⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (25-FEB-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:

🇮🇳 has taken giant strides in the realm of Central Bank Digital Currencies (CBDCs), but concerns around human rights indicate a potential misuse of power.

✅🇮🇳 took its first steps into CBDCs with a pilot program involving nine banks in October 2022, gradually expanding its efforts to a much larger audience.

✅ Reports indicate that around 10% of the Indian population has access to the CBDC, marking it as being in the 'launch phase'.

✅ The Reserve Bank of India, way back in 2017, had considered the potential of its own cryptocurrency, later culminating in a bill proposing a ban on cryptocurrencies and the launch of a CBDC in 2021.

✅ CBDCs were seen as a means to promote non-anonymity at individual levels and the ease of managing 'helicopter money' by the central bank.

✅ As of September 2023, nearly 18,000 transactions per day took place through CBDCs, with the central bank hoping to scale this up to 1 million transactions per day by the end of 2023.

✅ For accessing the retail CBDC pilot, citizens needed to create a bank account with one of the selected banks and download a mobile app to manage their wallets.

✅ In 2024, the Reserve Bank of India has signaled its intent to explore offline CBDC transactions and enhanced programmability, possibly in response to the fact that only approximately half the population has internet access.

✅ Despite these developments, the Freedom House's 2023 report gave 🇮🇳 a score of 66 out of 100, with rising worries about human rights infringement and civil liberties abuse.

✅ Numerous cases of government misuse of power against political rivals and activists have left many worried about the potential misuse of the CBDC system for the same.

#CBDCs #India #Finance #HumanRights #CentralBank #DigitalCurrency

What safeguards would you propose to ensure the use of CBDCs can't be manipulated towards silencing the voice of dissent in a democracy? Let's discuss!

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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