⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
Amid concerns over human rights abuses and surveillance, China advances in the development of its Central Bank Digital Currency.
✅ Despite technically being in a pilot phase, 🇨🇳 is essentially launching a Central Bank Digital Currency (CBDC) that is largely open to the public.
✅ Research for 🇨🇳’s CBDC project—the Digital Currency Electronic Payment (DC/EP)—began in 2014, piloted in public in four cities in 2020, and by the end of 2021, had 261 million users who made $13.8 billion worth of transactions.
✅ On March 31, 2022, the pilot was expanded to select cities, but usage was reportedly low and inactive despite having 13.61 billion yuan ($1.81 billion) in circulation by year-end.
✅ The CBDC is usable via a mobile app, which connects to an individual's bank account, facilitates QR codes for transactions, and can establish multiple wallets within a single account.
✅ 🇨🇳 has worked with the Bank for International Settlements on a wholesale CBDC pilot, Project mBridge, aimed at improving cross-border payment inefficiencies while safeguarding currency sovereignty and financial stability.
✅ Apart from escalating governmental control, the People’s Bank of China regards the CBDC as an answer to the rise of cryptocurrency, shown by a ban on cryptocurrency trading and mining following the launch of its CBDC pilots.
✅ With wide-ranging human rights abuses and civil liberty violations, the risk posed by a CBDC in 🇨🇳—especially in worsening financial privacy and freedom—is significant and should be considered.
✅ Financial transactions reveal personal information, and a CBDC could enhance the Chinese Government's surveillance capabilities targeting protestors and marginalized groups like Uyghurs and Turkic Muslims.
✅ Combined with 🇨🇳's restrictive media environment and tactics of freezing and seizing activists, political rivals and protestors' funds, a CBDC could worsen the situation by providing authorities direct control of citizen’s finances.
#HumanRights #FinancialPrivacy #CBDCs #China #GovernmentSurveillance #DigitalCurrency
How does the potential for increased government surveillance with the introduction of China's CBDC impact your perspective on the adoption of similar digital currencies by other governments globally?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
