⚠️ HRF CBDC ⛓️🪙 alert from HRF for Indonesia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.21%
One-Sentence Summary:
🇮🇩 starts the development of Central Bank Digital Currency amidst concerns of corruption and potential infringement of citizens' freedom.
Paragraph analysis:
✅ 🇮🇩 initiated the research phase of Central Bank Digital Currency(CBDC) in November 2022.
✅ Bank Indonesia, with presidential consent, released a white paper, aiming to start with a wholesale CBDC before transitioning to a retail CBDC for public use.
✅ Legislative amendments were in the process to make the digital rupiah a legal tender in the same year.
✅ Bank Indonesia aims to keep the features similar to paper money, however, everything in digital rupiah would be encrypted, known only to Bank Indonesia.
✅ Public comments were welcomed for discussion on the white paper from January to July 2023.
✅ Bank Indonesia planned stages: experimentation, prototyping, piloting, and policy reviews, excluding those beyond research & consultation efforts.
✅ 🇮🇩 scored 58 out of 100 in Freedom House’s 2023 Freedom report. Concerns around corruption and pressure on dissenting voices remain relevant for CBDC issuance.
✅ Pervasive corruption could skew the promises made by the government to limit potential risks of CBDC.
✅ Officials might pressure Internet Service Providers to degrade opposition’s online communications. CBDC could be another tool used against activists, political rivals & protestors.
✅ More information is available in reports by international organizations watching over human rights violations and understand risks of CBDC.
Hashtags:
#HumanRights #Banking #Economy #CBDC #Freedom #Indonesia
Question:
How can the potential misuse of CBDCs for political purposes be prevented while maintaining their potential to expand financial inclusion and drive economic growth? Your valuable inputs are welcome. 🤔
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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