⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
The Reserve Bank of India's Central Bank Digital Currency, known as the digital rupee, is in the launch phase with growing popularity, but raises concerns regarding potential misuse against civil liberties.
✅ 🇮🇳's Central Bank Digital Currency (CBDC), the digital rupee, officially launched on November 1, 2022, and had over 4.3 million users and 4 million merchants by 2024.
✅ Prior to launching the digital rupee in 2021, the Reserve Bank of India proposed a bill seeking to ban cryptocurrency while initiating a CBDC to control transactions and disperse Central bank money.
✅ The Reserve Bank of India has been actively expanding its capabilities to a wider audience —including offline transactions due to internet access limitations—despite facing technological scalability issues.
✅ Despite being framed as a "pilot project", the rapid adoption of the digital rupee has posed questions about its full-fledged launch, with officials cautiously prioritising safety and robustness.
✅ While the increasing use of CBDCs is seen as an advancement in the digital currency realm, the potential misuse of such technology regarding civil liberties in India is a rising concern, as it could be used to target and harass political opponents.
#India #CBDC #ReserveBankofIndia #DigitalRupee #CivilLiberties #DigitalCurrency
As bitcoin enthusiasts and freedom advocates, do you think Central Bank Digital Currencies like India's digital rupee could pose a significant threat to civil liberties, particularly in countries with freedom concerns? Could there be safeguards to prevent misuse while still harnessing the efficiency of CBDCs?
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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