⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 6.59%

One-Sentence Summary:

As the Reserve Bank of Australia debates the development of central bank digital currencies (CBDCs), concerns arise over potential misuse, such as financial surveillance and restrictions on freedoms.

✅ The Reserve Bank of Australia has recently run several pilot programs exploring the use of CBDCs, including a proof of concept with Commonwealth Bank of Australia and other institutions. 🇦🇺

✅ The final pilot program concluded in August 2023 and suggested that a decision on a CBDC in Australia is still several years away due to unresolved issues.

✅ Major concerns include the potential use of CBDCs for mass financial surveillance, financial controls, imposition of negative interest rates, and potential disruption to the financial system.

✅ In late 2023, Reserve Bank of Australia governor, Michele Bullock, expressed doubts on the retail CBDC side and indicated that future experiments might focus on wholesale CBDCs.

✅ While Australia is viewed as a free and open society, the potential adoption of a CBDC could amplify issues related to human rights abuses and freedom, specifically in relation to protests and freedom to travel.

✅ Concerns are raised that a CBDC could be used to financially disempower activists, political rivals, and protestors by allowing governments to directly control citizen's finances.

✅ The possible use of a programmable CBDC to enforce quarantine regulations and other restrictions is controversial, as it enables authorities to monitor and potentially control citizens' purchasing behaviors.

#CBDC #HumanRights #FinancialFreedom #Australia #GlobalEconomy#Banking

How might the development and implementation of a CBDC potentially impact individual freedoms and financial autonomy in an open society, such as Australia? Let's begin a respectful discussion on this significant 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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