⚠️ HRF CBDC ⛓️🪙 alert from HRF for South Korea (26-NOV-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 5.09%

One-Sentence Summary:

The Bank of Korea's plan for a Central Bank Digital Currency (CBDC) raises concerns due to South Korea's known issues with government corruption.

Paragraph Analysis:

✅ The Bank of Korea 🇰🇷 is in the experimental stages of creating a Central Bank Digital Currency.

✅ They are testing different models and planning a large-scale pilot involving 100,000 citizens in 2024.

✅ Concerns are raised as South Korea's Freedom score in 2023 was 83 out of 100, with notable issues regarding government corruption.

✅ The U.S. Department of State reports instances of corruption within the South Korean government, which could potentially undermine the governance of a CBDC.

✅ The risk of CBDCs in a corrupt environment could lead to unkept promises of limiting surveillance and control, or instigate political favoritism.

Hashtags:

#CentralBankDigitalCurrency #BankofKorea #SouthKorea #GovernmentCorruption #HumanRights

Question:

Considering South Korea's 🇰🇷 history with government corruption, how might CBDCs be used to drive changes in transparency and accountability? Could this be an opportunity to challenge or increase corruption practices? Let's discuss!

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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