⚠️ 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:
Human Rights Foundation worries over China's Central Bank Digital Currency (CBDC) potentially putting economic freedom and privacy at risk, amidst concerns of human rights violations.
✅ The People's Bank of China misleadingly labels its Central Bank Digital Currency a "pilot", as it is largely open to the public.
✅ 🇨🇳's CBDC project began in 2014, and by 2021, 261 million users in the pilot had made $13.8 billion worth of transactions.
✅ Citizens gained access to the CBDC via lotteries, but usage had been low and highly inactive by the end of 2022 according to a former research director at the People's Bank of China.
✅ The CBDC is used through a mobile app where users' spending limits depend on how much personal information they provide.
✅ The People's Bank of China, working with the Bank for International Settlements, aims to solve inefficiencies of cross-border payments with its CBDC project.
✅ In a bid to protect currency sovereignty, officials at the People's Bank of China view the CBDC as a counter to the rise of cryptocurrencies.
✅🇨🇳 is widely criticized for major human rights abuses, with fears that a CBDC would exacerbate these issues, allow greater financial surveillance, and increasingly control the population.
Hashtags:
#HumanRightsViolation #EconomicFreedom #FinancialPrivacy #CBDC #China
Question:
How can widespread adoption of CBDCs affect nations where violations of human rights are already a major concern, as in the case of China? Is there a way to ensure that such digital currencies, instead of increasing surveillance and control, promote financial freedom and economic democracy?
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
