⚠️ 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:

🇨🇳's central bank digital currency (CBDC), the digital yuan, is on the rise despite concerns over privacy and surveillance, according to the Human Rights Foundation.

- ✅ 🇨🇳 is in the advanced phases of launching its CBDC, the digital yuan, which is being heavily tested among the public.

- ✅ The People's Bank of China has been developing the CBDC since 2014, with the pilot going public in four cities in 2020.

- ✅ Throughout 2021, multiple lotteries were held offering citizens the chance to spend the digital yuan, with as many as 261 million users making transactions.

- ✅ While the usage of the digital yuan increased, it was critiqued for being low and inactive by December 2022.

- ✅ The app interface is directly linked to the user's bank account and has usage limits based on the amount of personal information provided.

- ✅ A collaboration with the Bank for International Settlements sees a wholesale CBDC pilot, aimed to improve cross-border payments.

- ✅ According to an official, the development of CBDC is to protect their currency sovereignty and legal currency status rather than countering cryptocurrencies.

- ✅ Despite the rise of CBDC, concerns remain high regarding surveillance and human rights in 🇨🇳, including extensive financial tracking.

- ✅ With the CBDC initiative, the risk of intensified surveillance, control, and censorship by the government increases.

- ✅ A CBDC could potentially be used to restrict financial freedom and stifle dissidents, adding to the country's already restrictive environment.

#CBDCs #DigitalCurrency #Banking #Finance #HumanRights #CurrencySovereignty

What are your thoughts on the developments of CBDC around the globe, especially in countries with a history of surveillance and human rights issues? Can CBDCs be utilized in a network that respects individual rights and privacy while providing economic benefits?

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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