⚠️ HRF CBDC ⛓️🪙 alert from HRF for Burma (28-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 8.83%

One-Sentence Summary:

"Burma's progression towards adopting Central Bank Digital Currencies (CBDCs) rings alarm bells given its poor track record in freedom and rampant corruption."

✅ 🇲🇲 explores the potential adoption of Central Bank Digital Currencies (CBDCs), under the guidance of Major General Zaw Min Tun.

✅ The military regime is yet to decide whether the CBDC initiative will be a joint venture with local firms or handled solely by the government.

✅ Freedom House’s 2023 Freedom in the World report gave 🇲🇲 a shocking score - 9/100 - highlighting the country's severe lack of freedom.

✅ Concerns arise as CBDCs in the country may exacerbate present issues, escalate state surveillance, and potentially infringe on human rights.

✅ The regime, following the 2021 coup, enacted legal revisions that shed some of the fundamental human rights protections, making private discussions and personal expression a challenge.

✅ The U.S. State Department reports that the regime consistently monitors private digital communications, with CBDCs potentially posing an opportunity for increased surveillance and violations.

✅ Freedom House also points out rampant corruption at both national and local government levels despite active initiatives to curb it.

✅ There are fears that CBDC policies could be manipulated due to corruption, leading to political favoritism and unwanted control on financial activities.

✅ For in-depth insight into human rights violations and risks of CBDCs, various reports from Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, U.S. Department of State and the Cato Institute are available.

#HumanRights #CentralBankDigitalCurrency #FreedomHouse #StateSurveillance #AmnestyInternational #FinancialTyrannyIndex #HumanRightsWatch #PrivacyInternational #USDepartmentOfState #CatoInstitute

Considering the potential risks associated with CBDCs, do you believe it is morally correct for an entity like Burma with a history of human rights neglect and corruption to transition towards this digital currency model? Let's discuss responsibly and respect diverse viewpoints!

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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