⚠️ HRF CBDC ⛓️🪙 alert from HRF for Russian Federation (12-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-08-15
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.69%
One-sentence summary:
🇷🇺Russia pilots CBDC with strict use-case restrictions, incites concerns for human rights and potential for government control amidst corruption and oppression.
✅ The Bank of Russia began a public CBDC pilot on August 15, 2023 involving 13 banks and approximately 600 clients, and aims to test basic transactions across 30 points of sale in 11 cities.
✅ The CBDC is claimed by the Bank of Russia to offer numerous benefits to citizens, but concerns about the strict control of the currency's use, as mentioned by financial market committee chair Anatoly Aksakov, are raised.
✅ The Bank of Russia plans to issue the digital ruble to the public in early 2025, and it started organizing resources to launch phone support for customer service in January 2024.
✅ 🇷🇺 Russia's corruption and oppression of dissenting voices cause concerns for the use of CBDCs, with analysts fearing the introduction of CBDCs could enable the regime to further plunder public wealth and exert political favoritism.
✅ Alongside existing oppression tactics, the potential of CBDCs might provide another tool for governments to control their citizens by seizing and freezing the funds of dissenters and opposition forces.
#Russia #HumanRights #Freedom #CBDC #BankOfRussia
Considering the potential control governments would have with the introduction of CBDCs, what measures can be taken to ensure that digital currencies don't become another tool for oppression in societies already battling widespread corruption and a lack of freedom?
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