⚠️ HRF CBDC ⛓️🪙 alert from HRF for South Africa (21-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 7.04%
One-Sentence Summary:
South Africa's exploration into CBDCs prompts concerns over integrity and accountability given historical corruption issues, despite promising advancements in projects like 'Dunbar' and 'Khokha'.
Content:
✅🇿🇦 in 'pilot' phase, contributing to development of two international CBDC prototypes at Bank for International Settlements.
✅South African Reserve Bank, with 🇦🇺, 🇲🇾, and 🇸🇬 central banks, worked on wholesale CBDC pilot 'Project Dunbar', aimed at improving international interbank transactions.
✅Early hurdles for CBDC include governance, access, regulatory boundaries.
✅South Africa's 'Project Khokha', a proof-of-concept, explores tokenization & distributed ledger for interbank settlement.
✅Governor Lesetja Kganyago indicates skepticism around decentralized markets achieving protected consumer rights, financial stability, safety—crucial to central banks.
✅South African Reserve Bank also exploring retail CBDCs for public, with expectations to potentially improve regulatory reporting, anti-money laundering measures but still preserving user privacy.
✅Deputy governor Kuben Naidoo voices need for crypto regulation to prevent theft, money laundering & undermining monetary policies.
✅South Africa's Freedom House score is 79/100 in 2023 report, however, acknowledged corruption raises concerns over CBDCs surveillance, control, and political favoritism risks.
Hashtags:
#SouthAfricaCBDC #ProjectKhokha #ProjectDunbar #MonetaryPolitics #HumanRights
Question:
Given the historical context of South Africa, how can the growth of CBDC integration help to fortify accountability measures and resist corruption, while still respecting freedom and privacy?
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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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