⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
🇵🇭Central Bank Pilots Digital Currency, raising concerns over potential misuse for political suppression and economic disadvantages, according to the Human Rights Foundation.
Paragraph Analysis:
✅ The Bangko Sentral ng Pilipinas initiates wholesale Central Bank Digital Currency pilot in 🇵🇭 2022 with a focus on payment system stability.
✅Governor Eli Remolona Jr. indicates that a wholesale CBDC is likely by 2026.
✅Governor Benjamin E. Diokno expressed cautious optimism in 2022 about the pilot CBDC project, but criticized that it wouldn't solve the issue of financial exclusion.
✅Post 2022's pilot conclusion, it was found that existing digital payment options were superior.
✅In 2023, another CBDC pilot names Project Agila was launched with several notable financial institutions participating.
✅In 2024, Governor Remolona announced the central bank won't follow block chain technology or retail CBDC citing other banks' failures.
✅🇵🇭 scored 58/100 in the 2023's "Freedom in the World" report by Freedom House, indicating possible misuse of CBDC for political suppression and corruption.
✅Concerns arise that CBDCs could be used to control citizen finances and contribute to corruption.
✅Various reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International and US Department of State reveal concerns over human rights and civil liberty violations in relation to CBDCs.
Hashtags:
#CentralBankDigitalCurrency #HumanRights #Freedom #Corruption #Politics #PilotProject #FinancialExclusion #DigitalCurrencyRisks
Question:
How can the development of Central Bank Digital Currencies work alongside protecting civil liberties and mitigating potential misuse? What safeguards would you propose to ensure that these new technologies promote financial inclusion and efficiency without infringing on human rights and freedom? Let's have a discussion!
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