CBDC) has received its official name and logo. Brazil’s CBDC, commonly referred to as the “Digital Real”, was named Drex.
The Central Bank of Brazil issued a press release on August 7 announcing and describing the new face of its CBDC. The brand “Drex”, created by the central bank, is an abbreviation in which each letter has its own decoding:
“D” and “r” allude to Real Digital; “e” means electronic, and “x” conveys the idea of modernity and communication, using distributed ledger technology (DLT), “.
The letter x is a reference to the last letter of Pix, an instant translation system created in 2020.
Along with the brand name, the central bank deciphered the Drex logo. On the CBDC logo, the two arrows, including the capital D, represent the evolution of the national fiat currency, real, to its digital counterpart, and the color transition from blue to light green means the message “transaction completed”.
Test phase
Drex is being developed with Piloto RD, a test platform that involves 16 institutions, and the idea is to test the infrastructure and privacy of the information that will be transmitted over the network. The first tests will be simulated and conducted in the buying and selling of government securities, and it is expected that the public will be able to test Drex in late 2024.
“The Drex platform should automate a number of processes, cut down on mediation and therefore lower costs,” Araujo says.