⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (09-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2022-11-01

CBDC Model: Retail

CBDC Issued: n/a

Inflation Rate: 6.7%

One-Sentence Summary:

🇮🇳 India's Central Bank Digital Currency (CBDC) pilot program shows exponential growth and promises improved efficiency, but raises strong concerns about potential for civil liberties abuse.

Paragraph Analysis:

✅ In the launch phase, 🇮🇳 trialed a Central Bank Digital Currency (CBDC) with over 4.3 million users in 2024.

✅ The Reserve Bank of India initated the CBDC concept in 2017, with a highly participating pilot running in 2022.

✅ Indian Finance Minister Nirmala Sitharaman, in February 2022, proclaimed that a CBDC could lead to a more efficient and cheap currency management system.

✅ By September 2023, CBDC transactions are hitting around 18,000 per day in 🇮🇳, with plans to reach 1,000,000 transactions daily.

✅ The Reserve Bank of India is considering offline CBDC transactions and enhanced programmability due to only a rough 50% of the Indian population having internet access.

✅ Despite achieving 1 million transactions per day, questions linger about sustainable scalability.

✅ Reserve Bank of India's Governor, Shri Shaktikanta Das, stresses patience, citing the need for absolute safety, robustness, and integrity of the digital currency.

✅ Amidst the CBDC development, Freedom House report raises civil liberty concerns particularly the potential of government powers to target and harass political opponents.

✅ 🇮🇳 scores a concerningly low 66 out of 100 in the 2023 Freedom in the World report, with the adoption of CBDC potentially worsening the situation.

Hashtags:

#HumanRights #CentralBankDigitalCurrency #DigitalCurrencyPilot #Finance #CurrencyManagement #FutureOfMoney #DigitalRupee #ReserveBankOfIndia #FreedomInFinance

Question:

Given these developments and the significant concerns about civil liberties, do you believe that CBDCs could coexist with a secure democracy without leading to financial repression or even further potential for governmental control?

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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