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Brazil Testing CBDC (Eruptions Market Report 7-19-23)

According to a blockchain developer, they have successfully reverse-engineered the source code of Brazil's pilot central bank digital currency (CBDC). Their findings reveal certain functions within the code that grant a central authority the ability to freeze funds or reduce balances.


Interestingly, the developer has also suggested that these functions might have potential benefits in certain situations.


On July 6, Brazil's central bank posted the source code of the digital Brazilian real pilot project on GitHub. It was explicitly stated that this pilot project is solely intended for testing purposes and that the "presented architecture" could undergo further modifications.



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