⚠️ HRF CBDC ⛓️🪙 alert from HRF for Egypt (24-JAN-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 13.9%

One-Sentence Summary:

Egypt is preparing to introduce its Central Bank Digital Currency in 2030, raising concerns around potential human rights abuses and corruption amidst already present issues.

✅Egypt's Central Bank, 🇪🇬, is in the research stage for the development of its own Central Bank Digital Currency (CBDC), potentially offering savings and lending services.

✅ The deadline seems to be 2030 as revealed in reports from Egypt Today in 2024, with the upcoming CBDC affectionately named the E-Pound.

✅ However, 🇪🇬's Freedom Score in Freedom House’s 2023 report was a low 18 out of 100, raising issues regarding oppression of criticism and widespread corruption that could be exacerbated by CBDCs.

✅ According to Freedom House, the current political scenario is such that any opposition to the ruling regime, including activist groups and political parties, faces severe repression and their financial resources could face undue scrutiny or freezing, a situation a CBDC could potentially worsen.

✅ Corruption is common across various levels of government in 🇪🇬and despite official mechanisms in place, investigating and punishing corrupt activities remain feeble, questioning the credibility of any assurances the government might make about the control, surveillance or risk associated with their upcoming CBDC.

#HumanRightsAbuse #PoliticalOppression #CBDC #FinancialFreedom #PrivacyConcerns

What are your thoughts on the emergence of CBDCs in regions marred with human rights abuses and corruption? Could it potentially pave the way for greater surveillance and financial control over its citizens?

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