The Brazilian central bank digital currency (CBDC) has been officially given the official brand name of the Drex after being commonly referred to as the “digital real”.

In a press release on August 7th, the Central Bank of Brazil explained the reasoning behind the Drex 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).” The central bank also disclosed Drex's brand name and visual identity.

Two arrows, one of which is in the capital D, depict the progression of the national fiat currency, the real, to its digital equivalent, and the change from blue to light green colors represents the statement "transaction completed" on the CBDC logo.

Blockchain developer and founder of tech consulting firm Iora Labs Pedro Magalhães has reportedly discovered functions in the Drex code which shall allow the South American’s central authority to manually reduce wallet balances and freeze funds at will.

Sources:

https://decrypt.co/151636/brazil-cbdc-drex-brazilian-cbdc-cryptocurrency

https://crypto.news/brazil-names-its-controversial-cbdc-drex/

https://cointelegraph.com/news/brazilian-cbdc-drex-official-name-and-logo

https://br.cointelegraph.com/news/central-bank-defines-that-real-digia-will-be-called-drex