⚠️ HRF CBDC ⛓️🪙 alert from HRF for The Bahamas (08-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-09-30
CBDC Model: Retail
CBDC Issued: ¤1,938,098
Inflation Rate: 5.61%
One-Sentence Summary:
Amidst concerns of low user adoption and potential civil rights issues, The Bahamas struggles with implementation and utilization of its Central Bank Digital Currency.
Critically Analyzing the Content:
✅ The Bahamas 🇧🇸 launched its Central Bank Digital Currency, the Sand Dollar, in 2020.
✅ Citizens can access the CBDC wallet through the Sand Dollar app after enrolling.
✅ Two-tiered wallet: without government ID, users can hold $500 and spend up to $1,500 monthly. With ID, these limits increase to $8,000 and $10,000 respectively.
✅ User adoption remains low, despite incentives from the Central Bank of The Bahamas.
✅ The Bahamas has a 91/100 score in Freedom House’s 2022 Freedom in the World report, yet concerns about their harsh immigration policies and government corruption persist.
✅ Surveillance capabilities of the CBDC could be exploited, enabling virtual checkpoints with every transaction – a concern for undocumented immigrants or those without government IDs.
✅ Government corruption and lack of transparency could lead to potential manipulation of the CBDC policy.
✅ Fears of retaliation from whistleblowers may increase as the government gains direct access to each individual’s financial resources through the CBDC.
Hashtags:
#CBDC #TheBahamas #DigitalCurrency #HumanRights #CivilLiberties #EconomicFreedom #FreedomHouse #GovernmentSurveillance
Question:
Considering the potential misuse of CBDCs regarding surveillance and civil liberties, how can we ensure the responsible and ethical implementation of digital currencies by central banks, especially in nations struggling with issues of corruption?
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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