⚠️ HRF CBDC ⛓️🪙 alert from HRF for United States (08-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8%
One-Sentence Summary:
The advancement of Central Bank Digital Currencies (CBDCs) in the United States 🇺🇸 sparks concern as it could further infringe on financial privacy and increase civil asset forfeiture.
✅ The United States is in the pilot phase of CBDC development, led by the Federal Reserve.
✅ The TechLab of the Federal Reserve Board has been expanding on relevant technologies since August 2020.
✅ Current pilot projects include "Project Hamilton" and "Project Cedar", aimed at building and researching CBDCs.
✅ President Biden placed urgent emphasis on CBDC development with the issuance of Executive Order 14067 in March 2022.
✅ The Biden administration has outlined policy objectives for a potential US CBDC and released a technical evaluation.
✅ Federal Reserve Chair, Jerome Powell, commented that they would need authorization from Congress to issue a retail CBDC.
✅ Powell further emphasized that they were far from recommending or adopting a CBDC, but if they do, it would be via the banking system.
✅ Concerns on violations of human rights and civil liberties are escalated as financial surveillance and asset forfeiture could worsen with a CBDC.
✅ Financial institutions in the US are legally required to report customer activities, infringing on financial privacy.
✅ A CBDC could further this practice, potentially enabling law enforcement to surveill people's finances.
✅ Beside financial surveillance, the introduction of a CBDC might increase cases of civil asset forfeiture.
#CentralBankDigitalCurrency #CBDCs #HumanRights #FederalReserve #financialprivacy
How do you think CBDCs will impact individuals' financial privacy in the future? Do we need to reconsider the balance between technological advancement and preservation of privacy? Share your thoughts!
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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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