The source code of Brazil's pilot central bank digital currency contains the ability to freeze accounts and reduce account balances — but it could make sense in certain situations, according to a developer.
Magalhães told Cointelegraph that Brazil’s central bank will “probably” maintain these functions for the purpose of secured loan functions and other financial operations that can be carried out on decentralized finance protocols.
The problem, Magalhães explained, is that the code lacks specificity about the circumstances under which the tokens can be frozen, and, above all, who holds the power to execute them: “One 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's precisely how they've developed the smart contracts.”
These aspects should always be exposed in the smart contracts publicly and discussed with the population, which hasn't been done yet,” he added. Many in the cryptocurrency community have raised concerns that a CBDC has the potential to infringe on their11/ One of the purposes of publishing the pilot, as written in the project's so-called “Onboarding Kit”, is to receive feedback — leaving all documentation subject to evolution or changes. And that's exactly what developer Pedro Magalhães did: he provided feedback.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia ExpressChinese president Xi Jinping urges SCO member nations to cooperate on CBDCs, Malaysia attracts projects as Hong Kong crypto exchange licensing costs surge past HK$100M, and more in Asia Express.
Leer más »
Research: There could be 24 CBDCs live by 2030More than half of the world’s CBs are conducting experiments or working on a CBDC pilot. Almost a quarter of all CBs are already piloting their retail CBDC projects.
Leer más »
U.S. Blind Soccer team is driven to grow the sport, win Paralympic medal at L.A. GamesElite U.S. Paralympians are teaching fellow blind athletes the beautiful game can be accessible while pushing to win medals in a sport dominated by Brazil.
Leer más »
Good News! Deforestation in Brazil's Amazon Has Significantly Dropped in Just 6 MonthsDuring the first six months of President Lula's time in office, the area of deforested land in the Amazon has dropped by 33 percent.
Leer más »
Pilot dies in airplane crash outside of Sherman, Texas Department of Public Safety saysThe pilot and owner of a small airplane died following a crash landing just outside of Sherman in Grayson County Saturday morning, according to the Texas...
Leer más »
'Pilot Fire' burning near Wikieup at more than 32,000 acresThe 'Pilot Fire' began on July 1, 20 miles east of Wikieup. As of Sunday, July 9, the fire has burned 32,148 acres and is at 5% containment. MORE ⬇️
Leer más »