⚠️ HRF CBDC ⛓️🪙 alert from HRF for Russian Federation (12-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-08-15
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.69%
One-Sentence Summary:
The Bank of 🇷🇺Russia's move towards publicly testing a Central Bank Digital Currency (CBDC) raises concerns amid potential misuse and human rights violations.
Content:
✅ Russia's CBDC is moving into the public testing phase, with the Bank of 🇷🇺Russia starting pilot testing from August 15, 2023.
✅ Just like in China and India, the CBDC pilot in 🇷🇺Russia involves the general public.
✅ 13 banks and estimated 600 clients are currently part of the pilot. Approximately 17 more banks are expected to join soon.
✅ The pilot is aimed at testing basic transactions and establishing accounts in 30 points of sale across 11 cities.
✅ The Bank of 🇷🇺Russia believes that the implementation of CBDCs would bring certain benefits, including access through convectional banks, offline usage, security, and better customer service.
✅ Anatoly Aksakov, chair of the Duna Committee of the Financial Market, stated that smart contracts will ensure funds are used as intended.
✅ Assuming the successful implementation of the pilot program, the Bank of 🇷🇺Russia plans to issue its digital ruble to the whole public by early 2025.
✅ However, human rights and civil liberties concerns in 🇷🇺Russia raise suspicion over the introduction of the CBDC. Corruption is rampant and any promises limiting surveillance or control hold a questionable future.
✅ Another concern is the potential misuse of CBDCs as a tool to quell dissenting voices and control activists by seizing their finances.
Hashtags:
#CentralBankDigitalCurrency #HumanRights #FinancialFreedom #Transparency #Accountability #FinancialRisks
Thought-provoking Question:
Would the implementation of Central Bank Digital Currencies potentially compromise individual financial freedom and amplify state surveillance, given the existing state of affairs in particular countries, like 🇷🇺Russia?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
