⚠️ HRF CBDC ⛓️🪙 alert from HRF for Russian Federation (12-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2023-08-15

CBDC Model: Retail

CBDC Issued: n/a

Inflation Rate: 6.69%

One-Sentence Summary:

🇷🇺's CBDC project is on full throttle as its Central Bank Gazettes plans for public pilot testing, but concerns around restrictions to human rights and rampant corruption paint a troubling picture.

✅ Russia's Central Bank announced pilot testing of its CBDC on August 15, 2023, which involves public participation, making 🇷🇺 to be considered in the launched phase for CBDC adoption.

✅ These tests are currently being run by 13 banks for around 600 clients, with an additional 17 banks expected to join soon.

✅ The immediate aim of the pilot is to examine the process of account establishment and carry out basic transactions across 30 sale points in 11 cities.

✅ The Bank of Russia believes their CBDC will offer benefits such as easier access, uniform rates, offline use, better security, and improved customer service.

✅ Anatoly Aksakov, chair of the Duna Committee of the Financial Market, clarifies that the digital ruble will have defined purposes, preventing its misuse and promoting the efficient usage of public funds.

✅ If the pilot succeeds, the Bank of Russia plans to issue CBDCs to the general public by early 2025, confirmed by Olga Skorobogatova, the first deputy governor of the Bank of Russia.

✅ However, concerns stem from Russia's record on human rights and freedom, scoring a low 16 out of 100 in Freedom House's 2023 report.

✅ Red flags include prevalent governmental and commercial corruption, eliciting fear regarding the potential misuse of the CBDC and questioning its supposed benefits as mere promises.

✅ The country's suppression of dissenting voices and protest, articulated by incidents such as the criminalizing of antiwar demonstrations and arrest of thousands during political rallies, magnify the concerns as CBDC could further empower the government to control citizens' finances.

#CBDC #DigitalCurrency #BankofRussia #Censorship #HumanRights #FinancialFreedom #FreedomHouse #GovernmentSurveillance

💭 What will be the implications of Russia's CBDC on personal freedom and its potential abuse by a government with a concerning track record in human rights? How do we mitigate the risks associated with state-controlled digital currencies in such contexts?

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