A blockchain developer has reverse-engineered the code behind the Brazilian Central Bank Digital Currency (CBDC) and discovered an unsettling feature: the government has built in the ability to freeze funds and adjust balances.

Pedro Magalhaes, founder of Web3 consulting company Iora Labs, reviewed the Application Programming Interface published by the monetary authority on its Github account. And he says the government has not been forthcoming with an explanation.

“They tend to keep things closed off and usually don’t communicate with non-bankers,” he told Decrypt, although he said he has had some general discussions on Github about the CBDC implementation. “Honestly, they don’t even need to care about public opinion.”

Vini Barbosa, reporter for Brazilian crypto news outlet
Go to Source to See Full Article
Author: Pedro Solimano

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details