⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-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 Bangko Sentral ng Pilipinas gears for the launch of a wholesale Central Bank Digital Currency by 2026, amid concerns over financial inclusion and potential exploitation for political control and violation of civil liberties.

✅ The 🇵🇭 is testing a wholesale Central Bank Digital Currency (CBDC), announced by Bangko Sentral ng Pilipinas (BSP) in 2022, aiming for stability in the country's payment system.

✅ Governor Eli Remolona Jr. expects the CBDC named Project CBDCPh to be launched by 2026; it's particularly designed for large-value financial transactions.

✅ Governor Benjamin E. Diokno expressed in 2022 that although a CBDC could improve payment efficiency, it doesn't solve the problem of financial exclusion.

✅ Diokno also highlighted legislative requirements for a retail CBDC launch, referencing that current BSP charter only permits a wholesale CBDC.

✅ Post Project CBDCPh in 2022, Diokno identified existing digital payment systems as more feasible options.

✅ A new pilot, Project Agila, launched in 2023 on Hyperledger Fabric, again seeks to enhance payments efficiency and stability, aided by IMF and Bank for International Settlements.

✅ Ten significant financial institutions will test the CBDC in a closed experimental environment within Project Agila.

✅ Governor Remolona Jr. in 2024 ruled out the use of blockchain technology for CBDC and revealed that BSP would focus only on a wholesale CBDC, excluding a retail version.

✅ The Human Rights Foundation voiced concerns due to censorship and corruption in 🇵🇭 that could potentially exploit a CBDC to control opposition and favor political allies.

✅ Reports from Amnesty International & Freedom House warn that a CBDC could be another method to seize money from activists and political opponents, and promote further corruption.

Hashtags:

#CentralBankDigitalCurrency #HumanRights #FinancialInclusion #Philippines #FreedomInFinance

Question:

Do you think the creation of a CBDC in the Philippines could indeed be a tool for potential government control and corruption, or will it truly aid in achieving financial stability? Share your thoughts and let's get a conversation started.

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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