⚠️ HRF CBDC ⛓️🪙 alert from HRF for United States (14-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 8%

One-Sentence Summary:

The U.S. Federal Reserve's initiatives and explorations of Central Bank Digital Currencies (CBDCs) move ahead amidst concerns over financial privacy intrusion and potential abuse of civil asset forfeiture.

✅🇺🇸 is currently piloting CBDC initiatives led by its Federal Reserve with several studies and experiments such as Project Hamilton and Project Cedar.

✅ The Federal Reserve is exploring technologies imperative to digital currencies and payment innovations in their Technology Lab (TechLab).

✅ Unfortunately, there's uncertainty surrounding the Federal Reserve's legal power to introduce a retail CBDC, with differing stances on other forms of CBDCs.

✅ Despite a high freedom score, issues such as overarching financial surveillance and civil asset forfeiture are prevalent in the U.S.

✅ Regrettably, a CBDC could further exacerbate these issues eroding the financial privacy of citizens given current rights don't extend to financial privacy.

✅ In 2022 alone, over 26 million reports on customer activity were submitted to the government by financial institutions.

✅ With CBDCs, surveillance would be eased as financial records would defaultly be on government databases.

✅ Civil asset forfeiture, known as legal theft by some, could also be worsened by CBDCs, presenting more ways for law enforcement to monitor people's finances.

Hashtags:

#FinancialPrivacy #HumanRights #FederalReserve #CBDC #CentralBankDigitalCurrency

Question:

Do you believe the introduction of CBDCs and increased surveillance could pose a serious threat to individuals' financial privacy, and how could this impact the general acceptance of digital currencies in the long run? How can the design of CBDCs balance the need for accountability and control while preserving their citizens' right to financial privacy?

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