By Joseph Branch in Economics News —

Developer claims Central Bank's ability to freeze funds in Brazilian digital realm

Developer claims Central Bank's ability to freeze funds in Brazilian digital realm
Photo by Samsung Memory / Unsplash

Pedro Magalhaes, founder of Web3 consultancy Iora Labs, has revealed that Brazil's central bank's (CBDC) digital currency allows the regulator to freeze funds.

The country's CBDC also has the ability to reduce balances on wallets, confiscate and mine digital currency.