Brazil's new central bank digital currency (CBDC), also known as the digital real, will be officially named DREX, according to an announcement from the Central Bank of Brazil. The name was revealed during a live broadcast on the Bank's YouTube channel. The digital real project will rely on authorized entities to mint the CBDC, which will be recorded with a distributed ledger technology. The DREX will have a practical impact on the lives of everyday Brazilians, especially in increasing the financial services that can be offered to the population.