⚠️ HRF CBDC ⛓️🪙 alert from HRF for South Africa (21-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 7.04%
One-Sentence Summary:
South Africa's progress in Central Bank Digital Currencies (CBDC) development, despite concerns of corruption, involves work on both wholesale and retail CBDCs, with initial pilot projects and the potential for enhanced regulatory and anti-money laundering measures.
✅🇿🇦 is in the pilot phase of CBDC development after participating in two key CBDC prototypes and creating its own proof-of-concept.
✅ South African Reserve Bank co-developed wholesale CBDC prototypes for international settlements with several international central banks, with challenges related to governance, access, and boundaries.
✅ The South African Reserve Bank's proof-of-concept (Project Khokha) tests tokenisation and distributed ledger technology, though concerns remain about the feasibility of decentralised markets in all instances.
✅ Reserve Bank is considering retail CBDCs for the general public, to improve regulatory reporting, combat money laundering, and protect user privacy, with concerns about potential undermining of monetary policy.
✅ Despite earning a 79 out of 100 in Freedom House’s 2023 Freedom in the World report, 🇿🇦 struggles with systemic corruption, raising questions about government promises on surveillance and control policies regarding CBDCs.
#HumanRights #CBDC #SouthAfrica #BankforInternationalSettlements #AntiMoneyLaundering
How do you balance the potential of CBDCs for improved financial regulation and anti-money laundering with the risks posed by corruption and potential misuse by public officials? Let's get the discussion going!
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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