Brazil’s Central Bank has archived central bank digital currency (CBDC) related documents on GitHub, providing insight into the core aspects of the digital real. However, the document’s incompleteness sparked requests for the source code, which is promised to be made public after necessary audits. The bank plans to use the Hyperledger Besu blockchain and aims to introduce the digital token by 2024.
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Brazil’s CBDC Real Digital: Potential Threat or Boon for Transparency and Efficiency?
“Blockchain developer, Pedro Magalhães, reverse-engineered the source code of Brazil’s pilot Central Bank Digital Currency (CBDC), Real Digital, and found coding with potential to freeze or reduce funds. Concerns rise among crypto enthusiasts about CBDCs potentially infringing on financial freedom and privacy.”