⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-JAN-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:

Australia's Central Bank Digital Currency Development Raises Concerns for Mass Surveillance and Financial Controls

✅🇦🇺Australia's Reserve Bank wrapped up a series of CBDC pilots on August 23, 2023. The final decision on CBDC implementation is yet to be made, citing unresolved issues.

✅Despite being in the pilot phase, CBDCs are viewed by the public as tools for mass financial surveillance, posing a threat to financial stability.

✅Reserve Bank governor Michele Bullock, in late 2023, indicated a lack of conviction towards retail CBDCs and a focus on exploring tokenized assets.

✅Australia’s adoption of a CBDC is deemed problematic due to potentially hindering protests and restricting travel freedom.

✅Given recent laws to curtail protests, a CBDC could function as an instrument for oppressive regimes by facilitating the control of citizen's finances directly.

✅Australia’s COVID-19 strict quarantine has posed a threat to freedom of movement, leading to concerns that a programmable CBDC could result in similar restrictions.

#CentralBankDigitalCurrency #FinancialSurveillance #Australia #HumanRights

How can we maintain financial freedom and uphold civil liberties with the rise of Central Bank Digital Currencies as a medium of exchange?

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.