The Cryptonews.com reported on July 17, 2023 that “A blockchain developer has found a code in Brazilian central bank-backed digital currency (CBDC) that would allow the government to freeze accounts or even drain them at will.” It further stated that “the central bank’s official response is that they can do this at any time … Magalhaes said that Brazilian people have a valid reason to be scared given the country’s history. President Fernando Collor de Mello in 1990 froze the finances of all Brazilians for over a year just two weeks after he was elected. Several other privacy advocates have warned against CBDCs as they would grant government an unprecedented control on people’s finances. Many are afraid that there’s a high possibility that governments will use CBDCs as a mass surveillance tool to control people.”

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