The code of Brazil’s central digital currency pilot enables the central bank to freeze accounts and reduce balances, according to a developer.
Highlights
- A developer claims to have reverse-engineered the source code of Brazil’s pilot central bank digital currency.
- Pedro Magalhães said functions in the code would allow a central authority to freeze funds or reduce balances.
- He argued that such functions could be beneficial to the public, as a CBDC may offer some benefits, he added.
- The code includes freezing and unfreezing accounts, increasing and decreasing balances, moving currency from one address to another, and creating or burning digital real from a specific address.
- In July 2022, Fabio Araujo, an economist at the Brazilian central bank, explained that the digital real has the potential to halt bank runs.
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