⚠️ 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:
🇹🇷 Central Bank proceeds with closed-circuit tests of CBDCs amid rising concerns over potential violations of human rights and civil liberties.
🇹🇷 Central Bank continues limited, closed-circuit pilot tests of the Digital Lira and plans to expand pilot studies for wider participation post evaluations.
✅ The Turkish Central Bank began concept studies for CBDC in 2020, later launching the "Digital Turkish Lira Research and Development Project".
✅ In 2021, establishments such as ASELSAN, HAVELSAN, and the Scientific and Technological Research Council of 🇹🇷gain exclusive access to the Digital Turkish Lira Collaboration Platform.
✅ The first CBDC transaction by the Turkish Central Bank was executed and the first phase of the pilot program was launched in 2022.
✅ By 2023, phase one of the pilot program with functions like transactions, identification, supervision, and security was completed, and wider testing was announced for the next phase.
✅ Turkey scored low on the 2023 Freedom in the World report, leading to worries regarding financial crime enforcement tools misuse and government corruption in relation to CBDCs.
✅ Potential misuse of CBDCs could facilitate the harassment of NGOs, enable freezing and seizing of funds of activists, and allow governments to control citizens' finances directly.
✅ The prevalence of corruption may further fuel the skepticism regarding CBDCs policies' intention and effectiveness.
#CBDCs #HumanRights #FinancialFreedom #Turkey
What safeguards should be implemented to prevent the misuse of CBDCs by governments while still enabling its potential benefits?
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