⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
🇵🇭 Central Bank Digital Currency (CBDC) pilots spark human rights concerns amidst ongoing financing instability and government corruption.
Points:
✅ In 2022, 🇵🇭 commenced piloting a wholesale CBDC named Project CBDCPh, targeting large-value transactions of financial institutions to enhance payment system stability.
✅Governor Eli Remolona Jr, in 2024, hinted that this wholesale CBDC is set for issuance by 2026.
✅ Governor Benjamin E. Diokno, despite showing optimism about the project's progress in 2022, expressed doubts about CBDC tackling financial exclusion.
✅ Post completion of Project CBDCPh in 2022, Governor Diokno stated that pre-existing digital payment systems proved more effective.
✅ A new CBDC pilot termed Project Agila launched in 2023, backed by International Monetary Fund and Bank for International Settlements, aimed to improve payment efficiency.
✅ Against using Blockchain technology, Governor Remolona Jr in 2024, revealed the bank's intent to continue focusing on a wholesale CBDC.
✅By the end of 2024, it was planned to conclude the wholesale CBDC pilot involving six financial institutions.
✅Critics are concerned about a potential CBDC exacerbating restrictions on opposing voices and increasing government corruption in 🇵🇭.
✅ Government's control over individual finances can be increased through CBDCs, making it easier to seize activists', political rivals', and protestors' resources, thus suppressing opposition.
✅Government corruption creates uncertainty about the real purposes of CBDC policies, stirring fears about possible surveillance, political favoritism, control, or other risks of CBDCs.
Hashtags:
#HumanRightsConcerns #FreedomFinance #CBDCs
Question:
As #Bitcoin enthusiasts devoted to financial freedom, what measures should we propose to ensure that the development of CBDCs in 🇵🇭 and other countries doesn't infringe on human rights and liberties? Let's engage in a constructive and respectful deliberation.
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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