⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
Despite claims of being a “pilot,” 🇨🇳's Central Bank Digital Currency (CBDC) has expanded rapidly, raising concerns about potential human rights abuses and compromising financial privacy.
Topics:
✅ 🇨🇳 is said to be in the launch phase of their CBDC, which has been largely made accessible to the public.
✅ The People’s Bank of 🇨🇳 started its CBDC research in 2014 and expanded the project with major financial institutions at the end of 2017.
✅ In 2020, the CBDC pilot was unveiled in Shenzhen, Suzhou, Xiong’an, and Chengdu, with citizens getting access through a lottery system.
✅The CBDC use has been low and inactive as per a former People’s Bank of 🇨🇳 research director's report in December 2022.
✅ The CBDC is used via a mobile app, which can connect to the individual's bank account, provide QR codes for transactions, and establish multiple wallets within a single account.
✅The People’s Bank of 🇨🇳 is running a wholesale CBDC pilot with the Bank for International Settlements aimed at addressing cross-border payment inefficiencies.
✅ 🇨🇳’s CBDC development seemingly serves to protect currency sovereignty, control the population, and oppose the rise of cryptocurrencies.
✅ 🇨🇳 is known for significant human rights and civil liberties abuses including financial system surveillance, making a CBDC a potential risk for further abuses.
✅ Activists, political rivals, and protestors can be undermined by frozen and seized money, a potential capability of a CBDC.
Hashtags:
#HumanRights #FinancialFreedom #CBDC #China
Question:
How can international regulations or standards be proposed to ensure CBDC development do not jeopardize citizens’ privacy and freedoms in countries with records of human rights abuses such as 🇨🇳?
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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