⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-JAN-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 6.59%

One-sentence summary:

Australia's Reserve Bank contemplates the development of Central Bank Digital Currencies (CBDCs) but the public express concerns about potential misuse for financial control and surveillance.

✅🇦🇺 is currently weighing the pros and cons of developing a CBDC. The Reserve Bank of Australia has piloted various CBDC proofs of concept alongside local and international institutions, wrapping up their last test in late August 2023.

✅Foremost among public concerns is the potential for CBDCs to be misused as tools of mass financial surveillance, and to disrupt the financial system with the implementation of negative interest rates.

✅In late 2023, the head of Australia's Reserve Bank, Michele Bullock, expressed her unconvincing stance on retail CBDCs, indicating that future experiments will likely be focused on wholesale CBDCs.

✅Although 🇦🇺 enjoys a status as a free society with minimal reports of significant human rights abuses, the introduction of a CBDC sparks concern. Critics predict it could exacerbate the government's treatment of protests and restrictions on freedom of travel.

✅Recent laws restricting protests have raised eyebrows among human rights organizations. Worryingly, a CBDC could make freezing and seizing activists, political rivals, and protesters’ money simpler.

✅🇦🇺’s strict COVID-19 quarantine measures highlighted another point of contention: the freedom of movement. CBDCs could heighten state control by alerting authorities to purchases made outside accepted parameters or curfew hours.

#ReserveBankOfAustralia #CBDC #FinancialSurveillance #CivilLiberties #HumanRights

Question:

Given the potential risks associated with increased financial control and surveillance, how might the implementation of CBDCs in an open society like Australia be approached to minimize these concerns? Let's hear your thoughts.

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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