⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-sentence summary:
🇨🇳 is advancing rapidly in its development and public use of Central Bank Digital Currencies (CBDCs), raising concerns around their potential for increased surveillance and financial control, according to a news item from the Human Rights Foundation.
Topics:
✅ 🇨🇳's Central Bank Digital Currency (CBDC) is in an advanced stage, marketed as a pilot but is open for public use, unlike similar projects in other countries.
✅ The genesis of this endeavor dates back to 2014 with the launch of the Digital Currency Electronic Payment (DC/EP), extensively tested in public in Shenzhen, Suzhou, Xiong’an, and Chengdu by 2020.
✅ A unique lottery system was used to distribute CBDCs for usage, resulting in $13.8 billion worth of transactions by 261 million users across 8 million merchants by the end of 2021.
✅ The pilot expanded to several more cities in 🇨🇳 in 2022, despite critiques of low utilization and inactive usage by an ex-official from the People's Bank of China.
✅ A mobile app facilitating transactions and multiple wallet alternatives governs the use of the CBDC, although limitations on accumulation and usage exist.
✅ People's Bank of China and the Bank for International Settlements have collaborated on a wholesale CBDC pilot - Project mBridge, to improve cross-border payments.
✅ This initiative may be part of a broader schema to secure 🇨🇳's currency sovereignty, gain control over the public, and counter the rise of cryptocurrencies, as evidenced by 🇨🇳's pre-existing hostility and ban towards cryptocurrency trading and mining.
✅ Serious concerns persist around human rights and civil liberties in 🇨🇳, with potential misuse of CBDCs enhancing operational surveillance, monitoring abilities and financial controls by the government.
✅ Individuals fear that a CBDC could undermine financial privacy, revealing personal information and political ideals, with repercussions particularly for protestors and marginalized communities like Uyghurs and Turkic Muslims.
✅ 🇨🇳's pervasive internet censorship and aggressive media control further amplify concerns, with possibilities of a CBDC aiding in disbarring journalists and repressing dissenting voices.
Hashtags:
#HumanRights #FreedomofSpeech #DigitalCurrency
Question:
As advocates for freedom, how can we leverage the rise of digital currencies like CBDCs to uphold civil liberties, whilst cautiously navigating through potential surveillance and financial control imposed by governments?
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
