⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 6.59%

One-Sentence Summary:

🇦🇺's development of CBDCs raises concerns of potential financial surveillance and controls, even as it pushes through pilot phases.

✅ 🇦🇺's Reserve Bank has been progressing in the development of a Central Bank Digital Currency, with key pilot schemes carried out between 2021 and 2023.

✅ The final pilot, conducted with the Digital Finance CRC, ended on August 23, 2023, and highlighted several unresolved issues in the CBDC implementation, leading to an expectation for a delayed decision.

✅ Amidst these developments, there are rising public fears about CBDCs being tool for mass financial surveillance, negativity impacting interest rates, and disrupting the established financial ecosystem.

✅ In late 2023, Governor Michele Bullock admitted to being still unconvinced about retail CBDC, hinting that future trials might focus on wholesale CBDCs.

✅ Despite 🇦🇺's reputation as a free and open society, the prospect of CBDCs raises worries especially concerning the government's handling of protests and citizen freedoms.

✅ Recent laws restricting protests further induced concerns with entities like Amnesty International and Human Rights Watch expressing concerns about the potential misuse of CBDCs to control activists.

✅ With strict COVID quarantine regimes and travel restrictions in place, it is feared that a programmable CBDC could exacerbate these constraints by real-time financial surveillance on citizens.

#CBDC #Australia #HumanRights #Privacy #Surveillance #FinancialControl #Protests

What are your thoughts on the potential misuse of CBDCs for enhancing state control and surveillance? Can digital currencies balance innovation with preserving individual rights and freedoms?

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)

CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3

#plebstr