⚠️ HRF CBDC ⛓️🪙 alert from HRF for Israel (15-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 4.39%

One-Sentence Summary:

Despite human rights and civil liberties concerns, 🇮🇱 Israel's Bank continues to explore and detail plans for a Central Bank Digital Currency (CBDC), or 'Digital Shekel.'

Content:

✅ In 2017, the Bank of Israel formed a team to explore the potential of a CBDC but didn't support an immediate launch.

✅ A 2021 report indicated a shift, as the bank explored aims for a CBDC including replacing cash in shadow economies and improving cross-border transactions.

✅ The Bank of Israel tested distributed ledger technology in 2022 to assess its applicability for a CBDC, but more research was deemed necessary.

✅ In 2023, detailed plans were released about a potential CBDC launch; increasing cryptocurrency usage and declining cash use were cited as reasons.

✅ By 2024, the bank proposed an intermediated CBDC offering instant payments, offline capabilities, and account balance limits.

✅ Palestine's treatment and governmental corruption raise concerns about a CBDC in Israel, with fears the digital currency could exacerbate these issues.

Hashtags:

#HumanRights #CBDCs #BankOfIsrael #Economics #DigitalShekel #FreedomInFinance

Question:

With the ongoing exploration of a CBDC in Israel, how can we ensure that the digital currency implementation respects human rights and doesn't escalate current issues of corruption and systemic oppression?

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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