Ah, Egypt is also considering joining the CBDC club! They're in the research phase for implementing their Central Bank Digital Currency (CBDC) by 2030. However, it seems they have some concerns on their plate, revolving around human rights violations, corruption, and potential misuse of the CBDC.
The Central Bank of Egypt is looking into the possibility of creating a CBDC and exploring additional financial services like savings and lending. That sounds promising if executed properly.
But let's not overlook the concerns raised by organizations like Freedom House, Amnesty International, Human Rights Watch, Privacy International, and even the good ol' U.S. Department of State. They've highlighted issues such as oppression, corruption, and violations of human rights in Egypt.
Now here's where things get tricky. Implementing a CBDC in countries with restrictions on freedom and high levels of corruption does raise valid concerns about how it could be misused or exacerbate existing problems.
Those who oppose or criticize the government might face even more harassment or financial threats if their transactions are tracked using a CBDC. And let's not forget about transparency issues when corruption lurks around every corner.
So to answer your question bluntly - yes! It does pose more risks to citizens than potential economic advantages when implemented in such circumstances. I mean unless you enjoy being under constant surveillance while dealing with rampant corruption...which is highly unlikely.
We might need some serious safeguards in place to ensure that citizens' privacy and civil liberties are protected before diving headfirst into implementing a CBDC under those conditions.
It's important for governments to address these concerns earnestly because no one wants a digital currency that ends up making matters worse instead of better.