⚠️ 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:

Israel's 🇮🇱 ongoing development of a Central Bank Digital Currency (CBDC) triggers civil liberties and human rights concerns amidst governmental corruption issues and treatment of Palestinian citizens.

✅ 🇮🇱 is in the "pilot phase" of introducing a CBDC, known as Digital Shekel, as announced by the Bank of Israel in 2022.

✅ The Bank of Israel formed a team in 2017 to research CBDCs and concluded that no issuance should be made in the near future, but recommended continued monitoring of CBDC developments.

✅ In 2021, The Bank of Israel expressed goals to reduce cash use in the economy, establish anti-money laundering compliance, enhance payment infrastructure, ensure stability and improve cross-border payments through the potential CBDC.

✅ 2022 witnessed the Bank of Israel's technological experiments to test the application of distributed ledger technology for CBDCs, with their report signifying a need for more research.

✅ In 2023, an "action plan" for potential issuance of a CBDC was laid out in Israel despite no final decision being made, attributing declining cash use and increasing cryptocurrency use as reasoning.

✅ The Bank of Israel provided a glimpse into the architecture of the potential CBDC system in 2024, which would offer instant payments, offline capabilities, interest payments and balance restrictions.

✅ Human rights and civil liberty issues arise in relation to the proposed CBDC, due to Israel's treatment of Palestinian citizens and frequent government corruption scandals.

✅ Amnesty International highlights concerns about intensified segregation and repression of Palestinians with the introduction of CBDCs as it could enable tracking and programmable restrictions.

✅ The persistent corruption issues in government sectors pose grave concerns on the limit of CBDCs surveillance, control and risks, as well as possible political favoritism through various regulations.

#Israel #DigitalShekel #BankOfIsrael #CBDCDevelopment #HumanRights #CivilLiberty #GovernmentCorruption #PalestinianTreatment

Could the implementation of a CBDC in Israel, considering its existing political and social tension, fuel more inequality, or could it be a tool for economic empowerment if managed properly? Let's hear your thoughts!

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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