⚠️ HRF CBDC ⛓️🪙 alert from HRF for United States (09-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 8%

One-Sentence Summary:

The development of a Central Bank Digital Currency (CBDC) in the 🇺🇸 is advancing through various pilot projects, with the Biden administration ramping up research and policy formation, while concerns regarding human rights and civil liberties, such as financial surveillance and civil asset forfeiture, rise.

✅ The Federal Reserve has been engaged in numerous pilot projects, experiments, and studies over the years on the development of the CBDC in the 🇺🇸.

✅ In addition, President Joe Biden issued Executive Order 14067 in 2022 to intensify research and development efforts on possible design and implementation approaches for a United States CBDC.

✅ The Federal Reserve, alongside the Federal Reserve Bank of Boston and the Federal Reserve Bank of New York, continues to engage in studies and proof-of-concept projects, placing the 🇺🇸 in a pilot phase for a national digital currency.

✅ The concerns about human rights and civil liberties related to CBDCs are based on issues of sweeping financial surveillance and civil asset forfeiture, circumstances that a CBDC might exacerbate.

✅ Despite Constitutional protections for privacy, these do not extend to financial privacy, with banks and other financial institutions required to report millions of customer activities to the government annually.

✅ Law enforcement can access financial records without a warrant, something a CBDC could exploit by defaulting financial records on government databases.

✅ Civil asset forfeiture, described by the Institute for Justice as "one of the gravest abuses of power," could also escalate with the use of a CBDC as it can provide new opportunities for law enforcement to inspect individual finances.

#CentralBankDigitalCurrency #HumanRightsConcerns #FinancialPrivacy

What possibilities do CBDCs have for changing the landscape of financial surveillance in a world where privacy rights are constantly challenged? How can we ensure a balance between the conveniences of digital currency and protecting civil liberties?

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