⚠️ HRF CBDC ⛓️🪙 alert from HRF for Japan (26-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 2.5%

One-Sentence Summary:

Despite its seemingly progressive strides, the Bank of Japan's ongoing development of Central Bank Digital Currencies (CBDCs) raises concerns regarding potential threats to financial privacy and freedom.

Topics:

✅ 🇯🇵 has been involved in several pilot projects, proof-of-concept studies, and experimental initiatives over the past years, in a bid to launch a CBDC by the end of 2024.

✅ The Bank of Japan initiated a CBDC proof-of-concept in April 2021, testing the mechanisms of issuance, distribution, and redemption, the results of which were published in May 2022 and confirmed that the bank currently had no plans to issue a CBDC.

✅ A second phase of the proof-of-concept was launched in April 2022, aimed at testing additional aspects, such as, restricting holdings, transactions, and paying interest; its findings were published in May 2023.

✅ April 2023 marked the official launch of the CBDC pilot program by the Bank of Japan, aiming to examine how citizens will utilize the CBDC through a network of intermediaries including banks and other financial institutions.

✅ A pivotal meeting took place in January 2024, between members of the Japanese government and the Bank of Japan, delving into potential issues, legalities, and system designs for the proposed Japanese CBDC, with a resolution reached for finalized legislation by spring 2024.

✅ Despite Japan's high-ranking metrics according to Freedom House, it is imperative to address the potential risks associated to the establishment of a CBDC related to financial privacy and freedom.

Hashtags:

#CBDC #BankofJapan #FinancialPrivacy

Question:

As CBDCs gain traction globally, how can we ensure a balance between the convenience of digital currency and maintaining our financial privacy and freedom, based on the 🇯🇵 model? Your thoughts?

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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