⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
China's Central Bank Digital Currency (CBDC) launch is not just a test phase, but largely open to public, raising concerns over potential human rights abuses and increased surveillance.
Analysis:
✅ China's CBDC, labeled as a pilot, is much more than a proof-of-concept as it's largely open to the public.
✅ The research of CBDC in China started as far back as 2014 with the "Digital Currency Electronic Payment" project.
✅ The project expanded at the end of 2017 involving major financial institutions and was made publicly known in 2020 across four Chinese cities.
✅ The CBDC has been introduced through a lottery system with usage restrictions and expiration dates.
✅ The People’s Bank of China expanded the pilot to more cities in 2022, although usage has been reportedly low and inactive.
✅ Potential motivations for China's CBDC could include the expansion of surveillance and control over populations and maintaining currency sovereignty.
✅ A CBDC in a country with significant reported issues around human rights and civil liberties like China may make abuses worse.
✅ There are concerns about the CBDC's implications on financial privacy as transactions could reveal detailed personal information.
✅ China’s advanced system of censorship and control could be strengthened with a CBDC, endangering journalists and dissenting voices.
Hashtags:
#CBDC #China #HumanRights #PrivacyConcerns #FinancialFreedom
Question:
What are the potential implications of China's approach to Central Bank Digital Currencies on individual privacy and freedom? Could CBDCs exacerbate existing concerns around human rights and civil liberties? 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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