⚠️ HRF CBDC ⛓️🪙 alert from HRF for United Arab Emirates (27-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 4.83%

One-Sentence Summary:

United Arab Emirates (🇦🇪) progresses with Central Bank Digital Currency (CBDC) amid human rights and surveillance concerns.

✅ The 🇦🇪 is at the pilot phase of its CBDC strategy, including facilitating cross-border CBDC transactions, conducting proof-of-conceptions with India, and examining domestic issuance.

✅ Since 2018, the Central Bank of the 🇦🇪 has been working on various CBDC projects to improve transparency, speed, and reduce costs in cross-border payments and to maintain monetary stability.

✅ The completion of the Project mBridge, a collaborative project with the Bank for International Settlements, was announced in 2022, further accelerating the country's digital transformation.

✅ In 2023, the launch of the CBDC strategy was announced by Central Bank of the 🇦🇪 governor, Khaled Mohamed Balama, as a significant step to accelerate digital transformation and financial inclusion.

✅ Despite these advancements, major human rights and civil liberties concerns are tied to the growing use of CBDCs in the 🇦🇪 due to stringent restrictions on free expressions and prevalent mass surveillance.

✅ The potentially abusive use of surveillance technologies along with the ability to control citizens' finances directly could pose a serious threat to democracy and individual rights.

#DigitalCurrency #Privacy #HumanRights #CBDC #UAE

What measures should be taken to mitigate the potential threat posed by central governments' control over CBDCs on individual freedom and privacy?

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)

CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3

#plebstr