⚠️ HRF CBDC ⛓️🪙 alert from HRF for South Africa (21-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 7.04%
One-Sentence Summary:
South Africa 🇿🇦, undertaking CBDC prototypes, weighs benefits in battling corruption, improving regulation, and transaction efficiency, but brings to light concerns over potential manipulation and privacy issues.
✅ 🇿🇦 participates in two CBDC prototypes with Bank for International Settlements and develops own proof-of-concept.
✅ Central Bank of Malaysia, Reserve Bank of Australia, Monetary Authority of Singapore, and South African Reserve Bank collaborate on Project Dunbar for better cross-border transactions.
✅ Early hurdles include governance issues, access, and regulatory boundaries.
✅ South African Reserve Bank tests tokenization and distributed ledger tech in interbank settlements through Project Khokha.
✅ South African Reserve Bank Governor Lesetja Kganyago highlights potential inadequacies of decentralized markets in upholding public policy objectives.
✅ Retail CBDCs eyed for public, with hopes of improved regulatory reporting and anti-laundering measures but also voicing concerns over undermining central bank authority and crypto-related risks.
✅ South Africa garners 79 out of 100 in 2023 Freedom House’s Freedom report, with corruption notably a persisting problem.
✅ Pervasive corruption may exacerbate concerns over such risks as surveillance, control, and political favoritism with CBDCs' implementation.
✅ Refer to research and reports from various organizations for analysis of human rights, civil liberties, and risks of CBDCs.
#CBDC #HumanRights #SouthAfrica #FreedomReport #BankForInternationalSettlements #MonetaryPolicy #Blockchain
How can we strike a balance between using CBDCs to digitalize transactions and uphold monetary policies while ensuring privacy and fairness in their distribution and usage? 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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