⚠️ HRF CBDC ⛓️🪙 alert from HRF for Russian Federation (12-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2023-08-15

CBDC Model: Retail

CBDC Issued: n/a

Inflation Rate: 6.69%

One-Sentence Summary:

🇷🇺 progresses on CBDC pilot program amidst potential concerns over corruption and government control of citizens' financial transactions.

Analysis:

✅ 🇷🇺 has initiated the piloting phase for its CBDC, following similar models as 🇨🇳 and 🇮🇳, testing it across 11 cities.

✅ The pilot currently includes 13 participating banks and about 600 of their clients, expecting to include an additional 17 banks soon.

✅ 🇷🇺’s CBDC, also referred to as the digital ruble, expected to launch nationwide by early 2025.

✅ Chair of the Duna Committee of the Financial Market, Anatoly Aksakov, indicates the use of smart contracts to inflexibly direct funds, raising concerns over privacy and control.

✅ Concerns arise on the backdrop of Freedom House's 2023 report giving 🇷🇺 a mere 16 out of 100 for human rights, freedoms and pervasive corruption.

✅ The Bank of Russia aims to deliver promised benefits to citizens such as access, uniform rates, offline use, security, and improved customer service.

✅ The release of a CBDC could potentially exacerbate existing issues by allowing the government to seize or freeze assets of protestors and political rivals easily.

Hashtags:

#HumanRights #FinancialFreedom #CBDC #Russia #BankofRussia #DigitalRuble #FreedomHouse

Question:

As the digital age encroaches on our financial lives, do you think the potential benefits of CBDCs offset the risk of government control and misuse? To what extent should governments have control over how individuals use their money? Let us hear your thoughts.

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)

CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3

#plebstr