⚠️ 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:
🇮🇳Ramps up Central Bank Digital Currency (CBDC) Roll-Out Amid Human Rights Concerns.
✅ The Reserve Bank of India first piloted a wholesale CBDC in October 2022 before expanding the operation in December 2022 to also include a retail CBDC, which now features over 4.3 million users and 4 million merchants.
✅ Initial discussions for the creation of Indian’s own cryptocurrency by the Reserve Bank surfaced in 2017, and subsequent proposals in 2021 included the launch of a CBDC alongside a cryptocurrency ban.
✅ Finance Minister Nirmala Sitharaman argued for the efficiency of a CBDC in February 2022, followed by legislation to expand the Reserve Bank of India’s authority to issue a CBDC.
✅ The Reserve Bank of India saw growth during their retail CBDC pilot, hitting 1,000,000 transactions daily by end of 2023, despite reported scalability issues.
✅ Offline CBDC transactions and enhanced programmability were looked into by the Reserve Bank in 2024 in response to roughly 50% of 🇮🇳 lacking internet access.
✅ Reserve Bank of India Governor Shri Shaktikanta Das indicated in March 2024 that the full launch of the retail digital currency was unhurried, with the existing high number of users serving as a pilot project.
✅ Amidst the launch of the CBDC, concerns rose about potential government abuses of power and harassment against political adversaries.
#India #DigitalCurrency #CentralBank #HumanRights #CivilLiberties
How will the implementation and development of CBDCs possibly affect human rights and political discourse in India, considering fears around potential government overreach and control? What safeguards could be put in place to protect individual financial freedoms while pursuing the benefits of digital currencies?
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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