⚠️ HRF CBDC ⛓️🪙 alert from HRF for Turkey (23-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 72.31%

One-Sentence Summary:

The Central Bank of the Republic of 🇹🇷 Turkey is advancing its pilot tests for its own Central Bank Digital Currency (CBDC), among concerns about potential misuse related to financial crime enforcement and government corruption.

✅ 🇹🇷 Turkey's Central Bank is continuing pilot tests of its digital lira and plans to release an overview report and expand testing with financial institutions after completion.

✅ The bank started research on CBDCs in 2020, launched the Digital Turkish Lira Research and Development Project, and by 2023, completed the initial phase of its pilot program.

✅ Focusing on transaction testing, identification, supervision, and security during the pilot phase, the bank plans to extend testing after analyzing these areas.

✅ Despite technological and financial advancements, there are serious concerns about human rights and civil liberties related to CBDCs' introduction and usage in 🇹🇷.

✅ mainly, worries center on potential misuse of financial crime enforcement tools and persistent government corruption, which could facilitate asset freezing, intrusive NGO audits, and enhanced control over citizens' finances.

✅ Corruption at the top government echelons and inconsistent law enforcement create a culture of impunity, raising questions about the prudence of CBDC's adoption and potential biases brought by such a change.

#HumanRights #FinancialFreedom #HRFNews #DigitalCurrencies #CBDC

Do you think the introduction of CBDCs in countries with noteworthy human rights and corruption issues could worsen the situation or provide an opportunity to advance financial freedoms? 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)

CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3

#plebstr