⚠️ HRF CBDC ⛓️🪙 alert from HRF for Israel (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.39%
One-Sentence Summary:
In a roller-coaster journey, the Bank of Israel is mulling over the potential launch of the Central Bank Digital Currency (CBDC), the Digital Shekel, despite concerns related to civil liberties and human rights violations.
- ✅ In 2022, the Bank of 🇮🇱 embarked on a journey of "both theoretical analysis and practical experiments" to explore the prospects of a CBDC, or the Digital Shekel.
- ✅ Looking back at 2017, a diligent 10-person team was formed by the Bank of 🇮🇱 to study CBDCs, eventually expressing the need to revisit the concept in the future but refraining from immediate implementation.
- ✅ By 2021, in an effort to grasp the potential ramifications of CBDCs better, the Bank of 🇮🇱 highlighted their goals if such a digital currency was adopted: Mitigate the use of untraceable cash in shadow economies, reinforce anti-money laundering legislations, and promote effective cross-border transactions.
- ✅ In 2022, the Bank of 🇮🇱 was engrossed in technological experiments focussed on the viability of distributed ledger technology, leading to the recognition of the need for more in-depth research.
- ✅ Presenting an "action plan" for CBDCs in 2023, even though the final decision is yet to be made, the Bank of 🇮🇱 cited reducing physical cash use and increasing use of cryptocurrencies as potential reasons for the move.
- ✅ In 2024, a reported suggestion by the Bank of 🇮🇱 proposed a CBDC system architecture whereby the central bank would introduce instant payments, offline capabilities, interest payments, and restrictions on account balances.
- ✅ On the flip side, 🇮🇱's 77/100 score in the 2023 Freedom House’s Freedom in the World report raises valid concerns relating CBDCs to the treatment of Palestinian citizens and government corruption.
- ✅ As per Amnesty International, the potential misuse of CBDCs by the Israeli government against the segregated and oppressed Palestinian people through tracking individuals and confining currency uses calls for alarm.
-✅ Frequent high-level corruption scandals within 🇮🇱's government is yet another major wrinkle in the CBDC plan as it introduces skepticism regarding government promises on surveillance and control limit, with worries about political favoritism through subsidies and targeted restrictions.
#HumanRights #CivilLiberties #CBDCs #Israel #Finance
What are your thoughts on balancing the CBDC exploration in Israel while addressing these significant human rights and corruption concerns? Could a truly decentralized digital currency be a more equitable solution? Let's discuss!
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