⚠️ HRF CBDC ⛓️🪙 alert from HRF for Israel (15-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 4.39%

One-Sentence Summary:

🇮🇱 is laying groundwork for the development of Central Bank Digital Currencies, amid concerns over the impact on civil liberties and human rights issues.

✅ In 2022, the Bank of Israel initiated theoretical and practical experiments for a potential CBDC, the Digital Shekel.

✅ Back in 2017, a 10-person team from the Bank of Israel began exploring CBDCs, concluding a year later that further monitoring of developments was needed before creating an e-shekel.

✅ In 2021, the Bank of Israel's report further analysed the potential benefits of CBDC, such as reducing cash usage and improving cross-border payments.

✅ Technological experiments, particularly around distributed ledger technology, were conducted by the Bank of Israel in 2022.

✅ Despite no official decision being made, an "action plan" for possible CBDC issuance was revealed by the Bank of Israel in 2023, citing declining cash use and increasing cryptocurrency usage as driving factors.

✅ The Bank of Israel proposed an intermediated CBDC system in 2024, focusing on features such as instant payments and controlled account balances.

✅ Freedom House's 2023 report gave Israel a score of 77/100, indicating potential human rights-related issues around CBDC use.

✅ Amnesty International reported Israel's oppressive and domineering regimes against Palestinians, which a CBDC might worsen by facilitating easier identification and movement tracking.

✅ The prevalent government corruption in Israel raises concerns around misuse of CBDCs, and whether they might enable more corruption, surveillance, and control.

#CentralBanks #DigitalCurrency #HumanRights #Israel #FinancialFreedom

How do you feel about the potential introduction of a CBDC in 🇮🇱? Considering the current human rights situation and the existing level of government corruption, could CBDCs be a tool for monetary domination or instead foster a positive evolution for the finance sector? What safeguards would need to be in place to ensure ethical use?

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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