⚠️ HRF CBDC ⛓️🪙 alert from HRF for Palau (18-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 12.35%

One-Sentence Summary:

🇵🇼 Palau's pilot program for its government-provided stablecoin rises concerns over financial privacy and freedom despite the country's notable human rights standing.

✅ The 🇵🇼 Palau government teams up with Ripple for a quasi-CBDC project, stablecoin linked to U.S. dollar, raising concerns on potential risks given government's hold on use and design.

✅ In 2021, Ripple collaborates with 🇵🇼 Palau for its first national digital currency exploring cross-border payments and a USD-backed digital coin.

✅ Amidst delays, 🇵🇼 Palau unveils a three-month pilot in 2023 examining the USD-backed government stablecoin with 200 government employees participating under Finance Ministry's oversight.

✅ Jay Hunter Anson from Palau's Finance Ministry provides regular updates on the stablecoin, tracking its progress from web app and Android payments to a full review and the kick-start of the second phase of the pilot.

✅ Reports assure 🇵🇼 Palau's commendable record in human rights, though caution on potential threats to financial privacy and freedom from CBDC creation.

#Palau #DigitalCurrency #CBDC #Ripple #FinancialPrivacy #HumanRights #FreedomHouse #CBDCRisks

Question:

Despite the evolution of digital currency, how can countries like 🇵🇼 Palau ensure the transition to CBDCs doesn't impede their citizens' financial privacy and freedom?

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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