⚠️ HRF CBDC ⛓️🪙 alert from HRF for Indonesia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.21%
One-Sentence Summary:
🇮🇩 Bank Indonesia progresses CBDC research amid human rights and corruption concerns.
✅ In Nov 2022, 🇮🇩 Bank Indonesia began studying Central Bank Digital Currencies (CBDCs) under a project named Garuda.
✅ Governor Perry Warjiyo announced that the project aimed to start with a wholesale CBDC, and later transition to a retail CBDC for wider public use.
✅ Legislative changes were in progress in 2022 to make the digital rupiah a legal tender.
✅ Warjiyo stated that the digital rupiah would have encryption features similar to physical currency.
✅ A public consultation was opened on the CBDC project from Jan 31 to Jul 15, 2023, and despite plans for experimentation, prototyping, piloting, and policy reviews being announced, substantive movement seems absent.
✅ Freedom House’s 2023 Freedom in the World report ranked 🇮🇩 with 58/100, with corruption and suppression of dissenting voices as key concerns relevant to CBDC issuance.
✅ Endemic corruption and politically motivated intimidation of activists are seen as major challenges to CBDCs, as it raises fears of potential surveillance, control, or favoritism interventions.
✅ Reports indicate that government officials have pressured internet service providers to diminish opponents’ online communications and disrupt reporting on human rights abuses.
✅ The government has been given legal authority to block internet access during periods of social unrest, which raises fears over a potential use of CBDCs to freeze and seize assets of activists, political opponents, and protestors.
#CentralBankDigitalCurrency #BankIndonesia #HumanRights #FreedomHouse #Corruption #Surveillance #Control #Censorship
What are your thoughts on how a government's stance on human rights and free speech might affect the public's trust in a state-issued digital currency, like a CBDC in Indonesia?
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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