⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 5.82%

One-Sentence Summary:

The Bangko Sentral ng Pilipinas initiates a pilot phase for Wholesale Central Bank Digital Currencies (CBDCs), but human rights organizations warn about potential misuse for political control and corruption.

✅ 🇵🇭 is piloting a wholesale CBDC to enhance the stability of its payment system, with Governor Eli Remolona Jr. indicating a possible rollout by 2026.

✅ Despite initial excitement, Governor Benjamin E. Diokno expressed concerns that CBDCs do not tackle financial exclusion and could require new legislation.

✅ Project Agila, another CBDC pilot launched in 2023, aimed to improve payment efficiency and stability.

✅ By 2024, the central bank decided against using blockchain technology for its CBDC and discarded the idea of a retail CBDC, focusing solely on wholesale.

✅ Freedom House rated the Philippines at 58/100 in its 2023 report, highlighting existing political censorship and corruption as significant concerns for CBDC implementation.

✅ The use of CBDCs could enhance government control over citizens' finances, making it easier to suppress political activists and rivals.

✅ The high level of government corruption in the country raises doubts about the fair implementation and use of CBDCs.

Hashtags:

#HumanRights #CBDCs #FinancialInclusion #FreedomHouse #CentralBanks

Question:

Can the implementation of CBDCs in countries with low freedom scores create more harm than good? Share your thoughts considering privacy, financial inclusion, and the risk of misuse by corrupt governments.

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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