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Developer Digs Out Control Loopholes in Brazil’s CBDC Code
Pedro Magalhães, a prominent blockchain developer and founder of tech consulting firm Iora Labs, is said to have reverse-engineered the source code of Brazil’s pilot Central Bank Digital Currency (CBDC) and uncovered a stunning finding.
The developer claims to have discovered code features that might potentially offer a central authority the ability to freeze funds or change balances. This finding raises questions about the supposed decentralized nature of blockchain technology and the consequences for financial sovereignty.
Brazil’s CBDC Experiment
The recent publication of the source code for Brazil’s Digital Real pilot project on the GitHub portal has drawn attention to the country’s efforts in building a CBDC. The Brazilian Central Bank stressed that the project is only for testing purposes and that the disclosed architecture may be modified further.
This approach allows for the identification and rec
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