⚠️ HRF CBDC ⛓️🪙 alert from HRF for Sri Lanka (04-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 49.72%

One-Sentence Summary:

"Sri Lanka announces plans to introduce a Central Bank Digital Currency (CBDC) by 2025 amid concerns of increased surveillance and corruption."

✅ 🇱🇰 is set to implement a CBDC, despite having limited research, with an anticipated launch by 2025.

✅ In 2020, the Central Bank of Sri Lanka had published basic information about CBDCs, without committing to its development.

✅ In 2024, the Central Bank of Sri Lanka reported a potential CBDC launch in 2025 but without clarity on their plans.

✅ Sri Lanka receives a moderate score of 54/100 in Freedom House’s 2023 report, raising potential red flags on human rights and civil liberties.

✅ Surveillance and corruption have been highlighted as critical worries, especially with the planned adoption of a CBDC.

✅ Government surveillance practices, both offline and online, are rampant, and a CBDC may escalate this monitoring to include financial records.

✅ Reports of official corruption within the government create further apprehension towards the deployment of a CBDC, as it could be a tool for political favoritism.

#SriLanka #CBDC #HumanRights #Privacy #FinancialSurveillance

Question:

In light of the potential misuse of CBDCs highlighted from 🇱🇰's situation, how can digital currencies protect individual rights and prevent government overreach?

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)

CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3

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