⚠️ HRF CBDC ⛓️🪙 alert from HRF for Japan (26-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 2.5%
One-sentence summary:
Japan's 🇯🇵 Bank is mitigating risks and exploring possibilities of Central Bank Digital Currencies (CBDCs) with significant developmental strides projected to culminate by end of 2024, despite current dismissal of issuance plans.
✅ Over the past years, the 🇯🇵 Bank has engaged in several pilot projects and experiments pertaining to CBDCs with potential launch predicted for late 2024.
✅ In April 2021, the 🇯🇵 Bank undertook a CBDC proof-of-concept to test crucial mechanisms which concluded in March 2022, with findings released in May. The report stated that the bank had no current plans for CBDC issuance.
✅In April 2022, the bank entered a second phase of CBDC development, to understand the practicality of various functions which concluded in March 2023 with findings published expressly.
✅In April 2023, the bank initiated an actual CBDC pilot program to understand how citizens might interact with CBDC via intermediaries like banks.
✅In January 2024, officials from the 🇯🇵 government and the 🇯🇵 Bank convened to identify potential CBDC issues and legal considerations, aiming to conclude legislative procedures by Spring 2024.
✅According to Freedom House, Japan maintains high rankings but development of a CBDC could pose risks to financial privacy and freedom.
✅Resources from Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, U.S. Department of State, and the Cato Institute provide additional insights on human rights violations, privacy issues, and CBDC risks.
#FinancialSecurity #HumanRights #CBDCDevelopment #Japan
What impacts could the successful implementation of a CBDC model in 🇯🇵 Japan have on global precedent, particularly considering potential risks to financial privacy and freedom?
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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