⚠️ HRF CBDC ⛓️🪙 alert from HRF for Sri Lanka (04-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 49.72%
One-Sentence Summary:
Sri Lanka's Central Bank's potential release of a Central Bank Digital Currency (CBDC) by 2025 sparks concern over increased governmental surveillance and corruption.
✅ The Central Bank of 🇱🇰 is exploring the idea of a CBDC, with discussions in parliament hinting at a potential release by 2025.
✅ In an article in 2020, the Central Bank explored the concept of CBDCs, neither confirming nor refuting plans to further this research or eventually issue a CBDC.
✅ By 2024, officials began providing a timeline for this process, but skepticism remains about the practicality and execution of these plans.
✅ From a human rights perspective, 🇱🇰's low ranking on Freedom House’s 2023 Freedom in the World Report raises concerns, especially in the areas of surveillance and corruption.
✅ The U.S. State Department reports that Sri Lankan authorities have unrestricted access to private homes and communications which may be exacerbated with the implementation of a CBDC.
✅ Bribing scandals within the Sri Lankan government contribute to a culture of corruption that could misuse a CBDC for political favoritism and control.
✅ The implications of CBDCs on human rights and civil liberties aren’t isolated to 🇱🇰, and are explored in various reports by organizations like Amnesty International, Freedom House, and the Cato Institute.
#CBDC #DigitalCurrency #SriLanka #HumanRights #CivilLiberties #GovernmentSurveillance
Do you think the potential benefits of a CBDC outweigh the risks to civil liberties such as privacy and government surveillance, especially in the context of countries with low freedom and human rights scores like Sri Lanka?
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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