⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-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:
🇵🇭 Philippines central bank advances cautiously with Central Bank Digital Currency (CBDC) development amidst concerns over human rights and government corruption.
Topics:
✅ In 2022, the Bangko Sentral ng Pilipinas announces a pilot wholesale CBDC project, limited to financial institutions, aiming at promoting stability.
✅ The central bank governor, Benjamin E. Diokno, shares doubts in 2022, noting that while a wholesale CBDC is legally permissible, a retail one may require legislation.
✅ Project Agila, another CBDC pilot, kicks off in 2023 with the help of International Monetary Fund and Bank for International Settlements.
✅ In 2024, the central bank decides to steer clear of blockchain technology and focuses solely on a wholesale CBDC.
✅ Freedom House’s 2023 report places the Philippines at 58 out of 100, highlighting the prevalence of government corruption and restrictions on opposition voices.
✅ Amnesty International fears a CBDC can become a tool for governments to control citizens’ finances, thus raising pressing human rights issues.
Hashtags:
#HumanRightsConcerns #CBDCs #FreedomInFinance #GovernmentCorruption #PhilippinesCentralBank #DigitalCurrencyFuture
Question:
Considering the concerns raised, do you believe the potential efficiency and stability benefits outweigh the risks of implementing a wholesale CBDC in a country with human rights and corruption concerns like the Philippines?
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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