⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (29-JAN-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2023-11-15

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 8.04%

One-Sentence Summary:

🇰🇿 is actively launching its Central Bank Digital Currency (CBDC), the digital tenge, amid concerns around violations of human rights and rampant government corruption.

Topics:

✅ The chairman of National Payment Corporation of 🇰🇿 National Bank, Binur Zhalenov, initiated the first transaction with the digital tenge, placing the CBDC in the launch phase, on November 15, 2023.

✅ Developed with the participation of Mastercard and Visa, the digital tenge can be used at physical and online locations, and stored in various devices or platforms.

✅ The National Bank launched its first CBDC research project in June 2021, aiming for improved financial inclusion, payments industry innovation, and global competitiveness.

✅ Pervasive corruption and repressed dissidence in 🇰🇿 pose potential threats to the success and ethical implementation of the digital tenge.

✅ The CBDC could potentially empower the government to take direct control of citizen finances, escalating the violation of human rights and civil liberties.

Hashtags:

#CBDC #Kazakhstan #CorrectMonetaryPolicies #GlobalCompetitiveness #HumanRightsConcerns

Question:

Looking at both the potential benefits and risks, do you think the rollout of the digital tenge in 🇰🇿 can promote a fair, inclusive, and innovative payment system while respecting human rights and civil liberties? How can digital currencies be protected from being misused as tools of surveillance and control?

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