⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (25-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2022-11-01

CBDC Model: Retail

CBDC Issued: n/a

Inflation Rate: 6.7%

One-sentence summary:

India's central bank digital currency pilot gathers steam, hitting 1.46 million users and raising human rights concerns.

Topics:

✅ 🇮🇳 is currently trialling its own central bank digital currency (CBDC), known as the digital rupee.

✅ The CBDC pilot, initiated by the Reserve Bank of India in October 2022, has now expanded to reach an estimated 10% of the population, involving 1,460,000 users and 310,000 merchants.

✅ The Reserve Bank of India is outlining goals to push daily CBDC transactions up to 1 million by the end of 2023, currently sitting at around 18,000.

✅ Although CBDCs are seen as an efficient and low-cost currency management option, human rights concerns are rising fast due to the potential for government misuse.

✅ Increasing reports of harassment and repression of journalists, NGOs, and other critics in the country have raised red flags about this prospective ease of access to civilian finances.

Hashtags:

#CentralBankDigitalCurrency #HumanRights #DigitalRupee #India #FinancialFreedom #PrivacyConcerns

Question:

While technology promises efficient solutions, it also opens avenues for misuse. In the case of CBDCs like India's Digital Rupee, is the trade-off between efficiency and potential threats to human rights acceptable? Share 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)

CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3

#plebstr