⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-sentence summary:
The Human Rights Foundation reveals concerns over Central Bank Digital Currencies (CBDCs) development amidst corruption and freedom restriction in the 🇵🇭Philippines, based on the events unfolded from 2022 to 2024.
✅ In 2022, 🇵🇭Philippines central bank, Bangko Sentral ng Pilipinas, launched a pilot for a wholesale CBDC aiming to bolster the stability of the country's payment system, with further plans to issue a fully-fledged wholesale CBDC by 2026.
✅ Despite the initial enthusiasm of former governor Benjamin E. Diokno in 2022, he noted CBDCs don't address financial exclusion's root causes and may require additional legislation for a retail CBDC, reflecting on available digital payment systems as favorable options.
✅ Project Agila, a second CBDC pilot using Hyperledger Fabric was announced in 2023 with cooperation from several local and international banks, in addition to collaboration from the International Monetary Fund and the Bank for International Settlements.
✅ By 2024, the central bank under governor Eli Remolona Jr., decided to forego blockchain technology for its CBDC and to focus solely on wholesale CBDC, with a completion date set for the end of the year involving six financial institutions.
✅ However, the 🇵🇭Philippines' Freedom in the World score by Freedom House in 2023 was a concerningly low 58 out of 100, indicating issues with restrictions on opposition and persistent government corruption which a CBDC might exacerbate.
✅ Wider implications of a CBDC could be negative, such as enabling the government to freeze and seize activists' money more easily and potentially allowing corruption to influence CBDC policies unfairly.
#HumanRights #FinancialInclusion #FreedomOfSpeech #CBDCs #GovernmentCorruption
As we've seen with the unfolding developments of CBDCs in the 🇵🇭Philippines, do you think the advantages of introducing a CBDC outweigh the potential risks in countries with persistent issues of corruption and restricted freedoms?
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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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