⚠️ HRF CBDC ⛓️🪙 alert from HRF for Egypt (24-JAN-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 13.9%

One-Sentence Summary:

Egypt's Central Bank's developmental plans for a Central Bank Digital Currency (CBDC) have raised concerns over potential misuse for surveillance, oppression, and corruption due to the country's low score in Freedom.

Paragraph Analysis:

✅ 🇪🇬 is in the research phase of developing a Central Bank Digital Currency (CBDC), also dubbed as E-Pound, by 2030.

✅ The Central Bank is joining hands with the Egyptian Credit Bureau to possibly extend savings and lending services to their CBDC platform.

✅ As of the 2024 report in Egypt Today, the specific functionalities and form of the CBDC were still in the research phase.

✅ According to Freedom House's 2023 report, 🇪🇬 scored a meager 18 out of 100 in Freedom, raising concerns about the misuse of this advanced financial technology.

✅ Critical areas of concern include oppression, corruption, surveillance, and possible curtailing of freedoms through the manipulation of citizen's finances via CBDCs.

✅ Activists, opposition parties, and political movements often face harsh repercussions including arrests and violence.

✅ Monitoring of private communications and finances by security agencies is a common occurrence and a CBDC could potentially worsen this situation.

✅ Freedom House cites the pervasiveness of corruption across all levels of government in 🇪🇬, making it a questionable endeavor to employ a CBDC which might increase risks around surveillance, control, introducing targeted restrictions for political gains.

✅ For more insights into human rights violations, surveillance risk, and other concerns related to CBDCs, Freedom House, Amnesty International, and Cato Institute among others offer comprehensive overviews.

Hashtags:

#Egypt #CBDC #CentralBanks #FreedomHouse #DigitalCurrency #FinancialRights #HumanRights

Question:

Considering the low freedom score and corruption rates in Egypt, do you think the introduction of a Central Bank Digital Currency would be harmful or beneficial for its citizens? How can the technology be better leveraged to safeguard human rights and foster financial freedom? Let's discuss!

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.