⚠️ HRF CBDC ⛓️🪙 alert from HRF for Armenia (27-DEC-2023)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.6%
One-Sentence Summary:
The Central Bank of Armenia explores the potential of Central Bank Digital Currencies (CBDCs) amidst concerns about potential misuse in surveillance and corruption.
✅ 🇦🇲's Central Bank official Erik Vardanyan authored a 2023 paper discussing the feasibility of a CBDC in the Armenian context, finding limited retail use cases so far, but recognizing potential for future financial market enhancements.
✅ Human rights assessment organization, Freedom House, scored 🇦🇲 54 out of 100 in terms of freedom in 2023, exposing ongoing issues with corruption and surveillance that a CBDC could potentially exacerbate.
✅ Despite legal prohibitions, unauthorized surveillance remains prevalent in 🇦🇲, and there’s fear a CBDC could aggregate financial records in government databases, thereby expanding their surveillance reach.
✅ In 🇦🇲, power dynamics among politicians, public servants, and businesspeople often lead to selective application of laws. Such endemic corruption puts any assurances about controlling CBDC-related risks under question, including the possibility of policies being designed to manipulate political favoritism.
✅ For more depth, resources by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, the U.S. Department of State, and the Cato Institute analyses of CBDC risks are suggested.
#Armenia #CBDC #HumanRights #Surveillance #Corruption #FreedomHouse #GovernmentSurveillance
How can accountability and trust be assured in a society engaging with CBDCs, especially in countries struggling with corruption and surveillance issues like Armenia? 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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