⚠️ HRF CBDC ⛓️🪙 alert from HRF for Ghana (27-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 31.26%
One-Sentence Summary:
Despite facing persistent delays due to economic instability and rising inflation, 🇬🇭Ghana remains undeterred in its pursuit of a Central Bank Digital Currency (CBDC) launch, albeit amid mounting concerns over potential implications for human rights and civil liberties.
Topics:
✅ The Bank of Ghana has reportedly completed the pilot phase for its CBDC, known as the E-cedi, but launch plans have been pushed back amid economic instability.
✅ In 2021, Ghana's Vice President Mahamudu Bawumia advocated for African governments to embrace digital currencies, however, he emphasized the need for CBDCs rather than cryptocurrency.
✅ Facing high inflation in 2022, the Bank of Ghana decided to delay the CBDC launch, redirecting focus towards improving the macroeconomic environment.
✅ It's been revealed in 2024 that Bawumia has touted the CBDC as a tool to combat corruption, enhance transparency, aid in tax collection, and prevent money laundering.
✅ Human rights organizations have highlighted hardened ramifications for freedom of expression and an increase in government corruption in Ghana, raising concerns about the potential misuse of CBDCs.
✅ It's feared that a CBDC launch could endanger journalists and critics of the government by enabling financial exclusion, significantly intensifying governmental control over citizens’ finances.
✅ Given the existing corruption within the Ghanaian government, there are doubts over promises to limit the risks of surveillance and control associated with CBDCs.
Hashtags:
#Ghana #HumanRights #FinancialInclusion #CentralBank #ECedi #DigitalCurrency
Question:
Given the potential risks, do you believe that government-backed digital currencies like 🇬🇭Ghana's proposed E-cedi will contribute to financial inclusion and economic stability, or are they a tool for increased governmental control? What are your thoughts?
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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