⚠️ HRF CBDC ⛓️🪙 alert from HRF for Palau (18-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 12.35%

One-Sentence Summary:

Palau's quasi-CBDC stablecoin, backed by the U.S. dollar and developed with Ripple, initiates its pilot phase amidst potential financial privacy and freedom concerns.

✅ The Government of 🇵🇼 is working on a quasi-CBDC with Ripple, designing a government-backed stablecoin pegged to the U.S. dollar.

✅ This unique design breaks away from traditional CBDC models but brings similar risks, as the government maintains ultimate control.

✅ In 2021, Ripple collaborated with 🇵🇼 to explore the nation's first national digital currency utilizing the XRP Ledger with an initial focus on cross-border payments and a dollar-backed digital coin.

✅ Ministry of Finance set a strategic design in 2022 intending to launch a pilot by December, which experienced delays in order to onboard volunteers and prepare communication strategies.

✅ Ripple, in 2023, confirmed a three-month-long pilot launch for a government-provided stablecoin backed by U.S. dollar.

✅ This pilot, supervised by the Ministry of Finance, engaged 200 government employees and allocated them a sum of $20,000 for transactions at selected retailers under the presidency of Surangel S. Whipps Jr.

✅ Updates regarding active web app, Android wallets, and subsequent freezing of the stablecoin for a comprehensive use review were made by Ministry of Finance member Jay Hunter Anson throughout the year.

Despite 🇵🇼's high ranking in various metrics, the issuance of a CBDC could risk financial privacy and freedom.

#FinancialPrivacy #CBDCs #HumanRights #GlobalEconomy #CentralBanks

What do you think about the potential impacts to financial privacy and freedom as more countries develop their CBDCs? How might these digital currencies reshape the global economy, particularly in smaller nations like 🇵🇼?

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