⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
💼The Human Rights Foundation shares concern over the ongoing development of the Central Bank Digital Currency (CBDC) in 🇨🇳, citing potential implications for human rights and civil liberties.
✅ 🇨🇳 is currently in what's referred to as the 'launch phase' of their CBDC, having one of the longest running research on it since 2014. The People’s Bank of China uses the term 'pilot' to describe the CBDC being deployed rather than tested in closed environment.
✅ The CBDC project was publicly piloted in four cities in 2020, where citizens were given access through lotteries, and by the end of 2021, a total of 261 million users collectively made transactions worth $13.8 billion with millions of merchants.
✅ By March 31, 2022, the pilot expansion of CBDC saw a surge in lotteries, discounts, and other promotional activities to boost the new digital currency acceptance, with a reported circulation of 13.61 billion yuan ($1.81 billion) by de end of the year.
✅ The CBDC, being used via mobile app, restricts individuals on accumulation and expenditure based on the level of personal information given. This system has raised concerns regarding personal freedoms and privacy.
✅ The People's Bank of China, in conjunction with the Bank for International Settlements, is also testing a wholesale CBDC pilot with attempts to rectify inefficiencies within cross-border transactions whilst maintaining monetary and financial stability.
✅ In spite of these developments, notable concerns arise, particularly on how CBDCs could strengthen government surveillance, control, and negate advancement of other cryptocurrency; these issues are a pertinent part of the dialogue surrounding Chinese CBDCs.
✅ Notably, 🇨🇳 is flagged by the Human Rights Foundation, among others, for significant human rights abuses and civil liberties. A CBDC is seen as a potential risk that could heighten the severity of these abuses given its surveillance capabilities. It could, for instance, further financial controls and surveillance, making crackdowns on dissidents even more comprehensive and impregnable.
#FinancialPrivacy #HumanRights #CentralBankDigitalCurrency #CivilLiberties #DigitalSurveillance #DataControl
🔎 Question: How should global institutions respond to potential human rights abuses linked with the implementation of CBDCs, particularly in contexts like 🇨🇳 where state surveillance is already a concern?
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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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