Topic: Brazil to launch CBDC, Github repo found (Read 212 times)
Now very many countries are in the process of finalizing or in the middle of developing their own CBDC. In my opinion, this will do nothing good for the crypto industry. There will be more centralization and an attempt to censor electronic payments. CBDC is not cryptocurrencies, it is a centralized surrogate that is being created with the purpose of pushing real decentralized cryptocurrencies out of the market and imposing a banking system in the digital world.
In short, they just like making a fiat digital, just like Bitcoin but centralized.
This was really a debate since the beginning when CBDC started to pop. Some started speculating that CBDC is not good or Bitcoin.
Some also telling that we don't need anymore Bitcoin, CBDC will do everything. But with this kind of issue, I believe CBDC will not solve everything. We still need Bitcoin.
This was really a debate since the beginning when CBDC started to pop. Some started speculating that CBDC is not good or Bitcoin.
Some also telling that we don't need anymore Bitcoin, CBDC will do everything. But with this kind of issue, I believe CBDC will not solve everything. We still need Bitcoin.
It is not an uncertainty a currency system that is governed and controlled by the government must have total control mechanisms in place. It would be insane and absurd if they did not have those mechanisms for control.
I am not sure what any of this means but if it is true and Brazil is trying something like this, I am sure that it is not going to be the end result, they will keep on working for the end result and we are going to see many things change over course of time. I know that it is going to be not so easy for many people but I feel like it is going to be alright. The best thing we could see right now is to make sure that we are at a stage where having this kind of result will not be too bad, nations should do this to prevent USDT type of companies not to corner the market. Brazil may not be the one we are looking for but it is not a too low country neither, it can get it heard and be an example for some of the other nations as well.
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I did not find confirmation that their CBDC has code to freeze funds like reported by two other sites but because the Brazil CBDC is owned by Brazilian central bank, I am not surprised about it.
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I did not find confirmation that their CBDC has code to freeze funds like reported by two other sites but because the Brazil CBDC is owned by Brazilian central bank, I am not surprised about it.
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You know that if the system was built by the central government it has the potential to be manipulated, for example, such as reducing balances, freezes, etc. Because the central government has always had the right to be able to freeze or delete a customer's account at a bank for whatever reason, and it is very likely that this will also be implemented in CBDCs.
As the information pointed on the one of above posts and the GitHub link provided by OP, specifically this one: https://github.com/bacen/pilotord-kit-onboarding/blob/main/CBDCAccessControl.md
They completely have control over the coin. The API file(CBDCAccessControl.md) information suggests that they implemented the mechanism to fully control the system contract.
The following is translated information from the file:
Quote
Its main functionalities are:
Determine which wallets can send/receive
Control the papers from which address can issue/redeem/freeze a wallet balance.
Determine which wallets can send/receive
Control the papers from which address can issue/redeem/freeze a wallet balance.
It is not an uncertainty a currency system that is governed and controlled by the government must have total control mechanisms in place. It would be insane and absurd if they did not have those mechanisms for control.
-snip
I did not find confirmation that their CBDC has code to freeze funds like reported by two other sites but because the Brazil CBDC is owned by Brazilian central bank, I am not surprised about it.
-snip-
I did not find confirmation that their CBDC has code to freeze funds like reported by two other sites but because the Brazil CBDC is owned by Brazilian central bank, I am not surprised about it.
-snip-
You know that if the system was built by the central government it has the potential to be manipulated, for example, such as reducing balances, freezes, etc. Because the central government has always had the right to be able to freeze or delete a customer's account at a bank for whatever reason, and it is very likely that this will also be implemented in CBDCs.
They could have just hosted those documents on a website instead of on Github considering how Github is mainly a "code" sharing platform not documentation.
In any case a lot of countries have been working on their own centralized "digital" currency for a couple of years now and a handful of them even have working ones in testing phase. The Brazilian CBDC seems to also be one of the projects in the research phase being worked on for about 2-3 years which can also be found here: https://www.bcb.gov.br/en/financialstability/digital_brazilian_real
Frankly, this is the first time that I have heard that the project has been in the works for years, meaning that this is not new. The first thought that came to my mind is that the CBDC currency project is currently being studied within the framework of the BRICS alliance to be the approved currency in exchanges between the member countries of the alliance, and I wonder if there is a relationship between the two projects, especially since we do not know how that currency will be created within the framework of an alliance without specification Who will have the authority to control the currency.In any case a lot of countries have been working on their own centralized "digital" currency for a couple of years now and a handful of them even have working ones in testing phase. The Brazilian CBDC seems to also be one of the projects in the research phase being worked on for about 2-3 years which can also be found here: https://www.bcb.gov.br/en/financialstability/digital_brazilian_real
I suppose it is possible too because a CBDC is technically a new currency and can have different characteristics. I'm just theorycrafting here but something like digital-yuan (the Chinese CBDC currently in use) could have a fixed exchange rate but be only used within the bloc between "friendly" countries while with others (like US and EU) they trade using the old methods with the old always-decreasing exchange rates to stay in competition.
That way they could solve the problem with fiat in international trades to some extend while replacing dollar in most of their trades decreasing their dependence on it.
It would be unfortunate if the BRICS countries were unable to find an alternative to the dollar. I think this is hard to come by, but it remains a valid hypothesis.
Like this. The title is interesting but the content is less interesting. "US Central Bank Launches FedNow, Its Fast Payment System" Source Link: https://markettimes.co.uk/markets/20/07/2023/us-central-bank-launches-fednow-its-fast-payment-system/. don't know what they think.
FedNow is not a CBDC or connected blockchain technology. It is just a fiat payment system that seeks to promote faster transactions and bypassing of middlemen in payment systems. The service have been existing in Brazil, the United Kingdom, India, and some countries in Europe. Transactions that would have lasted for days to complete can be executed in minutes. The government is doing everything possible to give people options to focus on fiat transactions. They want to compete with the swiftness of bitcoin transactions, so they are creating alternative payment channels. Making FedNow transactions to be charge directly from the central bank bypassing some intermediaries is targeted at giving people the feeling of privacy. While the free service offered by FedNow is to compete with the relatively cheap transaction cryptocurrency.
Like this. The title is interesting but the content is less interesting. "US Central Bank Launches FedNow, Its Fast Payment System" Source Link: https://markettimes.co.uk/markets/20/07/2023/us-central-bank-launches-fednow-its-fast-payment-system/. don't know what they think.
They could have just hosted those documents on a website instead of on Github considering how Github is mainly a "code" sharing platform not documentation.
In any case a lot of countries have been working on their own centralized "digital" currency for a couple of years now and a handful of them even have working ones in testing phase. The Brazilian CBDC seems to also be one of the projects in the research phase being worked on for about 2-3 years which can also be found here: https://www.bcb.gov.br/en/financialstability/digital_brazilian_real
Frankly, this is the first time that I have heard that the project has been in the works for years, meaning that this is not new. The first thought that came to my mind is that the CBDC currency project is currently being studied within the framework of the BRICS alliance to be the approved currency in exchanges between the member countries of the alliance, and I wonder if there is a relationship between the two projects, especially since we do not know how that currency will be created within the framework of an alliance without specification Who will have the authority to control the currency.In any case a lot of countries have been working on their own centralized "digital" currency for a couple of years now and a handful of them even have working ones in testing phase. The Brazilian CBDC seems to also be one of the projects in the research phase being worked on for about 2-3 years which can also be found here: https://www.bcb.gov.br/en/financialstability/digital_brazilian_real
I suppose it is possible too because a CBDC is technically a new currency and can have different characteristics. I'm just theorycrafting here but something like digital-yuan (the Chinese CBDC currently in use) could have a fixed exchange rate but be only used within the bloc between "friendly" countries while with others (like US and EU) they trade using the old methods with the old always-decreasing exchange rates to stay in competition.
That way they could solve the problem with fiat in international trades to some extend while replacing dollar in most of their trades decreasing their dependence on it.
The headline explain why this community will hate CBDC very much,
On the threads on twitter also said that the Government are still considering whether the will keep the function of freezing account or not after the test period finish. But I think everyone know the answer, they will absolutely keep it, they need control over the accounts, otherwise they will make tools that allows for money laundering.
Quote
The pilot project of Brazil's #CBDC #RealDigital allows the freezing of user wallets and reducing balances
On the threads on twitter also said that the Government are still considering whether the will keep the function of freezing account or not after the test period finish. But I think everyone know the answer, they will absolutely keep it, they need control over the accounts, otherwise they will make tools that allows for money laundering.
They could have just hosted those documents on a website instead of on Github considering how Github is mainly a "code" sharing platform not documentation.
In any case a lot of countries have been working on their own centralized "digital" currency for a couple of years now and a handful of them even have working ones in testing phase. The Brazilian CBDC seems to also be one of the projects in the research phase being worked on for about 2-3 years which can also be found here: https://www.bcb.gov.br/en/financialstability/digital_brazilian_real
Frankly, this is the first time that I have heard that the project has been in the works for years, meaning that this is not new. The first thought that came to my mind is that the CBDC currency project is currently being studied within the framework of the BRICS alliance to be the approved currency in exchanges between the member countries of the alliance, and I wonder if there is a relationship between the two projects, especially since we do not know how that currency will be created within the framework of an alliance without specification Who will have the authority to control the currency. In any case a lot of countries have been working on their own centralized "digital" currency for a couple of years now and a handful of them even have working ones in testing phase. The Brazilian CBDC seems to also be one of the projects in the research phase being worked on for about 2-3 years which can also be found here: https://www.bcb.gov.br/en/financialstability/digital_brazilian_real
Sounds like usdc/usdt to me.
They could have just hosted those documents on a website instead of on Github considering how Github is mainly a "code" sharing platform not documentation.
In any case a lot of countries have been working on their own centralized "digital" currency for a couple of years now and a handful of them even have working ones in testing phase. The Brazilian CBDC seems to also be one of the projects in the research phase being worked on for about 2-3 years which can also be found here: https://www.bcb.gov.br/en/financialstability/digital_brazilian_real
In any case a lot of countries have been working on their own centralized "digital" currency for a couple of years now and a handful of them even have working ones in testing phase. The Brazilian CBDC seems to also be one of the projects in the research phase being worked on for about 2-3 years which can also be found here: https://www.bcb.gov.br/en/financialstability/digital_brazilian_real
It is somehow like USDT, as central bank will have control over the coins.
There are already many problems found. For example, government will be able to freeze and move funds at will.
https://livecoins.com.br/banco-central-podera-congelar-saldo-em-carteiras
This is the post of the user who found that out:
https://pt.linkedin.com/posts/pemagalhaes_github-ioralabsrealdigitalsmartcontracts-activity-7082009809549484032-Beqi
You can use google translate to ready, but those are the most important founds:
Quote
Among the functions of the contract, I would like to highlight some:
- disableAccount: Disables an account authorized to transfer tokens.
- enableAccount: Enables a previously disabled account for token transfers.
- increaseFrozenBalance: Increases the frozen balance of a wallet address.
- decreaseFrozenBalance: Decreases the frozen balance of a wallet address.
- transfer: Overrides the ERC20 transfer function to include account status checks and frozen balances.
- transferFrom: Overrides the ERC20 transferFrom function to include account status checks and frozen balances.
- mint: Creates new Real Digital tokens for a specified address.
- burn: Burns (destroys) a specified amount of Real Digital tokens.
- pause: Pauses token transfers.
- unpause: Resumes token transfers.
- frozenBalanceOf: Retrieves the frozen balance of a wallet address.
authorizedAccount: Checks if an account is authorized for token transfers.
- move: Transfer tokens from one wallet to another.
- moveAndBurn: Transfer and burn tokens from a wallet.
- burnFrom: Burns tokens from a specified account
- disableAccount: Disables an account authorized to transfer tokens.
- enableAccount: Enables a previously disabled account for token transfers.
- increaseFrozenBalance: Increases the frozen balance of a wallet address.
- decreaseFrozenBalance: Decreases the frozen balance of a wallet address.
- transfer: Overrides the ERC20 transfer function to include account status checks and frozen balances.
- transferFrom: Overrides the ERC20 transferFrom function to include account status checks and frozen balances.
- mint: Creates new Real Digital tokens for a specified address.
- burn: Burns (destroys) a specified amount of Real Digital tokens.
- pause: Pauses token transfers.
- unpause: Resumes token transfers.
- frozenBalanceOf: Retrieves the frozen balance of a wallet address.
authorizedAccount: Checks if an account is authorized for token transfers.
- move: Transfer tokens from one wallet to another.
- moveAndBurn: Transfer and burn tokens from a wallet.
- burnFrom: Burns tokens from a specified account
The first link is written in the National Language so I could not understand anything there and the second link which for the Twitter has no good information. But in my own research and finding, I came to discovered that Brazil is trying to use the CBDC to freeze or reduce use of funds in the country through pilot project. And that will not work well with the citizens. Now are they not going to end of stealing citizens funds by reducing the balance of the account. This is a strange way of malhandling of citizens funds.
Brazil CBDC Pilot
The government has the power to freeze funds in commercial banks suspected to be proceeds from crime, money laundering or to be used to fund terrorism. They also have the right to withdraw such funds because the commercial banking system is centralized. CBDCs are not different from fiat banking because they are still controlled by the central bank. The government will not just unilaterally freeze or withdraw from the accounts of citizens unless there is an allegation of financial malpractice. This is not a strategy to reduce people's funds but to control it. Brazil CBDC Pilot
Brazil digital real
I did not find confirmation that their CBDC has code to freeze funds like reported by two other sites but because the Brazil CBDC is owned by Brazilian central bank, I am not surprised about it.
BCB releases the directives of the pilot project of the Brazilian Digital Real and opens applications for eligible participants
Brazil’s CBDC pilot contains code that can freeze or reduce funds, dev claims
Piloto do Real Digital permite congelamento de carteiras de usuários
I am confused why did you shared such links while they seems off-topic to my reply. because i didn't asked or said anything directly or indirectly related to CBDC trackers. Oh, wait. So you shared me this BCB releases pilot project and opens application for eligible participants news to show that the CBDC is publicly available?I did not find confirmation that their CBDC has code to freeze funds like reported by two other sites but because the Brazil CBDC is owned by Brazilian central bank, I am not surprised about it.
BCB releases the directives of the pilot project of the Brazilian Digital Real and opens applications for eligible participants
Brazil’s CBDC pilot contains code that can freeze or reduce funds, dev claims
Piloto do Real Digital permite congelamento de carteiras de usuários
But i didn't meant to say they are not going to avail it for anyone, but for at least someone like they will choose the participant and then they will test it in a close environment. That's what i tries to said and that's also your shared news telling me. And, yeah the news of freezing funds either confirmed by your provided source of by the OP's provided source. The point is CBDC are centralized and they can freeze our assets if they see any illegal activity or even if they tag a transaction as illegal then your account will be freezing.
In simple words, CBDC is nothing but a digital centralized bank using blockchain technology nothing less or nothing more.
Github repo: https://github.com/bacen/pilotord-kit-onboarding/tree/main
Refer to this Twitter thread about explanation: https://twitter.com/vinibarbosabr/status/1678511772775374850
Sounds like usdc/usdt to me.
The first link is written in the National Language so I could not understand anything there and the second link which for the Twitter has no good information. But in my own research and finding, I came to discovered that Brazil is trying to use the CBDC to freeze or reduce use of funds in the country through pilot project. And that will not work well with the citizens. Now are they not going to end of stealing citizens funds by reducing the balance of the account. This is a strange way of malhandling of citizens funds.Refer to this Twitter thread about explanation: https://twitter.com/vinibarbosabr/status/1678511772775374850
Sounds like usdc/usdt to me.
Brazil CBDC Pilot
I don't think they would reduce funds in user accounts for no reason, these functions will only be used for particular cases, banks already do this, it's just that now these actions will happen on-chain.
Cointelegraph article you have mentioned has referenced Twitter thread mentioned in op as well, bruh
Github repo: https://github.com/bacen/pilotord-kit-onboarding/tree/main
Refer to this Twitter thread about explanation: https://twitter.com/vinibarbosabr/status/1678511772775374850
Sounds like usdc/usdt to me.
The first link is written in the National Language so I could not understand anything there and the second link which for the Twitter has no good information. But in my own research and finding, I came to discovered that Brazil is trying to use the CBDC to freeze or reduce use of funds in the country through pilot project. And that will not work well with the citizens. Now are they not going to end of stealing citizens funds by reducing the balance of the account. This is a strange way of malhandling of citizens funds.Refer to this Twitter thread about explanation: https://twitter.com/vinibarbosabr/status/1678511772775374850
Sounds like usdc/usdt to me.
Brazil CBDC Pilot
According to the the provided thread of Twitter they did not mentioned that they are going to make it publically available like they are not going to launch it publically instead they just wanted it to test if in test environment. So, honestly, I don't think that it is their intentions to come up with CBDC project (the pilot project) any soon.
Brazil digital realI did not find confirmation that their CBDC has code to freeze funds like reported by two other sites but because the Brazil CBDC is owned by Brazilian central bank, I am not surprised about it.
BCB releases the directives of the pilot project of the Brazilian Digital Real and opens applications for eligible participants
Brazil’s CBDC pilot contains code that can freeze or reduce funds, dev claims
Piloto do Real Digital permite congelamento de carteiras de usuários
According to the tweet here are some concerning factor that i think will be alarming for the brazilin's.
Lack of transparency: It's concerning that the Central Bank is allowing the freezing of user wallets and reducing balances without clear explanations or guidelines. This lack of transparency raises doubts about their intentions and makes it difficult for people to trust the system.
Potential for abuse: Imagine if any entity authorized by the Central Bank can make significant changes to people's CBDC ledger. It opens the door for abuse of power, where someone could manipulate or control financial transactions without proper oversight. That's definitely a risk we shouldn't overlook.
Limited user control: It's disheartening to think that external entities could have control over our wallets and financial transactions. We should have the freedom to access our funds without unexpected restrictions. This lack of user control could disrupt economic stability and negatively impact individuals' livelihoods.
Uncertainty for economic actors: When businesses and investors can't predict how a financial system will operate, it creates uncertainty. If the CBDC's final version includes these control functions, it may deter economic actors from embracing the system, which can harm Brazil's economy in the long run.
Though i think this is only a pilot project and this will not be accessible for the whole nation very soon but this initiative shows that it will happens in the future.
Your concerns are understandable, but at the same time those are some of the concerns we always had about CBDCs, many people out there do not understand how dangerous they are as this means that now governments will have the power to silence any political enemy by just erasing, freezing or restricting the access to their funds, not only that they can block any transaction for any reason and treat your money as if it was theirs, and if the fiat system was already bad enough, a system based on CBDCs will basically destroy the freedoms humans have been fighting for thousands of years. Lack of transparency: It's concerning that the Central Bank is allowing the freezing of user wallets and reducing balances without clear explanations or guidelines. This lack of transparency raises doubts about their intentions and makes it difficult for people to trust the system.
Potential for abuse: Imagine if any entity authorized by the Central Bank can make significant changes to people's CBDC ledger. It opens the door for abuse of power, where someone could manipulate or control financial transactions without proper oversight. That's definitely a risk we shouldn't overlook.
Limited user control: It's disheartening to think that external entities could have control over our wallets and financial transactions. We should have the freedom to access our funds without unexpected restrictions. This lack of user control could disrupt economic stability and negatively impact individuals' livelihoods.
Uncertainty for economic actors: When businesses and investors can't predict how a financial system will operate, it creates uncertainty. If the CBDC's final version includes these control functions, it may deter economic actors from embracing the system, which can harm Brazil's economy in the long run.
Though i think this is only a pilot project and this will not be accessible for the whole nation very soon but this initiative shows that it will happens in the future.
But the regulator also failed to state the circumstances that will lead to the freezing, reduction, and transfer of funds. This is a clear violation of the privacy of citizens because the central bank has total control of the wallets.
From another tweet, it seems like they refer to "current legal legislation" as the basis for such actions. I'm not sure how broad that would be, but I believe we can safely assume reasons that usually led to bank accounts being frozen, etc would be used as one of its criteria. Stuff like money laundering etc is probably gonna be quoted so often in the future. Github repo: https://github.com/bacen/pilotord-kit-onboarding/tree/main
Refer to this Twitter thread about explanation: https://twitter.com/vinibarbosabr/status/1678511772775374850
Sounds like usdc/usdt to me.
Brazil intends to launch its digital currency by next year. The central bank is just testing its CBDC to ascertain its functionality. The crypto community in Brazil has raised concerns over the privacy issues the platform has. Regulators can freeze (unfreeze), reduce (add) balances and move funds from one address to another. The Central Bank might argue that these functions will promote safety, reduce fraud, and be effective in monitoring other financial operations. Refer to this Twitter thread about explanation: https://twitter.com/vinibarbosabr/status/1678511772775374850
Sounds like usdc/usdt to me.
But the regulator also failed to state the circumstances that will lead to the freezing, reduction, and transfer of funds. This is a clear violation of the privacy of citizens because the central bank has total control of the wallets. These functions didn't come as a surprise that is why it is called central bank digital currency, it is centralized.
They could have just hosted those documents on a website instead of on Github considering how Github is mainly a "code" sharing platform not documentation.
In any case a lot of countries have been working on their own centralized "digital" currency for a couple of years now and a handful of them even have working ones in testing phase. The Brazilian CBDC seems to also be one of the projects in the research phase being worked on for about 2-3 years which can also be found here: https://www.bcb.gov.br/en/financialstability/digital_brazilian_real
In any case a lot of countries have been working on their own centralized "digital" currency for a couple of years now and a handful of them even have working ones in testing phase. The Brazilian CBDC seems to also be one of the projects in the research phase being worked on for about 2-3 years which can also be found here: https://www.bcb.gov.br/en/financialstability/digital_brazilian_real
According to the the provided thread of Twitter they did not mentioned that they are going to make it publically available like they are not going to launch it publically instead they just wanted it to test if in test environment. So, honestly, I don't think that it is their intentions to come up with CBDC project (the pilot project) any soon.
Maybe in future if the results are admirable but till then we just have to wait. And additionally the developer Pedro who found some loopholes in the solidity language using reverse engineering on ABI is the oy one there to point out as once other developers will join the auditing then it could gain some trust among people as one single developer might have biased decision but it is what it is. Means the flaws are in front of us and they (government) accepted it too.
Well, lets see what will be the results of these test will be.
Maybe in future if the results are admirable but till then we just have to wait. And additionally the developer Pedro who found some loopholes in the solidity language using reverse engineering on ABI is the oy one there to point out as once other developers will join the auditing then it could gain some trust among people as one single developer might have biased decision but it is what it is. Means the flaws are in front of us and they (government) accepted it too.
Well, lets see what will be the results of these test will be.
Github repo: https://github.com/bacen/pilotord-kit-onboarding/tree/main
Refer to this Twitter thread about explanation: https://twitter.com/vinibarbosabr/status/1678511772775374850
Sounds like usdc/usdt to me.
Refer to this Twitter thread about explanation: https://twitter.com/vinibarbosabr/status/1678511772775374850
Sounds like usdc/usdt to me.
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