⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 6.59%

One-Sentence Summary:

"The Reserve Bank of Australia's pursuit of a Central Bank Digital Currency raises concerns about potential infringement on civic freedoms and disrupts the financial system."

1. ✅🇦🇺's central bank has completed three pilots for a Central Bank Digital Currency (CBDC) by working with various partners including Commonwealth Bank of Australia and ConsenSys, the latest pilot concluded on August 23, 2023, but the bank's official position hints at a far-off launch.

2. ✅The Australian public is skeptical, voicing mass concerns about privacy breaches through financial surveillance, financial controls, negative interest rates, and potential turbulence to the existing financial system.

3. ✅Reserve Bank of Australia's governor Michele Bullock in late 2023 underlined skepticism around the retail CBDC and hinted at a focus on wholesale CBDCs moving forward.

4. ✅While 🇦🇺 is considered a free and open society, the potential CBDC adoption raises questions about infringement on citizens’ rights, particularly in the context of the country's recent controversial laws and strict COVID-19 restrictions.

5. ✅With new legislation restricting protests, critics argue a CBDC could be used as a tool to suppress activists by freezing or seizing their financial assets, thereby exhibiting further control over civil liberties.

6. ✅Some fear that a CBDC could be used to enforce travel range limitations put in place during the pandemic, as the digital currency could potentially alert authorities to purchases made outside of accepted areas.

7. ✅Various human rights organizations offer resources for further information on violations of human rights and civil liberties, and the Cato Institute provides insights on the risks of CBDCs.

#CentralBankDigitalCurrency #CBDC #ReserveBankofAustralia #HumanRights #CivilLiberties #FinancialSurveillance #DataPrivacy #FreedomToProtest #FreedomToTravel

Question:

Do you believe the development of a Central Bank Digital Currency in Australia could lead to an infringement on citizens' privacy and freedoms, or do you see it as a positive step towards modernizing the country's financial system? Share your thoughts and reasons!

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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