⚠️ HRF CBDC ⛓️🪙 alert from HRF for Hong Kong (19-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 1.88%

One-Sentence Summary:

The Hong Kong Monetary Authority 🇭🇰 is in the advanced stages of a Central Bank Digital Currency (CBDC) piloting program, amidst concerns of potential abuse for control and crackdown against opposition voices.

- ✅ The 🇭🇰 Hong Kong Monetary Authority has been working on proofs-of-concept and pilot projects for CBDCs from as far back as 2017.

- ✅ In 2019, a joint prototype CBDC was developed in collaboration with the Bank of Thailand.

- ✅ A detailed whitepaper outlining possible technical considerations for a retail CBDC was published in 2021.

- ✅ 🇭🇰 Launches the "Rail 2 - e-HKD" pilot program in November 2022, which attracted diverse firms like Ripple, Visa and Alipay to test various CBDC designs.

- ✅ Despite the successful completion of the first CBDC pilot phase in October 2023, a definitive decision to launch a CBDC has not been made.

- ✅ The 🇭🇰 Monetary Authority forges ahead into the second phase of their CBDC pilot in 2024, even as human rights concerns are raised.

- ✅ Amnesty International's report highlights that the Chinese Government could possibly leverage CBDCs to undermine opposition by controlling citizens' finances.

#HumanRightsFoundation #CBDC #HongKongMonetaryAuthority #AmnestyInternational

In light of the potential for manipulation, what do you think can be done to prevent governments from using CBDCs as tools to infringe individual freedoms?

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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