⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (09-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2022-11-01

CBDC Model: Retail

CBDC Issued: n/a

Inflation Rate: 6.7%

One-Sentence Summary:

🇮🇳 India's Central Bank Digital Currency (CBDC), causing both excitement and worry, has grown massively since its launch, now reaching a considerable number of citizens and merchants while also raising human rights and civil liberties issues.

List:

✅ 🇮🇳 launched its Central Bank Digital Currency (CBDC) pilot in November 2022, and by 2024, around 10% of the population had access to it.

✅ The Reserve Bank of India initially contemplated issuing its "own cryptocurrency" in 2017.

✅ In 2021, steps were taken towards banning cryptocurrency, launching a CBDC, and giving the central bank the authority to issue a CBDC.

✅ A retail CBDC pilot was launched in December 2022, requiring users to set up an account with one of the selected banks and download a mobile app to access the CBDC.

✅ In 2023, the Reserve Bank of India set a goal of a million transactions per day, which they achieved by year's end, although scaling issues arose.

✅ In 2024, possibilities for offline CBDC transactions and enhanced programmability were explored due to internet access limitations among the population.

✅ Concerns of human rights violations and curtailment of civil liberties surfaced, as governments can potentially exert greater control over citizen finances thanks to CBDCs.

Hashtags:

#HumanRights #CBDCs #FinancialFreedom #IndiaCBDC #DigitalCurrency

Question:

Given the strong growth of CBDC usage in 🇮🇳 and the simultaneously worrying potential for increased government control over citizen finances, what measures do you think can be put in place to ensure that the deployment and management of central bank digital currencies fundamentally respect individual freedom and human rights?

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

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