⚠️ 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:

🇷🇺 is piloting a Central Bank Digital Currency (CBDC) with plans to issue it to the public in 2025, amidst concerns of potential misuse due to rampant corruption and restrictions on civil liberties.

Analysis:

✅ The Bank of Russia has launched a pilot of a CBDC in 🇷🇺, with 13 banks and 600 of their clients currently participating in this public exercise.

✅ Additional 17 banks are expected to join the pilot project soon, which initially aims to test account creation and execution of basic transactions.

✅ Per the Bank of Russia, the anticipated benefits of a CBDC include uniform rates, ease of access, offline functionality, security, and enhanced customer service.

✅ Aim for the CBDC usage emphasizes administrative control, such as limiting children's spending based on parents' directives or controlling allocation of government funds for specific purposes.

✅ The bank anticipates further implementation of the CBDC for the entire public in early 2025.

✅ 🇷🇺 has planned to provide appropriate customer service support via telephone lines for the public engaged with this digital initiative by January 2024.

✅ Given the rampant corruption and prevalence of government-led oppression in the country, critics express concerns around the possible misuse of this new form of currency.

✅ Additionally, the existence of widespread corruption raises questions about the potential for political favoritism through subsidies, price controls, or other targeted restrictions related to the CBDC.

✅ Freedom House’s 2023 reports depict a crackdown on anti-war protests, freezing and seizing assets of political rivals, which could potentially be exacerbated with CBDC's direct control over citizen's finances.

Hashtags:

#FreedomHouse #HumanRights #CBDCs #BankOfRussia #DigitalCurrency

Question:

Considering the potential misuse of CBDCs in a country riddled with corruption and civil liberty concerns, how can the use of CBDCs be regulated to protect citizens and ensure the right to financial privacy?

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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