⚠️ 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:
🇮🇳 sees surge in Central Bank Digital Currency (CBDC) growth, but concerns surface over potential abuse in civil liberties control.
✅ The Reserve Bank of India officially launched a test CBDC project in 2022, growing from roughly 1.46 million users in 2023 to 4.3 million in 2024, making 10% of the population the CBDC users.
✅ The Reserve Bank of India first floated the idea of owning a cryptocurrency in 2017 and then focused on a CBDC in 2021.
✅ According to the Reserve Bank of India, CBDCs can promote transparency in transactions and aid economic policies; India's Finance Minister also believes that CBDCs could improve their currency management system.
✅ Despite the initial success of hitting 1 million daily transactions in 2023, the Reserve Bank of India faced scalability challenges and potential tech-related issues.
✅ By 2024, the Reserve Bank of India was looking into offline CBDC transactions and enhanced programmability due to vast populations with limited internet access.
✅ Public concerns arise over the potential misuse of CBDCs by government to control civilian finances, further intensifying the existing issues of civil rights and liberties violation in 🇮🇳.
#CentralBank #DigitalCurrency #HumanRights #FinancialFreedom #LibertiesConcerns #India
💡Question to ponder: How do we ensure a balance between the innovative potential of CBDCs and safeguarding individual rights and financial privacy? We'd love to 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)
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