⚠️ 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:

India's Central Bank Digital Currency (CBDC), also known as the 'digital rupee', is scaling up its operations amidst concerns over potential misuse of the technology to suppress human rights and civil liberties.

✅ India 🇮🇳 is set to become the next big player in the Central Bank Digital Currency (CBDC) arena, with around 10% of the population reportedly having access to the CBDC as it moves from pilot phase to full-scale launch.

✅ The Reserve Bank of India has been mulling over launching its own cryptocurrency since 2017, only to propose a bill in 2021 that aimed to ban cryptocurrency in India while simultaneously launching a CBDC.

✅ The CBDC was seen as a means for a more efficient and cheaper currency management system, which is why another bill sought to give the Reserve Bank the authority to issue a CBDC.

✅ The Reserve Bank of India anticipates over a million transactions per day by the end of 2023, with the public expected to create a Digital Rupee account via selected banks for access.

✅ In 2024, the bank announced that it was considering offering offline CBDC transactions and enhanced programmability, considering that only about 50% of the population has internet access.

✅ However, India's CBDC has been met with scrutiny due to its potential to empower the government in suppressing human rights and civil liberties, especially as concerns increase regarding misuse of powers to target political opponents.

#India #CBDC #DigitalRupee #ReserveBankofIndia #HumanRights #CivilLiberties #DigitalCurrency

Do you believe that the progression of Central Bank Digital Currencies, like the digital rupee in India, can coexist or even enhance human rights and civil liberties in a world that's becoming increasingly digital, or would it usher in an era of heightened state surveillance and control? Share your thoughts 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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