⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 15.1%

One-Sentence Summary:

Central Bank Digital Currencies currently under research in the Czech Republic are viewed with skepticism due to the country's persistent issues with political corruption.

✅ While the Czech Republic is currently researching Central Bank Digital Currencies (CBDCs), there seems to be no formalized concept yet, despite suggestions by board members of the 🇨🇿 National Bank.

✅ Concerns are raised about the hospitability of CBDCs, given the recognized lack of political authority by Tomas Holub, another member of the 🇨🇿 National Bank board, adding to skepticism surrounding CBDC operation.

✅ Czech Republic’s score on Freedom House's Freedom in the World report doesn’t insulate it from concerns about the potential misuse of CBDCs—especially considering issues of corruption that still plague the country.

✅ Governmental power to misuse CBDCs is questionable, given that any CBDC in the 🇨🇿 would be issued by the European Central Bank, representing the European Union.

✅ Freedom House pinpoints corruption in the form of bribery, subsidies, and politically-biased investigations as prevalent issues in 🇨🇿, posing questions about the sincerity of governmental promises on limiting surveillance, control, or other CBDC risks.

✅ These corruption issues in the 🇨🇿 further inject doubts about whether CBDC policies could be exploited to exert political favoritism.

✅ Various organizations, including Amnesty International and Human Rights Watch, provide a deeper understanding of human rights violations and risks associated with CBDCs.

#CzechRepublic #CentralBankDigitalCurrency #HumanRights #FinancialFreedom #FreedomHouse #GovernmentCorruption

Thinking about 🇨🇿 and the ongoing development of Central Bank Digital Currencies, what are your thoughts on combating corruption risks with the adoption of CBDCs?

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