⚠️ HRF CBDC ⛓️🪙 alert from HRF for Israel (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.39%
One-Sentence Summary:
In 🇮🇱 Israel’s journey towards a Central Bank Digital Currency, human rights and civil liberties concerns arise as it explores the potential of a Digital Shekel.
✅ In 2022, the 🏦 Bank of Israel initiated tests to potentially launch a Central Bank Digital Currency (CBDC), known as the Digital Shekel.
✅ In 2017, a 10-person team from the 🏦 Bank of Israel studied CBDCs and reported mixed results a year later.
✅ In 2021, the 🏦 Bank of Israel released a report outlining goals for a potential CBDC to support government policy, combat money laundering, update infrastructure, ensure stability, and improve cross-border payments.
✅ The 🏦 Bank of Israel conducted technological experiments on the potential CBDC in 2022.
✅ A year later in 2023, an “action plan” was published, citing decreasing cash use and increasing cryptocurrency usage as reasons for a possible CBDC, despite not having made a decision yet.
✅ The bank introduced an intermediated CBDC system in 2024, supporting instant payments, offline capabilities, interest payments, and balance restrictions.
✅ 🇮🇱 Israel scored 77 out of 100 in the 2023 Freedom in the World report, raising concerns related to the CBDC’s impact on Palestinian citizens and the existing government corruption.
✅ Amnesty International report portrays an inhuman regime against the Palestinian people, raising concerns on how a CBDC could amplify hostile treatment through individual tracking and programmable restrictions.
✅ With prevalent government corruption, the credibility of any promises to limit surveillance and control risks of CBDCs is compromised.
#BankOfIsrael #DigitalShekel #HumanRights #FreedomInWorld #GovernmentCorruption #CentralBankDigitalCurrency
Engaging the community ➡️ How can digital currencies balance progress and innovation without compromising the basic rights and freedom of the people? Let's discuss below! 👇
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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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