Brazil’s CBDC pilot code reveals ability to freeze and reduce funds
Blockchain developer Pedro Magalhães claims that he has successfully reverse-engineered the source code of Brazil’s pilot central bank digital currency (CBDC). He revealed the existence of functions that empower a central authority to freeze funds or reduce balances. While concerns over such capabilities have been raised, the developer argues that there could be certain situations where these functions might prove beneficial. On July 6, the Banco Central do Brazil published the source code of the digital Brazilian real pilot project on the GitHub portal, emphasizing that it was solely intended for testing purposes and subject to potential modifications. You might also like: Hong Kong bank freezes user accounts previously involved in crypto Pedro Magalhães, a noted blockchain developer and founder of tech consulting firm Iora Labs, announced later that he had successfully “reverse-engineered” the open-source code, exposing various functions. These incl...