⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-sentence summary:
As China's 🇨🇳 Central Bank Digital Currency (CBDC) development progresses and expands, concerns grow on the potential human rights and financial privacy infringements.
✅ 🇨🇳 is seen to be in the advanced stages of launching its CBDC, which is open for public usage unlike most countries.
✅ The development of the Chinese CBDC, known as DC/EP, started in 2014 by the People’s Bank of China and by 2020, was publically piloted in the cities of Shenzhen, Suzhou, Xiong’an, and Chengdu.
✅ Citizens accessed the CBDC through a lottery system, with stringent conditions like time-restricted usage. By the end of 2021, 261 million users made transactions with 8 million merchants.
✅ Expanded to multiple cities in 2022, the usage remained low and inactive, with 13.61 billion yuan ($1.81 billion) in circulation.
✅ The mobile application in which the CBDC is used, limits accumulation based on the personal information the user provides.
✅ The People’s Bank of China is collaborating with the Bank for International Settlements on a wholesale CBDC pilot known as Project mBridge, to resolve inefficiencies of cross-border payments.
✅ The initial goals for the CBDC were to protect currency sovereignty and legal currency status as cryptos surfaced. However, as China’s hostility against cryptocurrency increased, a ban on trading and mining was enforced after the launch of their CBDC pilots.
✅ Human rights and civil liberties in 🇨🇳 are at risk due to major abuses reported by the U.S. Department of State.
✅ Existing financial systems are used as surveillance tools by the Chinese government. By implementing a CBDC, the government could gain greater financial surveillance and monitoring abilities.
✅ A CBDC could also provide the Chinese government with mechanisms for applying stringent financial controls such as freezing and seizing the money of activists, political rivals, and protestors to undermine the opposition.
#HumanRightsFoundation #CentralBankDigitalCurrency #PeoplesBankofChina #DigitalCurrencyElectronicPayment #FinancialPrivacy #CivilLiberties #Surveillance #FinancialControls
Question for the Community:
Considering both the advantages and potential risks posed by Central Bank Digital Currencies, how can we ensure a balance between financial innovation and the preservation of personal privacy and human rights? What safeguards should be put in place to prevent misuse of such technologies, particularly in regions already affected by significant human rights concerns?
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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