⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 15.1%

One-sentence summary:

🇨🇿 Czech Republic's CBDC journey treads ahead with uncertainty, potentially high risks due to corruption, and questions over political control posing as significant challenges.

Content Analysis:

✅The Czech Republic has initiated research for launching Central Bank Digital Currencies (CBDC) with an aim for it to imitate cash functions, as per Vojtěch Benda, member of Czech National Bank board.

✅ The idea of a CBDC wallet on the mobile phone, recharged from account or ATM, is on the table, but waits to be formally recognized for implementation.

✅ Tomas Holub, another board member of the Czech National Bank, expressed skepticism on politicians handing over authority for CBDCs to the bank and questioned the potential operational aspects of CBDCs.

✅ Despite a score of 92 out of 100 in 2023 Freedom in the World report, the concerning level of corruption in 🇨🇿 raises concerns about the impact of launching CBDCs in the country.

✅ The European Central Bank is projected to provide the Czech CBDC, limiting the Czech government's potential abuse of digital currency.

✅ Corruption, manifesting as bribery, misleading subsidies, and political investigations raise doubts about the government's promises regarding CBDC surveillance, control, or risks.

✅ The Cato Institute presents potential risks of CBDC including its impact on human rights and civil liberties.

Hashtags:

#CzechRepublic #CBDC #DigitalCurrency #MonetaryPolicy #Corruption #HumanRights

Question:

What safeguards should be put in place to mitigate the risk of corruption and ensure the proper implementation of CBDCs, more specifically in regions with a history of political corruption epidemic like the Czech Republic? Let's facilitate an insightful discussion.

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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