DREX will be the official name of Brazil’s new central bank digital currency (CBDC), also known as the digital real, according to a Monday announcement from the Central Bank of Brazil.

The name was revealed during a live broadcast on the Bank’s YouTube channel 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 Brazilian platform that offers instant, free electronic fund transfers using QR codes and easy-to-remember IDs like phone numbers and emails addresses instead of account numbers.

The Central Bank also released the new visual branding for DREX today.

“Alluding to a transaction, the two arrows that lean into the ‘D’ relate to the evolution of the real to the digital environment, reinforcing the attribute of agility, and the use of colors, in a transition from blue to light green, conveys the message of ‘transaction completed,’” the entity explained.

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Author: Portal do Bitcoin

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