⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
The Human Rights Foundation raises concerns over privacy and control as 🇨🇳 China expands its public pilot of Central Bank Digital Currencies (CBDCs), citing potential domestic implications for human rights and civil liberties.
Topics:
✅ China, viewed as being in the launch phase, may have the longest-running CBDC research with project Digital Currency Electronic Payment (DC/EP) starting in 2014.
✅ The DC/EP, also known as the digital yuan, expanded in 2017 and in 2020 was made public for testing in select cities via a lottery system for citizens.
✅ The pilot, with over 261 million users by 2021, recorded transactions worth $13.8 billion and expanded in March 2022 to other cities, despite the usage being reportedly low and inactive.
✅ The CBDC is accessed through a mobile app that provides QR codes for transactions and multiple wallets within a single account but is restricted based on the users' disclosed personal information.
✅ The People’s Bank of China is also working with the Bank for International Settlements on Project mBridge, a wholesale CBDC pilot aimed at addressing inefficiencies of cross-border payments.
✅ One of the motivations for CBDC in China is to protect currency sovereignty and possibly combat the rise of cryptocurrency in the country.
✅ Despite its potential benefits, China's history of human rights and civil liberties abuses raises concerns that a CBDC could worsen widespread violations by expanding the government's surveillance and control.
✅ China's CBDC could potentially compromise financial privacy which is crucial in protecting human rights and civil liberties due to the revealing nature of financial transactions.
✅ With China's restrictive media environment and sophisticated system of censorship, a CBDC could intensify financial controls, allowing authorities to further suppress dissenting voices and opposition.
Hashtags:
#HumanRights #CivilLiberties #CentralBankDigitalCurrency #FinancialPrivacy #FinancialControl
Question:
Could the deployment of CBDCs in countries with questionable human rights records like China pave way for an era of unprecedented financial surveillance? Let's hear 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
