And Just Like That, The Brazilian Central Bank Goes Live With Digital Currency

It's official: the Brazilian Central Bank has announced the introduction of its CBDC (Central Bank Digital Currency). It's called DREX, the acronym for Digital Real Electronic X (real is Brazil's currency), and the finished logo reveals the project is, in fact, quite advanced. Here's the meat of the Central Bank's press release:

DREX is coming to facilitate the life of Brazilians. With a new face, our Central Bank Digital Currency project - created and operated by the Brazilian Central Bank - has its own name. Previously called Real Digital, it will provide a safe and regulated environment for new businesses and more democratic access to the benefits of digitalizing the economy for citizens and entrepreneurs.

The brand, developed by the Central Bank, the combination of letters creates a word with strong and modern sonority; D and R allude to Real Digital; E comes from electronic, and the X gives the idea of modernity and connection, or the use of Distributed Ledger Technology (DLT) adopted by DREX, giving continuity to the family of Central bank solutions created by the Pix.

The coordinator of the initiative at the central bank, Fabio Araujo, had more to add. During a live event for the press, he emphasized that "the development of DREX is primarily aimed at improving access to financial services..." He added that "By enabling simple and reliable access to registered values through DLT technology, we reduce costs and democratize access to financial services." READ MORE