⚠️ 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 in 'Launch Phase' of Central Bank Digital Currency with Initial Success and Muted Concerns about Human Rights and Civil Liberties.
✅ 🇮🇳 launched its pilot project for a Central Bank Digital Currency (CBDC), referred to as the digital rupee, in late 2022.
✅ By 2024, around 10% of India’s population had gained access to the CBDC.
✅ Reports from 2017 indicated that the Reserve Bank of India was considering issuing its own cryptocurrency.
✅ In 2021, a bill sought to ban cryptocurrency in 🇮🇳 and simultaneously launch a CBDC.
✅ Retail CBDC was taken under consideration in 🇮🇳 on account of its potential for promoting non-anonymity at the individual level and monitoring transactions.
✅ The Reserve Bank of India also indicated the potential of a more efficient and cheaper currency management system with a CBDC.
✅ By the end of 2023, the Reserve Bank of India had met their target of 1,000,000 transactions per day with their CBDC.
✅ Plans to provide offline CBDC transactions and enhanced programmability were announced in 2024.
✅ Although ongoing issues regarding human rights and civil liberties persist in 🇮🇳, the most concerning matter within the context of CBDCs is government powers being used to target political opposition.
#HumanRights #FinancialPrivacy #CBDCs #CentralBankDigitalCurrency #IndiaCBDC
What implications do you foresee for civil liberties in India as the Digital Rupee continues to evolve and gains traction among the general population?
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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