⚠️ HRF CBDC ⛓️🪙 alert from HRF for Japan (26-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 2.5%

One-Sentence Summary:

The Bank of Japan's development of a Central Bank Digital Currency (CBDC) is underway with a possible launch by end of 2024, despite earlier denials and amidst concerns for potential risks to financial privacy and freedom.

✅ Despite previous experiments and studies, the 🇯🇵 Bank of Japan clarified in May 2022 that it has "no plans to issue central bank digital currency."

✅ The Bank launched a second phase of CBDC proof of concept in April 2022, looking into various additional functions and ended in March 2023.

✅ In April 2023, the 🇯🇵 Bank of Japan started testing how citizens will use CBDCs via intermediaries like banks in its CBDC pilot program.

✅ In January 2024, government officials and the Bank of Japan discussed legalities and system designs for a potential Japanese CBDC with plans to finalize legislation by spring 2024.

✅ Despite high rankings on various metrics, 🇯🇵 Japan faces concerns over potential risks to financial privacy and freedom arising from CBDC implementation.

#BankofJapan #DigitalCurrency #HumanRightsFoundation #CBDC #MonetaryPolicy

➡️ How do you think CBDCs could impact financial privacy and freedom, and how should these potential risks be addressed?

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

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