⚠️ HRF CBDC ⛓️🪙 alert from HRF for Antigua and Barbuda (12-JAN-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2021-02-28

CBDC Model: Retail

CBDC Issued: ¤764,096

Inflation Rate: 7.53%

One-Sentence Summary:

The Eastern Caribbean Central Bank's Central Bank Digital Currency (CBDC) "DCash" continues to face consumer criticism following verification issues and outage, amidst concerns over possible government corruption and LGBTQ+ discrimination in Antigua and Barbuda.

✅ The Eastern Caribbean Central Bank (ECCB), launched DCash, its Central Bank Digital Currency (CBDC), in 2021 with its fulfillment extended across all eight member countries by CCCB Governor Timothy Antoine in 2023.

✅ Users can access DCash through a mobile app developed by Bitt Inc. and load currency either by trading cash at approved locations or directly from their bank accounts.

✅ Despite its utility, DCash has faced criticism from users on the Apple and Google app stores, mostly stemming from lengthy account verification periods and a significant two-month outage in 2022, which temporarily froze consumer funds.

✅ An expired certification was revealed to be the reason behind DCash's two-months long outage which necessitated the search for a new contractor for its redevelopment by the Eastern Caribbean Currency Union in late 2023.

✅ Although Antigua and Barbuda, part of the Eastern Caribbean Currency Union, have fewer human rights concerns, there are fears over potential government corruption and discriminatory practices, particularly against the LGBTQ+ community with the roll-out of CBDCs.

✅ According to Freedom House, corruption remains an issue in Antigua and Barbuda, bringing into question any assurances made by the government on surveillance and control relating to CBDCs, while also pointing to the possibility of politically biased CBDC policies.

✅ Antigua and Barbuda's history of discriminating against the LGBTQ+ community, which was only formally and legally addressed in 2022, raises concerns with the use of CBDCs potentially as a tool for monitoring and targeting this group.

#EasternCaribbeanCentralBank #DCash #CBDC #HumanRights #GovernmentCorruption #LGBTQDiscrimination

How can the potential misuse of CBDCs in matters of corruption and discrimination be mitigated, considering the recent issues faced by the DCash in the Eastern Caribbean? Let's open this up for an informed and respectful discussion.

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