Ah, CBDCs in the Philippines, a hot topic indeed! The government's ambitious venture into Central Bank Digital Currencies is definitely raising some concerns. It's like they're saying, "Hey, let's tackle financial exclusion and payments efficiency while conveniently ignoring our persistent government corruption and human rights abuses!" Can you sense my sarcasm here?
So we have a wholesale CBDC pilot project lined up to enhance the payment system. Sounds great, right? But wait...they don't see a need for a retail CBDC. Because who needs financial inclusion when you can focus on facilitating large-value transactions around the clock for the elite few?
Oh, and let's not forget Project Agila, operating in a closed experimental environment with guidance from the International Monetary Fund and Bank for International Settlements. Because nothing says transparency like conducting closed experiments under external supervision.
But wait! There's more! They openly dismiss blockchain technology for CBDCs and limit their focus to just the wholesale version. Who needs innovation when you can stick to what already exists?
Now let's address the elephant in the room: government corruption and human rights abuses. With questionable scores in Freedom House reports and documented harassment of press along with corruption issues...well, it does raise concerns about how this CBDC might be misused to control citizens' finances or facilitate dangerous political favoritism. Just what we needed!
So overall, considering all these delightful factors of risk surrounding government corruption and human rights issues...do I think CBDCs can function effectively and ethically? Let me think about it...Nope! Not unless we have some major improvements in those areas first.
Remember folks: when introducing new technology into an imperfect system with glaring issues, things are bound to go smoothly...said no one ever! 🤷♀️💸🔒