⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
🇨🇳's CBDC, "digital yuan" expands, drawing attention over potential for enhanced surveillance and financial control.
🧐 In the world of CBDCs, 🇨🇳 has taken the lead, with its version far past the pilot testing phase and already open to the public.
✅ Despite being termed as a pilot, the People’s Bank of China's CBDC is in numerous cities and is widely available.
📚 The history of China's CBDC stretches back to 2014, with the People's Bank of China starting the Digital Currency Electronic Payment (DC/EP).
✅ Although the DC/EP project expanded in 2017, it was not public until 2020, launching in four cities; Shenzhen, Suzhou, Xiong’an, and Chengdu.
✅ In a unique twist, citizens could access the CBDC through a lottery system, encouraging broad participation.
The CBDC initiative continued to grow in 2022, but despite aggressive promotion, there were concerns about low usage.
✅ On March 31, 2022, the pilot was expanded to several new cities, resulting in the circulation of 13.61 billion yuan ($1.81 billion).
✅ Despite these efforts, a former research director at the People's Bank of China stated usage was low and largely inactive.
The CBDC can be used via an app and is designed to solve some inefficiencies in cross-border payments.
✅ The app limits how much CBDC individuals can accumulate and spend, linking these limits to how much personal info they provide.
✅ The People's Bank of China is working with the Bank for International Settlements on a wholesale CBDC pilot to solve issues like high costs, slow speeds, and operational complexities.
There are underlying concerns about the true motivations behind China's drive for a CBDC.
✅ In addition to concerns that the CBDC may aid in government surveillance, there's speculation that it serves as a counter to the rising popularity of cryptocurrency.
Serious human rights and civil liberties abuses in China bring concerns over the consequences of a widely adopted CBDC.
✅ CBDC could potentially enhance financial surveillance, giving the government more detailed insight into the private lives of citizens.
✅ Furthermore, the use of CBDC could tighten financial controls, affecting the free press, activists, and citizens at large, as authorities could have direct control over individual finances.
#digitalcurrency #centralbanks #humanrights #financialprivacy #financialcontrol
What are your thoughts on how CBDC, in a nation with known human rights abuses, could impact its citizens' financial privacy and freedom?
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.
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