⚠️ HRF CBDC ⛓️🪙 alert from HRF for Japan (26-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 2.5%

One-Sentence Summary:

Despite earlier statements, 🇯🇵 Bank of Japan may launch its CBDC by end of 2024 after multiple pilot and experimental projects.

✅ Over the past years, the 🇯🇵 Bank of Japan has conducted numerous concepts and experimental projects related to CBDCs.

✅ Based on news from NHK, there might be a possibility of 🇯🇵 launching a CBDC by the end of 2024.

✅ A closed-environment CBDC proof-of-concept was launched by the bank in April 2021, which concluded in March 2022.

✅ In May 2022, the bank published its findings, stating it had no current plans to issue digital currency.

✅ In April 2022, the second phase of the CBDC proof-of-concept was initiated to test additional functions, and its findings were published in May 2023.

✅ This phase involved testing restrictions on holdings and transactions, paying interest, and other functions.

✅ 🇯🇵 Bank of Japan rolled out its official CBDC pilot program in April 2023, aiming to test citizen access and use via financial intermediaries.

✅ Members of the 🇯🇵 government and the bank convened in January 2024 to discuss potential issues, legal considerations, and design systems for a Japanese CBDC.

✅ Despite 🇯🇵's high rank in Freedom House metrics, launch of a CBDC might open doors for threats to financial privacy and freedom.

✅ The Cato Institute, among other entities, has released information and reports addressing concerns regarding potential human rights and civil liberties violations due to CBDCs.

Hashtags:

#BankOfJapan #CBDCs #HumanRights #FinancialPrivacy

Question to Audience:

Could the development of a CBDC in 🇯🇵 pose a threat to financial freedom and privacy? What measures should be in place to ensure this digital transition respects human rights and civil liberties?

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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