⚠️ 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:

"🇮🇳 Reserve Bank takes several leaps forward with its Central Bank Digital Currency (CBDC) as it explores offline transactions and enhanced programmability, amidst concerns about the potential misuse of CBDCs for repression and control."

✅ 🇮🇳 accelerates the launch phase of its retail CBDC - the Digital Rupee, initiated in November 2022, boasting an astounding 1.46 million users and 310,000 merchants.

✅ The Reserve Bank of India's journey with CBDCs dates back to its 2017 interest in creating its own cryptocurrency, resulting in the launch of a CBDC pilot in 2022.

✅ The bank's adoption of CBDCs has always revolved around the belief that it would lead to a more efficient currency management system as noted by Finance Minister Nirmala Sitharaman in 2022.

✅ The Reserve Bank's 2023 aspirations consist of reaching 1 million transactions per day with their CBDC, currently averaging about 18,000 transactions per day.

✅ Access to retail CBDCs requires users to open an account with one of the 13 banks selected for the Digital Rupee Pilot Program and download the relevant mobile app.

✅ In response to the internet accessibility challenges in 🇮🇳 (only about 50% of the population have internet access), the Reserve Bank has planned to provide offline CBDC transactions and enhanced programmability in 2024.

✅ Although 🇮🇳 has a moderately good Freedom in the World report score, Freedom House and Amnesty International report worrying signs of government power abuse, particularly towards political opponents - a concern that could be heightened by the implementation of CBDCs.

#India #CBDCs #DigitalRupee #HumanRights #FinancialFreedom #CentralBanks

Question:

As Bitcoin enthusiasts and advocates for financial freedom, how do you view the balance between technological advancement like CBDCs and the potential risks these pose to personal freedoms and privacy? Could the future implementation of Bitcoin or similar cryptocurrencies offer solutions to these concerns?

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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