⚠️ HRF CBDC ⛓️🪙 alert from HRF for Algeria (26-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 9.27%

One-sentence summary:

Algeria's development of a Central Bank Digital Currency (CBDC), known as the Digital Dinar, offers potential for economic innovation but raises concerns with regards to corruption, media restrictions, and discrimination.

Topics:

✅ The Prime Minister of 🇩🇿announced on December 26, 2022 that the Bank of Algeria intends to adopt a CBDC.

✅ Freedom House gave 🇩🇿 a score of just 32 out of 100 in their 2023 Freedom in the World report.

✅ This low score indicates rampant corruption, media restrictions, and discrimination, factors that could worsen with a CBDC.

✅ Issues include inadequate anticorruption laws, a lack of official transparency, low judicial independence, and bloated bureaucracies.

✅ The existence of pervasive corruption calls into question the government's ability to limit surveillance, control, or other risks of CBDCs.

✅ Media restrictions are notable in 🇩🇿 with the shutting down of certain news outlets and surveillance of journalists, bloggers and certain groups of citizens.

✅ CBDC could potentially be used as a tool to freeze and seize assets of activists, political rivals, and protestors, undermining opposition.

✅ Religious minorities also face state persecution and interference, and CBDCs could be used to identify and surveil these discriminated communities.

Hashtags:

#HumanRights #FinancialFreedom #CBDC #Algeria

Question:

Given these very real concerns about human rights and corruption, how should the international community react to Algeria's development of a CBDC? Could there be potential benefits or would the risks override them?

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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