⚠️ HRF CBDC ⛓️🪙 alert from HRF for Sri Lanka (04-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 49.72%
One-Sentence Summary:
🇱🇰 Central Bank hints at launching a Central Bank Digital Currency (CBDC) in 2025 despite concerns over potential for increased surveillance and corruption.
✅ The Central Bank of 🇱🇰 released a report on CBDCs in 2020 but made no commitment to pursue its own.
✅ In 2024, officials hinted at a 2025 CBDC launch but made no definite plans publicly.
✅ Despite potential benefits, the implementation of a CBDC in 🇱🇰 raises human rights concerns due to existing issues of widespread corruption and surveillance.
✅ Freedom House ranks Sri Lanka's freedom at 54/100, indicating a mixed record on civil liberties.
✅ US State Department reports reveal government authorities can monitor citizens' communications without any official authorization.
✅ Allegations of both online and offline surveillance are rampant, raising concerns a CBDC could heighten this issue.
✅ Perceived "culture of impunity" regarding corruption is worrisome, as it could affect the implementation and management of a CBDC.
✅ The introduction of CBDCs and potential misuse of financial data could facilitate higher levels of corruption through policy manipulation.
#SriLanka #CBDC #HumanRights #FreedomHouse #Corruption #Surveillance #Privacy #CentralBanks #CivilLiberties
Question: Given the potential for increased surveillance and corruption through a Central Bank Digital Currency in a country like 🇱🇰Sri Lanka, do the potential benefits of a CBDC outweigh these risks? How could regulations and measures be set in place to mitigate these concerns without squashing the innovation and benefits offered by a CBDC? We'd love to hear 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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