⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 5.82%

One-Sentence Summary:

🇵🇭 The Philippines charts out its course towards a wholesale CBDC, despite persisting concerns over human rights and corruption challenges.

Topics:

✅ In 2022, the Bangko Sentral ng Pilipinas announced that it was piloting a wholesale CBDC, Project CBDCPh, aimed at promoting the stability of the country's payment system.

✅ Their CBDC initiative was primarily designed for large-value financial transactions operating on a 24/7 basis, restricting the use to financial institutions.

✅ Governor Eli Remolona Jr. has indicated a probable issuance of a wholesale CBDC by 2026.

✅ However, governor Benjamin E. Diokno critically noted that CBDCs did not address the root causes of financial exclusion. Instead, existing digital payment systems were found to be more efficient options.

✅ By 2023, a new CBDC pilot, Project Agila, was launched, focusing mainly on improving payment efficiency and stability.

✅ The Project Agila was accomplished with the assistance of International Monetary Fund and the Bank for International Settlements. Several notable financial institutions participated in this initiative.

✅ By 2024, the central bank declared their decision to avoid blockchain technology and retail CBDC, focusing only on a wholesale CBDC.

✅ The Philippines has a declining Freedom score and faces issues like corruption and restrictions on opposing voices, which casts uncertainty over the implementation of CBDCs.

✅ CBDCs, in turn, could potentially exacerbate these issues by potentially providing a tool to suppress opposition and facilitate corruption.

Hashtags:

#PhilippineCBDC #CentralBank #DigitalCurrency #HumanRights #PressFreedom #GovernmentCorruption

Question:

Considering the ongoing human rights issues and corruption in the 🇵🇭 Philippines, how do you think the implementation of a wholesale CBDC could impact the society, specifically in terms of transparency and financial inclusion? We'd love to hear your viewpoints.

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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