⚠️ HRF CBDC ⛓️🪙 alert from HRF for Russian Federation (12-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2023-08-15

CBDC Model: Retail

CBDC Issued: n/a

Inflation Rate: 6.69%

One-Sentence Summary:

🇷🇺 gears up for public pilot of its Central Bank Digital Currency amidst human rights concerns and rampant corruption.

✅ Announced by the Bank of Russia, a public CBDC pilot is in operation involving 13 banks and approximately 600 clients, with 17 more banks expected to join the initiative soon.

✅ Despite corruption concerns, the Bank of Russia argues that digital currency will bring numerous benefits for citizens including uniform rates, offline usage, and improved security.

✅ Anatoly Aksakov, chair of the Financial Market Duna Committee, outlined that the use of the digital ruble will be regulated strictly through smart contracts to hinder misuse.

✅ With a successful pilot, the Bank of Russia plans to issue a digital ruble, the national digital currency, to the public in early 2025.

✅ Initiatives such as customer service telephone support lines are being established by the Bank of Russia to support users of the digital ruble.

✅ But 🇷🇺 stands tarnished in global human rights evaluations with concerns of corruption, misuse of public wealth, and silencing opposition voices casting doubts on the effective use of CBDCs in the nation.

✅ The potential misuse of CBDCs, like using it to freeze assets of activists or opposition members, becomes a significant concern in light of the government's oppressive actions.

✅ Several international organizations and reports outline the risks and issues concerning the implementation of CBDCs in a corrupt and oppressive environment such as 🇷🇺.

#CBDC #DigitalCurrency #HumanRights #Corruption #CivilLiberties

As digital currency enthusiasts, what safeguards can be put in place to prevent the misuse of CBDCs in countries with concerns of corruption and human rights violations? How can the global community ensure that digital currencies advance financial freedom rather than governmental control?

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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)

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