⚠️ 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:

🇵🇭 central bank eyes wholesale CBDC by 2026 amid concerns over human rights, payment efficiency, and potential misuse.

✅ The 🇵🇭 begins testing a wholesale CBDC known as Project CBDCPh in 2022 to promote stable payments but excludes plans for a retail version.

✅ Governor Eli Remolona Jr. sets 2026 as the tentative launch date while questioning the need for a retail CBDC.

✅ Benjamin E. Diokno, the initial supporting governor in 2022, is cautious, highlighting that CBDCs don't address key financial inclusion issues.

✅ After Project CBDCPh, Diokno leans toward existing digital payment systems rather than a CBDC.

✅ A new pilot termed Project Agila, aided by the IMF and Bank for International Settlements, is announced in 2023 without utilizing blockchain technology.

✅ Despite past trials with retail CBDCs, Remolona in 2024 reiterates that only a wholesale CBDC aligns with the central bank’s strategy.

✅ The 🇵🇭 scores a measly 58 out of 100 in Freedom House's 2023 report, raising concerns over increasing government control with a CBDC.

✅ Amnesty International reports of a hostile environment for journalists and opponent voices— A CBDC could amplify these issues.

✅ Persistent government corruption raises fears that CBDC policies might favor certain political classes or lead to misuse.

#Philippines #CentralBankDigitalCurrency #HumanRights #DigitalCurrency #FinancialInclusion

What do you think a CBDC in the 🇵🇭 means for the country's approach to human rights and financial inclusion? Can we rely on current digital payment systems or do we need to push for a more holistic solution?

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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