â ī¸ HRF CBDC âī¸đĒ alert from HRF for United Arab Emirates (27-MAR-2024)
đī¸âšī¸ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.83%
One-Sentence Summary:
đĻđĒ is piloting its Central Bank Digital Currency (#CBDC) strategy, amidst concerns of human rights with potential for mass surveillance and seizure of finances.
â đĻđĒ's first phase in CBDC strategy includes a soft launch for cross-border transactions and proofs-of-concept with India and for domestic issuance.
â Starting in 2018, đĻđĒ's Central Bank collaborated with Saudi Central Bank in a CBDC pilot project, Project Aber, to assess the viability of issuing a wholesale CBDC for enhancing cross-border transactions.
â Project mBridge, a collaboration with the Bank for International Settlements initiated in 2021, aimed at addressing inefficiencies in cross-border payments while maintaining currency sovereignty. Its successful completion was announced in 2022.
â The CBDC strategy was launched in 2023 by Khaled Mohamed Balama, Governor of đĻđĒ's Central Bank, stating that CBDC would spur digitalization and foster financial inclusion.
â The first phase of this strategy would span over 12-15 months, conducted with companies G42 Cloud and R3.
â Despite these advancements, đĻđĒ scored just 18/100 in Freedom House's 2023 Freedom report, with concerns tied to the CBDC launch being restrictions on free expression and mass surveillance.
â CBDCs, unfortunately, could be exploited as tools for freezing and seizing money of activists or political rivals, undermining their opposition.
â The advanced surveillance technologies already employed by đĻđĒ could be further amplified by CBDCs, infringing on civil liberties by tracking financial records.
#HumanRights #FinancialFreedom #CBDC #DigitalCurrency #UAE
What are your thoughts on CBDCs and their potential impact on individual freedoms? Could there be ways to prevent the misuse of such technologies? Let's discuss!
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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