The Central Bank of Brazil uploads CBDC files to GitHub

The entrance of the Central Bank building in the city of Brasilia, the capital of Brazil.
Source: Adilson/Adobe

The Central Bank of Brazil has uploaded a large collection of central bank digital currency (CBDC)-related documents to GitHub, as the nation nears an actual digital rollout.

Document collection uploaded to the bank’s GitHub page on June 3, but several files were also updated on June 4.

the brazilian medium bitcoin portal He noted that the documents contain key details about four aspects of the coin.

Namely, these are the architecture of the ongoing CBDC pilot, network connection issues, smart contracts, and “sample smart contracts.”

But, to the chagrin of some GitHub usersthe documents do not contain the source code of the project.

One repository user asked which block explorer the central bank planned to use, while another mused:

“I would also like the source code. After all, it was created using public resources. It should be made public, so everyone can examine it and suggest improvements. Why isn’t software developed with taxpayer money free?

But another user claimed that they were working on “reverse engineering” the source code of the digital real, and that he was “fairly along” with the project.

In response to these demands, one user (whose username appears to match that of a business assistant at the bank) claimed:

“The source codes of the contracts developed for the digital BRL pilot will be published after the completion of the tests […] and necessary code audits. Block explorers will not be determined by the Central Bank. Each participant is responsible for using the browser that best suits their needs.”

How will the Brazil CBDC project work?

The Central Bank has previously explained that the pilot CBDC will use a permissioned blockchain compatible with the open source Ethereum network called Hyperledger Besu.

This will allow the pilot to avoid incurring license fees.

The bank has already pledged to differentiate its CBDC from others by focusing on the benefits it will bring to businesses, rather than retail users.

The bank’s governor, Roberto Campos Neto, doubled down on this sentiment recently.

He claimed that “digital payments” were “only a small part” of the equation for real digital equipment.

Several of the country’s main financial players are working with the bank on its pilot program.

This number includes a small number of crypto players and some enthusiastic cryptocurrency companies, such as neobanking unicorn Nubank.

The bank has stated that it expects to launch the token by 2024.

Last month, the bank unveiled a schedule of pre-launch events and seminars.

But lawmakers say the legislation must be updated before the bank can proceed.

Senator Carlos Portinho claimed last month that the project “could open the door for state bodies” including city halls and local government offices to create “cryptocurrency wallets.”

Portinho noted that the ability of state agencies to have tokens “was not provided for in current legislation.”