⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (09-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 5.82%

One-Sentence Summary:

🇵🇭 Philippines' central bank continues piloting Central Bank Digital Currencies (CBDCs) amid concerns of instability in the country's payment systems and threats to human rights and civil liberties.

- 📝 The Bangko Sentral ng Pilipinas (BSP) is piloting a wholesale CBDC, internally referred to as Project CBDCPh, initiated in 2022, to enhance the stability of the country's payment system.

- 🎤 BSP Governor Eli Remolona Jr., in 2024, hinted at the issuance of a wholesale CBDC by 2026, although a reason for it wasn't specified.

- 🎯 While BSP initial CBDC attempts garnered mixed reviews, they continued with another pilot project, Project Aglia, in 2023, supported by major financial institutions. Their efforts were reinforced by the International Monetary Fund and the Bank for International Settlements.

- 🏛️ BSP acknowledged a shift in focus away from retail CBDC and Blockchain technology in 2024. Spotlight aimed at perfecting the wholesale CBDC with an expected pilot run completion by end of 2024.

- 🚫 The potential influence and control CBDCs could provide governments heighten concerns around prioritization of human rights and civil liberties, more so in the face of prevalent corruption and suppression of free speech in the country, as noted by various international institutions.

#CentralBankDigitalCurrency #Philippines #HumanRights #PaymentSystems #DigitalEconomy

🤔 As a part of the Bitcoin community who strongly supports financial freedom, what are your thoughts on the likely challenges and potential advantages CBDCs may bring to countries battling systemic corruption and financial instability?

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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)

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