⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 6.59%
One-Sentence Summary:
The Reserve Bank of 🇦🇺 is experimenting with Central Bank Digital Currencies (#CBDCs), though implementation is years away amid fears of community concerns around financial surveillance and controls; the focus now mainly shifts towards wholesale CBDCs.
✅The Reserve Bank of 🇦🇺 launched experimental pilots for the development of CBDCs, initially collaborating with the Commonwealth Bank of Australia, National Australia Bank, Perpetual, and ConsenSys, as well as the Bank for International Settlements, starting from 2021.
✅The last pilot project in the series was completed on August 23, 2023, with the bank suggesting any solid decision on CBDCs would be some years away due to unresolved issues.
✅Public concerns surround the potential use of CBDCs for mass financial tracking, the implementation of negative interest rates, and potential disruption to the current financial system.
✅The Reserve Bank's Governor, Michele Bullock had voiced skepticism earlier in late 2023 regarding retail CBDC, indicating future research would likely shift focus towards the wholesale side.
✅There's growing fear that CBDCs could worsen the Australian government's handling of protests and restrictions on freedom of movement, despite the country's good human rights record.
✅New laws restricting protests have already been passed in the country, creating fears that a CBDC could be used to freeze or seize activists' funds, enabling governments to directly control citizen's financial resources.
✅Concerns surrounding travel restrictions could be amplified with a programmable CBDC, potentially allowing authorities to monitor and control citizens' movements and activities more closely.
#FreedomAdvocates #HumanRights #FinancialSurveillance #CBDCs #ReserveBankofAustralia
As we continue to observe the developments and implications of CBDCs, what precautions should be set in place to prevent potential monetary abuses by governments? With the shift towards wholesale CBDCs, how might this affect the liberty and financial security of ordinary 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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