⚠️ 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:
The Czech Republic's Central Bank explores the development of its own Central Bank Digital Currency, but concerns are raised regarding existing political corruption and the potential misuse of the technology.
✅The Czech Republic 🇨🇿 is considering the development of a Central Bank Digital Currency (CBDC).
✅Board Member of the Czech National Bank, Vojtěch Benda, sees the proposed CBDC as comparable to anonymous cash transactions, but the precise operational functionalities remain undecided.
✅Another board member, Tomas Holub, expresses doubt about the trust politicians would place in the bank regarding managing the CBDC.
✅Czech Republic scored 92 (out of 100) in Freedom House's 2023 Freedom in the World report, despite corruption issues.
✅The potential adoption of CBDC could exacerbate corruption, but the extent of government abuse is uncertain due to the expected provision of CBDC by the European Central Bank.
✅According to Freedom House, corruption exists in the form of bribery, subsidies, and politically motivated investigations, raising questions about potential surveillance and control risks with CBDCs.
✅Reports from global entities like Amnesty International, Freedom House, and the U.S. Department of State offer insights into potential civil liberties and human rights violation with regard to CBDCs.
#CBDC #CzechNationalBank #FreedomHouse #Corruption #HumanRights
What safeguards should be put in place to prevent the misuse of CBDCs in countries grappling with issues of political corruption?
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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