⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (09-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 5.82%

One-Sentence Summary:

The 🇵🇭 is piloting Central Bank Digital Currencies with a focus on wholesale over retail versions, amidst concerns of misuse and worsening human rights issues.

✅ The Central Bank of the 🇵🇭, Bangko Sentral ng Pilipinas, began exploring wholesale CBDCs in 2022, focused on improving the country's payment system stability.

✅ Project CBDCPh focused on testing large-value financial transactions operation round-the-clock.

✅ A governor from the Central Bank of the 🇵🇭 projects the issue of a wholesale CBDC by 2026.

✅ In 2022, Governor Diokno voiced cautious optimism about the CBDC pilot, highlighting the potential of improving payment efficiency.

✅ However, he noted CBDCs can't solve financial exclusion and that a retail CBDC might need legal changes.

✅ Following Project CBDCPh, Diokno stated existing digital payment systems were viable options.

✅ A new pilot, Project Agila, began in 2023, harnessing Hyperledger Fabric and focusing again on improving payment stability.

✅ Several financial institutions took part in this project, with IMF and Bank for International Settlements providing support.

✅ Governor Eli Remolona Jr. provided updates in 2024, stating they’d refrain from blockchain technology and retail CBDCs.

✅ The central bank planned to finish a wholesale CBDC pilot involving six financial institutions by late 2024.

✅ The 🇵🇭 has been flagged for rights concerns and government corruption, both of which can be worsened by CBDCs.

✅ With the control CBDCs provide over finances, governments could misuse this to freeze or seize funds of dissidents.

✅ Corruption and lack of accountability can compromise any government assurances on CBDC risks and may facilitate political favoritism.

#CBDCs #CentralBanks #DigitalCurrency #HumanRights #FilipinoDigitalCurrencies

How can the global community ensure that CBDCs are used for their intended purpose and don't exacerbate human rights abuses or contribute to corruption? Please share your thoughts below.

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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