⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 15.1%
One-Sentence Summary:
Czech Republic's development of a Central Bank Digital Currency (CBDC) under potential corruption calls into question intended government surveillance, control, and risk limitations.
✅ The 🇨🇿 is in the research stage of developing a CBDC, proposing a mobile wallet operation but lacking a formalized plan or clarity on function and anonymity.
✅ Vojtěch Benda and Tomas Holub of the Czech National Bank board have differing views on CBDC operations and the need for political trust.
✅ The 🇨🇿 scored relatively high on Freedom House’s 2023 Freedom in the World report, despite ongoing corruption which casts doubts on CBDC implications.
✅ The prospective 🇨🇿 CBDC would be provided by the European Central Bank, but the country's corruption could negatively affect the functionality and intended use of the CBDC.
✅ Given existing corruption in the form of bribery, politically biased investigations, and subsidies, the government's promises to limit surveillance and control with CBDCs are questionable.
✅ The abuse of CBDC policies for political favoritism becomes a potential risk alongside the already existing corruption.
#HumanRights #FinancialFreedom #GovernmentCorruption #CzechRepublic #CentralBankDigitalCurrency
What do you think the impacts could be of the proposed CBDC in the 🇨🇿 considering ongoing corruption and differing board member views? How might these factors affect the trust and adoption of such a currency by its citizens?
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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