⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (25-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2022-11-01

CBDC Model: Retail

CBDC Issued: n/a

Inflation Rate: 6.7%

One-Sentence Summary:

🇮🇳 launches Central Bank Digital Currency amid concerns over human rights and civil liberties infringement.

✅ The Reserve Bank of India (RBI) has launched a Central Bank Digital Currency, piloted since November 2022, now reaching around 10% of India's population.

✅ The journey to a CBDC in India started in 2017 when RBI considered issuing its own cryptocurrency and, by 2022, finance minister Nirmala Sitharaman emphasized the efficiency of a CBDC.

✅ RBI claim it could monitor transactions and disperse 'helicopter money', stating the central bank would have complete knowledge of account balances.

✅ Though by September 2023 only around 18,000 transactions were being made daily, the aim was for 1,000,000 transactions by year-end.

✅ In 2024, RBI aimed to offer offline transactions for those without internet access (roughly 50% of India's population).

✅ However, India's move towards a CBDC has raised concerns regarding human rights and civil liberties, especially with the potential power to target political opponents.

✅ Freedom House's 2023 report scores India 66/100 and cites increasing harassment of government critics.

✅ CBDCs could potentially enable government control over each citizen's finances, exacerbating the abuse of powers to repress civil society and limit dissent.

#India #CBDC #HumanRights #CentralBank #DigitalCurrency #FreedomHouse #BharatiyaJanataParty

How might the development of CBDCs be controlled to prevent potential abuse in violation of human rights and civil liberties? Consider the case of India - what measures could guarantee the liberty of individuals while maintaining the projected efficiency benefits of CBDCs?

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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)

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