⚠️ 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 pilot implementation of Central Bank Digital Currencies by the Bangko Sentral ng Pilipinas raises concerns regarding potential human rights violations and increased government control.

✅ 🇵🇭 initiates pilot phase for a wholesale Central Bank Digital Currency (CBDC) to improve payment system stability, expected native-CBDC issuance by 2026.

✅ Governor Benjamin E. Diokno expresses concern in 2022, cautioning that CBDCs don't solve the root causes of financial exclusion and may need legislation for retail implementation.

✅ The second CBDC pilot, Project Agila, attracted various financial institutions and was supported by the IMF and the Bank for International Settlements to boost payment efficiency.

✅ In 2024, Governor Eli Remolona Jr. rejects the use of blockchain technology and a retail CBDC, aiming to focus on a wholesale CBDC.

✅ Given the 🇵🇭's current standing concerning freedom, a CBDC could amplify governmental control and curb opposition; corruption remains a pertinent concern regarding the promises of CBDC surveillance.

#HumanRights #FinancialControl #CBDC #FreedomHouse #GovernmentCorruption #DigitalCurrency

🔎How can societies ensure the responsible development of Central Bank Digital Currencies that uphold individual privacy and prevent government overreach or misuse? Let's discuss!

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)

CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3

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