⚠️ 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:
"Despite 🇨🇳's CBDC program having achieved significant reach in terms of user base, concerns are raised regarding high surveillance, low utility, restricted usage and potential violation of human rights and civil liberties."
✅ 🇨🇳's People's Bank has essentially launched its CBDC, the Digital Currency Electronic Payment (DC/EP), despite referring to it as a pilot.
✅ Research into DC/EP started as early as 2014 and the pilot, open to the public, was officially launched in four cities in 2020.
✅ Access to the CBDC is granted through a lottery system; by the end of 2021, 261 million users had collectively made $13.8 billion transactions.
✅ Despite active user participation, a research director at the People's Bank described the results as unideal with low usage and inactivity.
✅ The CBDC operates via a mobile app, restricting user transaction limits based on the extent of personal information provided.
✅ The People’s Bank has also collaborated with the Bank for International Settlements on a wholesale CBDC pilot, named Project mBridge.
✅ Project mBridge aims to address inefficiencies of cross-border payments while safeguarding currency sovereignty and financial stability for each participating jurisdiction.
✅ The deployment of CBDC in 🇨🇳 also serves to combat the rise of cryptocurrency and possibly magnify government surveillance and control.
✅ 🇨🇳's recent ban on cryptocurrency trading and mining occurred soon after its CBDC pilots were launched, likely no coincidence.
✅ A grim human rights and civil liberties history in 🇨🇳 raises concerns about the potential misuse of a CBDC for increased surveillance, financial control, and violation of rights.
#CBDC #ChinaCBDC #HumanRights #CentralBanks #FinancialPrivacy
What do you think the implications could be on civil liberties, privacy, and human rights as more countries consider the adoption of CBDCs?
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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