• The Central Bank of Brazil has launched the official logo and brand name for its recently proposed CBDC, Drex.
• The acronym “Drex” stands for Digital Real Electronic X, and the logo is meant to represent the transition from fiat currency to digital.
• Pedro Magalhães, a Brazilian blockchain developer, has discovered code functions in Drex that would allow a central authority to freeze funds or reduce balances.
Brazilian CBDC Gets Official Name and Logo
The Central Bank of Brazil has officially revealed the brand name and logo for its central bank digital currency (CBDC), commonly referred to as the “digital real.” The new brand name is “Drex”—an acronym for “Digital Real Electronic X”—and was developed by the central bank itself. The accompanying logo features two arrows inside a capital ‘D’, which symbolize the evolution from real currency to its digital version. Additionally, blue transitioning into light green signifies a successful transaction being completed.
Functionality of Drex
Brazilian blockchain developer Pedro Magalhães has reportedly discovered code functions within Drex that allow a central authority to freeze funds or reduce balances if need be. Last year economist Fabio Araujo at the Brazilian central bank explained how this CBDC could help prevent bank runs in their country.
Russian Digital Ruble
Last week, Russia’s Central Bank also released their own visual identity for their CBDC, known as the digital ruble. This symbol consists of an international ruble within a circle with four possible basic color combinations: red and white or black and white.
Cryptocurrency Adoption
As countries across the world continue to launch their own CBDCs it is clear that cryptocurrency adoption is on the rise globally; however some are calling for these currencies to be criminalized in order to protect people’s finances from potential exploitation by malicious actors. A congressman Warren Davidson called for such measures earlier this month when discussing his opposition towards cryptocurrencies such as Bitcoin and Ethereum being used as investments due to lack of regulation over them thus far .
Korean Banks Research Stablecoin & CBDC Alternative
Korean banks have been researching a stablecoin-like instrument which could potentially act as an alternative form of payment compared with traditional banking services while also providing greater financial inclusion opportunities in certain areas like rural parts of Korea where access might be limited otherwise.. Such initiatives likely demonstrate how crucial innovation is becoming in terms of keeping up with global markets while ensuring that customer needs are met too moving forward