⚠️ HRF CBDC ⛓️🪙 alert from HRF for United Arab Emirates (27-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.83%
One-Sentence Summary:
The United Arab Emirates 🇦🇪 has started the pilot phase of its Central Bank Digital Currencies (CBDCs) amid concerns over the potential misuse of the technology against freedom of expression and privacy.
Paragraph Analysis:
✅ The United Arab Emirates 🇦🇪 government reports stepping into the pilot phase of its CBDC strategy with a soft launch and proof-of-concept initiatives focusing on both domestic and cross-border transactions.
✅ Since 2018, the Central Bank of UAE 🇦🇪, in collaboration with the Saudi Central Bank, has embarked on a project termed Project Aber to explore the viability of a wholesale CBDC targeting improved cross-border payments.
✅ In 2021, the Central Bank of UAE 🇦🇪 partnered with the Bank for International Settlements in Project mBridge, aiming to resolve the inefficiencies of cross-border payments like high costs and operational complexities.
✅ Project mBridge was successfully completed by the Central Bank of UAE 🇦🇪 in 2022.
✅ In 2023, Khaled Mohamed Balama, the Central Bank of UAE’s governor, announced the launch of the CBDC strategy, an integral part of the country’s digital evolution and financial inclusion bid.
✅ However, emerging concerns shed light on the potential use of UAE’s CBDC as a tool for mass surveillance and stifling free expression due to the country’s restrictive laws and low 19/100 Freedom score in the 2023 Freedom in the World report by Freedom House.
✅ Notably, the UAE government's extensive use of advanced surveillance technologies to track public spaces, internet activity, personal phones, and computers raises suspicions about the possible misuse of CBDC data.
✅ Additional metrics and data points regarding human rights and civil liberties concerns are provided in reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State, as well as by the Cato Institute’s assessment and myths of CBDCs.
Hashtags:
#HumanRights #CBDCs #FinancialFreedom #UAE #CentralBank #FinancialInclusion
Question:
Considering the civil liberties concerns in the UAE 🇦🇪, how should the development and implementation of CBDCs be regulated to ensure minimum negative impact on personal freedoms and rights?
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