Developer EXPOSES Dystopian Brazilian CBDC

July 11, 2023 12:19 pm Comments

One developer is bringing what we already instinctually know regarding central bank digital currencies to the forefront of public attention—they’re meant for total control of the population.

Vini Barbosa shared this report on the troubling lines of code, found within the Brazilian CBDC’s stack, that will allow the central bank and the Brazilian government to ultimately shut off, restrict, and otherwise directly control every unit of currency.

Vini Barbosa dissected the not-so-shocking claims in this tweet thread:

According to Coin Telegraph:

On July 6, the source code of the digital Brazilian real pilot project was posted on GitHub portal by Brazil’s central bank. It was explained at the time that the pilot project is intended for use only in a test environment and that the “presented architecture” may be subject to additional changes.

Pedro Magalhães — a blockchain developer and founder of tech consulting firm Iora Labs — later that day claimed to have been able to “reverse engineer” the open source code of Banco Central do Brazil’s digital real, revealing functions in the code.

Pedro Magalhães, the individual who discovered the code, writes: “Vinícius Barbosa did a great job reporting on a post that detailed my latest discovery, which I had published on LinkedIn and Github. This post included source code related to reverse engineering using the ABI provided by Bacen.”


CoinDesk had this to say about Brazil and their CBDC aspirations:

As key export economies such as Brazil embrace CBDC-based direct settlement with their trading partners, it will spur a trend of de-dollarization over the next decade. The ramifications for U.S. capital markets, for the global economy, and for geopolitical power dynamics are profound.

Brazil’s central bank is among more than a hundred experimenting with CBDCs. Others that matter for this discussion include the United Arab Emirates, Russia, Singapore and China, which is streets ahead in rolling out its electronic currency, the e-CNY. China, of course, has made no secret of its desire to reduce its dependency on dollars.

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