⚠️ HRF CBDC ⛓️🪙 alert from HRF for Japan (26-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 2.5%

One-Sentence Summary:

Despite its initial reluctance, the Bank of Japan has moved onto pilot testing stages for the Central Bank Digital Currencies (CBDCs) amidst potential civil liberties concerns.

✅🇯🇵 is currently in the pilot testing phase of Central Bank Digital Currencies, with the possibility of a full launch by the end of 2024.

✅ The Bank of Japan launched a proof-of-concept for CBDCs in April 2021.

✅ Initial findings released in May 2022 suggest that the Bank of Japan, at the time, had no plans of issuing CBDCs.

✅ The second phase of the proof-of-concept, which tested several additional functions, was completed in March 2023.

✅ The Bank of Japan moved onto the official CBDC pilot program in April 2023, which includes testing its citizens' access and use through various intermediaries.

✅ Discussions on legal and system designs for a Japanese CBDC began in January 2024, with aims of finalizing legislation by Spring 2024.

✅ Despite Japan's high rank in freedom metrics, the risks to financial privacy and freedom due to CBDCs are being considered.

✅ Several resources, including reports from Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State discuss the potential risks and violations that CBDCs might pose.

#Japan #bankofjapan #CBDC #HumanRights #FinancialPrivacy #FreedomHouse #AmnestyInternational #PrivacyInternational

Considering the civil liberties concerns, how do you think the development of CBDCs could impact the citizens' financial privacy and freedom in 🇯🇵?

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