⚠️ HRF CBDC ⛓️🪙 alert from HRF for Ghana (27-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 31.26%
One-Sentence Summary:
Ghana's 🇬🇭 central bank's launch of its digital currency, e-Cedi, faces multiple setbacks, stirring concerns over government control and surveillance.
✅ The Bank of Ghana 🇬🇭 has delayed the launch of its CBDC (e-Cedi) due to economic instability, with no set timeline for rollout.
✅ Vice President of Ghana, Mahamudu Bawumia, announced in 2021 plans for CBDC adoption, emphasizing its use for trade enhancement, not as a cryptocurrency replacement.
✅ Originally scheduled for 2022, Ghana’s CBDC launch was postponed to address high inflation rates and economic conditions.
✅ The Bank of Ghana published motivations and principles for CBDC creation, including the digital revolution, financial inclusion, and future regulation an attempt to respond to the rise in cryptocurrency usage.
✅ Despite completion of pilot testing in 2023, economic instability once again delayed the CBDC's launch.
✅ In 2024, VP Bawumia proposed using the CBDC as an antidote for corruption, tax evasion, and money laundering.
✅ With Ghana scoring 80/100 on Freedom House’s 2023 report, concerns on freedom of speech have been raised, further complicated by potential CBDC implementation.
✅ The reported surge of attacks on journalists, corruption, and financial mismanagement in 2022 has raised concerns over the government's ability to control citizens' finances with CBDC.
✅ CBDC adoption could be abused by corrupt officials for political favoritism, putting citizen privacy and economic security at risk.
#Ghana #ECedi #DigitalCurrency #HumanRights #PrivacyConcerns #EconomicInstability #CentralBank
What are your thoughts on the potential of Central Bank Digital Currencies like Ghana's e-Cedi, considering the potential for governmental control and corruption?
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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