⚠️ HRF CBDC ⛓️🪙 alert from HRF for Russian Federation (12-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2023-08-15

CBDC Model: Retail

CBDC Issued: n/a

Inflation Rate: 6.69%

One-Sentence Summary:

🇷🇺 Russia's Central Bank Digital Currency (CBDC) test run fuels both enthusiasm for improved financial access and apprehensions over potential government surveillance and control.

Analyzing the Content:

✅ The Bank of Russia has initiated a public pilot for their CBDC as of August 15, 2023, placing 🇷🇺Russia in the launched phase like China and India.

✅ Currently, the pilot involves 13 banks and an estimated 600 clients with plans to extend to 17 more banks.

✅ The goals for the first phase are to test basic transactions across 30 sales points in 11 cities.

✅ According to the Bank of Russia, CBDCs offer several benefits including accessibility, uniform rates, offline use, improved security and customer service.

✅ Usage of CBDCs will be regulated via smart contracts to ensure the funds are used as allocated.

✅ A full-fledged CBDC called digital ruble will be issued to the public by early 2025 if the pilot is successful.

✅ However, 🇷🇺Russia's low score of 16/100 on Freedom House’s 2023 report raises concerns about the misuse of CBDCs in a country riddled with governmental corruption and oppressive tactics.

✅ Freedom House's report points out corruption and kleptocracy as defining characteristics of the political system in 🇷🇺Russia, leaving room to question the government's promises to limit surveillance and control with CBDCs.

✅ The Russian government's well-documented suppression of dissent adds to concerns about CBDCs being used to weaken opposition further by controlling finances.

Relevant Hashtags:

#HumanRights #DigitalCurrency #MonetaryPolicy #Russia #CBDCs #FinancialFreedom

Thought-Provoking Question:

Considering the potential benefits and risks, how might the introduction of a CBDC in Russia affect not only its financial structure but also the politico-social dynamics? How can the potential misuse be mitigated while harnessing CBDC's promises of improved financial access?

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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