⚠️ HRF CBDC ⛓️🪙 alert from HRF for Egypt (24-JAN-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 13.9%

One-Sentence Summary:

Egypt's Central Bank plans to issue a Central Bank Digital Currency (CBDC) by 2030, sparking concerns over potential misuse due to the country's history with oppression and corruption.

✅ 🇪🇬's Central Bank is researching the development of a CBDC in collaboration with the Egyptian Credit Bureau.

✅ With the scheme still in early stages, it is unknown what form this CBDC, known as the E-Pound, will take, though it is targeted to be introduced by 2030.

✅ In the context of Egypt's low score in the 2023 Freedom in the World report, fears arise about possible misuse of the CBDC, given the nation's issues with stifling criticism and entrenched corruption.

✅ The report implies that a CBDC could facilitate further repression, as governments have been known to seize and freeze activists' and opposition supporters' finances.

✅ Egypt's pervasive corruption, as stated by Freedom House, raises questions regarding any assurances made about the limitation of surveillance or other CBDC related risks.

✅ Critics argue that corruption may influence the design of the CBDC policies, thus potentially leading to political favoritism through subsidies, price assets, or targeted restrictions.

#Egypt #CBDC #FinancialFreedom #DigitalCurrency #HumanRightsViolations #FreedomReport

In your opinion, do the benefits of CBDCs outweigh the potential risks in countries with records of human rights abuses and corruption? How can we ensure that this digitalization progress will not be a tool for oppression and control, but rather a step towards financial inclusion and efficiency?

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