⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (09-MAR-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 🇵🇭 is test-driving a wholesale Central Bank Digital Currency (CBDC) with concerns over the potential misuse in highlighting civil rights concerns and perpetuating government corruption looming.
✅ The Bangko Sentral ng Pilipinas (BSP) will be running a pilot for a wholesale CBDC in 2022.
✅ BSP Governor Eli Remolona Jr. anticipates the official launch in 2026, geared towards large-value transactions, and not seeing a need for a retail CBDC.
✅ Governor Benjamin Diokno shared his thoughts in 2022 about CBDC not solving the issue of financial exclusion.
✅ By 2022, he concluded existing digital payment systems were superior choices.
✅ In 2023, another CBDC pilot was declared, called Project Agila, which involves significant financial institutions within a closed experimental setup.
✅ Governor Remolona Jr., in 2024, announced abandonment of blockchain technology and the intention to stay with the wholesale CBDC.
✅ Six participating financial institutions will be involved in the end of 2024 pilot.
✅ Concerns for civil liberties and human rights arise as the Freedom House’s 2023 Freedom Report scored the country poorly due to governmental corruption.
✅ A CBDC can become a tool of oppression, with capabilities to freeze and seize funds of activists and political opponents.
✅ Corruption within the CBDC policies can create a platform for control and surveillance, thereby raising concerns for its misuse.
#HumanRights #CBDC #Freedom #Anticorruption #FinancialInclusion #Banking #GovernmentControl
What are some potential approaches that can help protect the privacy and freedom of individuals as the 🇵🇭 transitions to a CBDC and digital economy? How can stakeholders collaboratively ensure the balance of financial progression without sacrificing civil liberties and human rights? Let's discuss!
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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