⚠️ 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) pilot launches amid concerns over corruption, restricted civil liberties and potential misuse for political oppression.

✅ The Bank of Russia has launched a pilot for CBDC, open to the public with 13 banks and expected to grow in numbers. The pilot tests on establishing accounts and carrying out basic transactions in 11 cities.

✅ CBDCs are touted to provide benefits such as uniform rates, better customer service and security. However, there are concerns about its misuse, as reflected in Anatoly Aksakov's comment that the digital ruble can be controlled for its use.

✅ The CBDC, known as the digital ruble, is expected to roll out nationally in early 2025. Customer service resources are already being organized.

✅ However, concerns about human rights abuses and corruption in Russia could hamper the confidence in the CBDC's roll out - surveillance, control, political favoritism through subsidies and price controls potentially being misused.

✅ Furthermore, the ability for the government to freeze and seize CBDCs can be leveraged as an oppressive tool, targeting activists, political rivals and protestors by controlling their finances directly.

#HumanRights #DigitalCurrency #Russia #BankOfRussia #FreedomHouse #CentralBankDigitalCurrency

Thought-provoking question: As Bitcoin enthusiasts and freedom advocates, how can we ensure that systems like CBDCs do not become tools for political oppression and surveillance, especially in countries showing significant causes for concern, like Russia?

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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