{"id":22193,"date":"2023-07-11T11:54:32","date_gmt":"2023-07-11T11:54:32","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/code-within-brazils-cbdc-pilot-enables-freeze-or-reduction-of-funds\/"},"modified":"2023-07-11T11:54:32","modified_gmt":"2023-07-11T11:54:32","slug":"code-within-brazils-cbdc-pilot-enables-freeze-or-reduction-of-funds","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/code-within-brazils-cbdc-pilot-enables-freeze-or-reduction-of-funds\/","title":{"rendered":"Code Within Brazil’s CBDC Pilot Enables Freeze or Reduction of Funds"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Pedro Magalh\u00e3es, a blockchain developer and founder of Iora Labs, has reportedly cracked open the source code of Brazil\u2019s pilot central bank digital currency<\/a> (CBDC). His findings<\/a> reveal some intriguing functions, including the capacity to freeze funds or diminish account balances, a concern that has long been raised by those against CBDC\u2019s asserting it is programmable and limits financial freedom.<\/p>\n

Although these capabilities have raised eyebrows, Magalh\u00e3es argues there might be scenarios where such features could prove advantageous.<\/p>\n

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On July 6, the digital Brazilian real pilot project\u2019s source code was made available on GitHub by Brazil\u2019s central bank. The bank clarified that the project is currently in a testing phase and further adjustments to the \u201cpresented architecture\u201d may be on the horizon.<\/p>\n

Magalh\u00e3es scrutinized the source code from Banco Central do Brazil\u2019s digital real project, and his investigation unearthed specific functions within the code. These features included freezing and thawing account balances, adjusting account values, transferring currency between addresses, and generating or destroying digital real from a particular address.<\/p>\n

According to Magalh\u00e3es, Brazil\u2019s central bank will likely retain these functionalities for applications such as secured loans and other operations anchored in decentralized finance (DeFi) protocols.<\/p>\n

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Magalh\u00e3es raised concerns about the vagueness surrounding the circumstances that warrant the freezing of tokens and more significantly, who wields the power to initiate such actions. He explained, \u201cOne thing is to agree with an operation and execute a DeFi operation that involves different blockchains; another completely different thing is an institution having the ability to freeze the balance on its initiative, and that\u2019s precisely how they\u2019ve developed the smart contracts.\u201d<\/p>\n

He added that these factors should be publicly disclosed within the smart contracts and should undergo discussion with the general public, which hasn\u2019t occurred yet.<\/p>\n

This revelation has sparked a flurry of concern within the cryptocurrency community, with many individuals fearing that a CBDC could pose a threat to their financial autonomy and privacy.<\/p>\n

However, Magalh\u00e3es clarified on July 10 that while concerns over a CBDC in Brazil are valid, it could also present several benefits. He noted that it would render taxes more easily traceable, providing the public with the ability to scrutinize how tax funds are allocated. Additionally, it could bolster transparency in parliamentary amendments and permit the on-chain inspection of state purchases.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) Pedro Magalh\u00e3es, a blockchain developer and founder of Iora Labs, has reportedly cracked open the source code of Brazil\u2019s pilot central bank digital currency (CBDC). His findings reveal some intriguing functions, including the capacity to freeze funds or diminish account balances, a concern that has long […]<\/p>\n","protected":false},"author":5,"featured_media":22194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22193"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22193"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22194"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}