⚠️ 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:
🇨🇳's CBDC, though labeled as a "pilot", is fully public and might pose substantial risks to financial privacy, rights, and civil liberties, while providing limited value in usage, according to the Human Rights Foundation.
Topics:
✅ 🇨🇳's CBDC is in its launch phase, far beyond testing in closed environments.
✅ People's Bank of China has been working on the CBDC, known as the Digital Currency Electronic Payment (DC/EP), since 2014.
✅ The DC/EP pilot launched publicly in 2020, in Shenzhen, Suzhou, Xiong’an, and Chengdu, expanded to more cities in 2022, yet deemed "not ideal" due to low usage.
✅ CBDC users must provide personal information in order to use the mobile app, being restricted on CBDC accumulation and spending based on provided information.
✅ The People’s Bank of China, working with the Bank for International Settlements on a wholesale CBDC pilot (Project mBridge), aims to solve cross-border payment inefficiencies while maintaining currency sovereignty and financial stability.
✅ The CBDC's development and ban on cryptocurrency trading and mining in China might depict a strategic move to protect currency sovereignty and control.
✅ However, the launch of the CBDC in a country with known human rights and civil liberties abuses might pose major risks to financial privacy and freedom.
Hashtags:
#HumanRightsFoundation #CentralBankDigitalCurrency #DigitalYuan
Question:
Could the introduction of CBDCs potentially jeopardize financial privacy and rights while they are supposed to improve the efficiency of cross-border payments? What's your take on the balance between privacy concerns and the wider applications of CBDCs? We would love to hear your diverse, engaging, and constructive voices.
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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