⚠️ HRF CBDC ⛓️🪙 alert from HRF for Palau (18-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 12.35%

One-Sentence Summary:

Palau leverages Ripple technology to pilot its national government-provided stablecoin backed by the U.S dollar, raising potential concerns of financial privacy and freedom.

✅🇵🇼 is in the stages of piloting a CBDC with Ripple, designed as a government-provided stablecoin backed by the U.S dollar.

✅ In 2021, Ripple and 🇵🇼 joined forces to create the nation's first digital currency using the XRP Ledger.

✅ Plans to launch the pilot in December 2022 were delayed by the Ministry of Finance for strategic preparations and volunteer onboarding.

✅ In 2023, a three-month pilot was announced by Ripple and backed by President Surangel S. Whipps Jr., involving 200 government volunteers and $20,000 distributed for payments.

✅ Jay Hunter Anson of 🇵🇼 Ministry of Finance tweeted periodic updates on the pilot, including the launch of a fully-fledged review and a second phase focusing on legal compliance.

✅ Despite 🇵🇼's good standing in terms of human rights, concern remains about the possible impact of CBDCs on financial privacy and freedom.

#HumanRights #FinancialFreedom #CBDC #Palau #Ripple

How do you foresee the adoption of a government-controlled stablecoin impacting financial privacy and freedom? Let's kickstart a respectful, thought-provoking discussion.

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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#plebstr