⚠️ HRF CBDC ⛓️🪙 alert from HRF for Antigua and Barbuda (12-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2021-02-28
CBDC Model: Retail
CBDC Issued: ¤764,096
Inflation Rate: 7.53%
One-Sentence Summary:
🌴 Eastern Caribbean Central Bank's Central Bank Digital Currency, DCash, faces obstacles in user verification, stability, and potential risks for government corruption and discrimination in 🇦🇬 Antigua and Barbuda.
✅ In 2021, the 🌴 Eastern Caribbean Central Bank launched DCash, its Central Bank Digital Currency (CBDC), now accessible in all eight member countries.
✅ DCash can be accessed through the DCash Wallet mobile app, developed by Bitt Inc., where consumers can load money by exchanging cash at approved locations or transferring from a bank account.
✅ Despite the accessibility, DCash has been criticized due to prolonged account verifications and a two-month outage in 2022, causing distress among users who had funds frozen during the lockdown.
✅ By the end of 2023, the Eastern Caribbean Currency Union is planning call in a new contractor to rectify and improve the existing CBDC.
✅ Despite 🇦🇬 Antigua and Barbuda being relatively free from human rights concerns, potential issues of government corruption and discrimination may pose risks concerning the use of CBDCs.
✅ Government corruption, unevenly applied laws, and concerns of political favoritism with CBDCs have been noted by the Freedom House.
✅ Discrimination, particularly towards the LGBTQ+ community, is a concern with CBDCs as they could potentially be used for surveillance and identifying community members, furthering discriminatory practices.
#CaribbeanCBDCs #DigitalCurrency #HumanRights #DCash #FinancialInclusion #AntiguaAndBarbuda
Question: Given the concerns over corruption and discrimination, how can we ensure that the implementation of Central Bank Digital Currencies remains fair, transparent, and free from potential abuse or favoritism?
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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