Brazil Central Bank Releases CBDC Files on GitHub

Brazil’s Central Bank has taken a significant step towards the rollout of its central bank digital currency (CBDC) by uploading a collection of CBDC-related documents to GitHub. While the documents do not include the project’s source code, they provide crucial information on various aspects of the digital currency. The documents cover the CBDC’s ongoing pilot architecture, network connection issues, smart contracts, and sample smart contracts. The move has sparked interest and demands from GitHub users who want access to the source code, arguing that it should be made public since it was developed using public resources. In response, a user claiming to be a Business Assistant at the bank stated that the source code will be published after completion of tests and necessary code audits. The bank has previously revealed that the pilot CBDC will utilize Hyperledger Besu, an open-source, Ethereum network-compatible permissioned blockchain, to avoid licensing costs. It aims to focus on the benefits the digital real will bring to businesses rather than retail users. The Central Bank has partnered with various financial players, including some crypto firms, to develop the CBDC. Despite the bank’s plans to roll out the token by 2024, lawmakers argue that legislation needs to be updated before it can proceed. Senator Carlos Portinho raised concerns about state organs, such as city halls and local government offices, being able to create cryptocurrency wallets without the authorization of current legislation.