⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 5.82%

One-Sentence Summary:

The Human Rights Foundation raises concerns about the potential misuse of Central Bank Digital Currencies (CBDCs) being piloted in the 🇵🇭 Philippines, amidst existing issues of government corruption and constraints on freedom of expression.

Topics:

✅ The 🇵🇭 Philippines' central bank, Bangko Sentral ng Pilipinas, conducted a pilot test for a wholesale CBDC, termed 'Project CBDCPh', in 2022 aiming to enhance the stability of the country's payment system.

✅ The central bank's governor, Benjamin E. Diokno, signaled a cautious approach towards the Project CBDCPh in 2022. Ultimately, other digital payment systems were deemed to be better options.

✅ By 2023, a new CBDC pilot, 'Project Agila', operating on Hyperledger Fabric was launched, with a similar aim of improving payments efficiency and stability, and included participation from various financial institutions.

✅ Current governor, Eli Remolona Jr., confirmed in 2024 that the central bank will not use blockchain technology or pursue a retail CBDC but maintain its focus on wholesale CBDC.

✅ The prospective use of CBDCs in the 🇵🇭 Philippines has brought up concerns over human rights and civil liberties, considering the country's history of government corruption and limitations on freedom of speech.

✅ CBDCs could potentially be exploited as tools for suppressing opposing voices by controlling citizens' finances and exacerbating corruption and political favoritism.

Hashtags:

#HumanRights #CBDCs #FinancialFreedom #Philippines #CentralBank #PoliticalCorruption

Question:

Considering the concerns raised by the Human Rights Foundation, how do you think a balance can be struck between the practical benefits of CBDCs and the potential misuse of such digital currencies by governmental authorities? Share your thoughts and let's foster a healthy discussion on this important issue!

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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