⚠️ 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:
🇮🇱Israel's Central Bank is rigorously examining the potential use of Central Bank Digital Currencies (CBDCs), amidst concerns of misuse and violation of human rights.
✅ In 2022, Bank of Israel embarked on both theoretical analysis and practical trials to explore the possibility of launching a Digital Shekel.
✅ In 2017, Israel formed a team to investigate CBDCs, which concluded in 2018 that the issuance of a CBDC wouldn't be viable in the near future, but advised to keep tracking CBDC developments.
✅ A 2021 report by the Bank of Israel discussed the goals of a potential CBDC, such as fighting the shadow economy, establish anti-money laundering compliance, revamp payment infrastructure, ensure stability, and enhance cross-border transactions.
✅ A year later, the Bank began technological experiments primarily focused on testing the applicability of distributed ledger technology, though more research was deemed necessary.
✅ In 2023, the Central Bank released an action plan for potentially issuing CBDC, driven by factors like declining cash use and increasing cryptocurrency use.
✅ A report in 2024 discussed the architecture of the potential CBDC system, suggesting it would provide instant payments, offline capabilities, interest payments, and account balance restrictions.
✅ Israel earned a score of 77 out of 100 in Freedom House's 2023 index, with CBDC-related concerns being the treatment of Palestinian citizens and widespread corruption.
✅ Amnesty International raises alarm on the potential misuse of CBDCs to intensify suppression of Palestinian people, besides further empowering a corrupt government.
#IsraelsCBDCs #HumanRightsConcerns #FreedomofTransaction #DigitalShekel #GovernmentCorruption #BankofIsrael #CBDCdevelopment
Are you concerned about the potential misuse of Central Bank Digital Currencies as tools for amplifying institutionalized dominance and compromise of privacy? Share your thoughts!
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
