⚠️ 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:

Despite continuing development of Central Bank Digital Currencies (CBDCs) in Australia 🇦🇺, concerns regarding potential misuse for mass surveillance, financial control, and imposition of negative interest rates persist, potentially impacting citizens' human rights and freedoms.

List of Topics:

✅ Australia's Reserve Bank 🇦🇺 is deep into the development and pilot phases of CBDCs with several instances started between 2021 and 2023.

✅ Despite these developments, a CBDC in Australia 🇦🇺 is noted by the Reserve Bank as being "some years away" due to numerous unresolved issues.

✅ Among these concerns is the potential use of a CBDC for mass financial surveillance and imposing financial controls, causing unrest among citizens.

✅ The Reserve Bank's governor Michele Bullock voiced scepticism over retail CBDCs, hinting future experiments will target wholesale CBDCs.

✅ Australia's 🇦🇺 status as a free and open society, with no significant human rights abuses recorded previously, may be challenged with the potential adoption of a CBDC.

✅ Enacted laws curtailing protests and demonstrations grabbed the attention of human rights organizations, reinforcing worries of potential abuse of a CBDC to financially suppress opposition.

✅ Introducing a CBDC could potentially heighten restrictions on Australian citizens' freedom of movement; this comes following strict quarantine regimes and internal travel limits owing to the COVID-19 pandemic.

Hashtags:

#Australia #CBDC #ReserveBank #MassSurveillance #HumanRights #FinancialControl #Protest #FreedomToTravel

Question:

As cryptocurrencies continue to grow in influence, how do you see the development of Central Bank Digital Currencies (CBDCs) like the ones in Australia affecting individual freedoms? Could these technologies be a boon or a threat to a free, democratic society?

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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