⚠️ HRF CBDC ⛓️🪙 alert from HRF for Hong Kong (19-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 1.88%
One-Sentence Summary:
As the 🇭🇰 Hong Kong Monetary Authority explores different stages of implementing Central Bank Digital Currencies (CBDCs), human rights concerns rise due to potential misuse against activists and dissenting voices by the authorities.
Critical Analysis:
✅ The 🇭🇰 Hong Kong Monetary Authority began a proof-of-concept called Project LionRock with three banks in 2017 focusing on large-value payments settlements.
✅ In collaboration with the Bank of Thailand, a CBDC prototype, Project Inthanin-LionRock, was developed in 2019 to test cross-border payments.
✅ A whitepaper published in 2021 examined technical aspects of a retail CBDC, notably the concept of a two-tier distribution model.
✅ By January 2023, companies were invited to participate in the “Rail 2 – e-HKD” or “Rail 2 Pilot” program, with 16 firms selected for testing CBDC designs.
✅ In October 2023, a report by the Hong Kong Monetary Authority discussed potential benefits of a CBDC but highlighted that the decision to launch hadn't been made yet.
✅ A second CBDC pilot phase was announced in 2024 alongside a new wholesale project, Project Ensemble, designed to focus on tokenised deposits.
✅ The Hong Kong Monetary Authority is also working with the Bank for International Settlements on a wholesale CBDC pilot, Project mBridge, aimed to address cross-border payment inefficiencies.
✅ Post-China's regaining control, political crackdowns in 🇭🇰Hong Kong have raised concerns about potential misuse of a CBDC to track and control activists' finances.
Hashtags:
#HumanRights #MonetaryPolicy #CentralBankDigitalCurrency #HongKong #BankingSystem
Question:
As bitcoins enthusiasts and freedom advocates, do you think the potential development of CBDCs in 🇭🇰Hong Kong could infringe on civil liberties, especially given the current political climate? What safeguards could be implemented to protect citizens' rights?
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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