⚠️ HRF CBDC ⛓️🪙 alert from HRF for Turkey (26-MAR-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:

Turkey advances with pilot tests for a Central Bank Digital Currency (CBDC), amidst concerns of potential misuse and government corruption.

✅ Turkey's Central Bank is conducting pilot tests for its CBDC, the digital lira, with an evaluation report expected once testing is complete.

✅ The Central Bank started proof-of-concept studies for a CBDC in 2020, launching the Digital Turkish Lira Research and Development Project.

✅ In 2021, a collaboration platform was established for experimentation with various entities including the Turkish Research Council and tech company HAVELSAN.

✅ By 2022, the first phase of CBDC pilot was launched by Turkey's Central Bank, executing the first transaction in digital lira.

✅ In 2023, the Central Bank completed the first phase of its pilot program, demarcating plans for wider testing in the following phase.

✅ By 2024, executive directors Zeynel Abidin Avcı and Bilgehan Kürsad Öz declared the commencement of the Second Phase, expressing confidence in the digital lira as the future of payments.

✅ Concerns of financial crime enforcement misuse and government corruption arise as Turkey trials its CBDC.

✅ Turkey has allegedly used anti-money laundering and counter-terrorism finance measures to harass NGOs.

✅ Independence of the CBDC is questionable due to pervasive corruption, potentially compromising promises of limiting surveillance, control, or other risks of CBDCs.

✅ Organizations like Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State and Cato Institute, offer critical insights on CBDC risks and potential human rights abuses.

#Turkey #CBDC #Finance #HumanRights #DigitalLira

As we observe Turkey's ongoing development of its CBDC, what precautions should be taken to ensure such digital currencies don't become tools for governmental overreach? Let's reflect on this critical question and share our 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