⚠️ HRF CBDC ⛓️🪙 alert from HRF for Palau (18-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 12.35%

One-Sentence Summary:

Palau's government is collaborating with Ripple on a unique quasi-CBDC project, with a U.S.-dollar-backed digital currency pilot conducted under the oversight of the Ministry of Finance and the implications for human rights and financial freedom closely monitored.

✅ 🇵🇼 Palau's government and Ripple are developing a quasi-CBDC, a government-issued stablecoin tied to the U.S. dollar, taking a unique approach to CBDC design.

✅ Ripple announced their partnership with Palau's Republic in 2021 to explore their first national digital currency.

✅ The Finance Ministry planned to launch the pilot by December 2022, though it faced delays to prepare better communication strategies and onboarding volunteers.

✅ In 2023, Palau commenced a three-month test of this U.S. dollar-backed, government-provided stablecoin, under the presidency of Surangel S. Whipps Jr., distributing $20,000 to 200 government employees for testing.

✅ Throughout the pilot, Jay Hunter Anson from Palau's Finance Ministry shared key updates on social media, from the initial payment capabilities to the freeze for a full review of the stablecoin's uses.

✅ Despite a largely positive standing in terms of human rights, the creation of a CBDC in Palau could introduce certain risks to financial privacy and freedom.

#CentralBankDigitalCurrency #Ripple #Palau #Finance #HumanRights #FinancialPrivacy

What do you think of Palau's unique approach to CBDCs, creating a U.S.-dollar-backed digital currency, and its potential risks and rewards considering human rights and financial freedom?

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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