⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
**One-Sentence Summary:**
The Bangko Sentral ng Pilipinas proceeds with its second pilot for a Central Bank Digital Currency (CBDC), despite concerns over potential human rights violations and risks associated with overall government corruption in the Philippines.
**Topics:**
✅🇵🇭 Bangko Sentral ng Pilipinas revealed in 2022 plans to pilot a wholesale CBDC in an attempt to stabilize the nation's payment system.
✅ In 2024, the target issuance of this wholesale CBDC was announced by Governor Eli Remolona Jr.
✅ Governor Benjamin E. Diokno held cautious optimism in 2022 despite acknowledging that CBDCs couldn't solve financial exclusion.
✅ Post the conclusion of Project CBDCPh, Diokno emphasized existing digital payment modes as superior alternatives.
✅ Another CBDC pilot, Project Agila, launched in 2023 to offer efficiency and stability in payments involving key financial institutions and brokerages, with support from the IMF and BIS.
✅ Governor Eli Remolona Jr. in 2024 refuted the use of blockchain technology for CBDCs and confirmed the focus would remain on a wholesale CBDC.
✅ Amidst continuing scrutiny on human rights and corruption, the Philippines scored 58/100 in Freedom House’s 2023 Freedom report, raising questions on the potentially harmful use of CBDCs by the government.
✅ Concerns surround misuse of CBDCs to suppress opposition, amplify corrupt practices, and surveillance risks.
**Hashtags:**
#HumanRights #FinancialInclusion #GovernmentCorruption #CentralBank #Philippines #DigitalCurrency
**Question:**
In light of potential benefits but looming risks associated with CBDCs in a state like 🇵🇭, do you believe that it's prudent to proceed with their introduction in areas where government corruption is rampant? Could this development aid financial inclusion or conversely contribute to increased control and potential abuse of power? Let's hear your thoughts.
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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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