⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (09-MAR-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:

🇮🇳 pilots its retail Central Bank Digital Currency (CBDC) in 2022, reaching 4.3 million users amid human rights and civil liberties concerns.

Topics:

✅ 🇮🇳 is in the launch phase of CBDC, with its pilot project starting in Nov 2022 and retail pilot involving 13 banks in Dec 2022.

✅ By 2024, India's CBDC had 4.3 million users, accounting for 10% of the population.

✅ The Reserve Bank of India was considering its own cryptocurrency in 2017.

✅ In 2021, a bill was proposed to ban cryptocurrency and launch CBDC, with the Reserve Bank stressing CBDCs can promote non-anonymity and monitor transactions.

✅ Indian finance minister Nirmala Sitharaman emphasized that a CBDC would lead to a more efficient and cheaper currency management system in Feb 2022.

✅ RBI targeted 1,000,000 CBDC transactions per day by the end of 2023.

✅ The Reserve Bank started to explore ways to offer offline CBDC transactions and enhanced programmability in 2024.

✅ Human rights & civil liberties remain a significant concern, with fears of governmental misuse of CBDC powers to target and harass political opponents.

Hashtags:

#IndiaCBDC #MonetaryPolicy #HumanRights #FinancialPrivacy #Banks #DigitalCurrency

Question:

While India's CBDC progresses, how can the concerns surrounding misuse of power and infringement on civil liberties be addressed and ensure a fintech environment conducive to freedom and human rights? Let's start the conversation below.

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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