⚠️ HRF CBDC ⛓️🪙 alert from HRF for Russian Federation (12-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-08-15
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.69%
One-sentence summary:
🇷🇺Russia's roll out of Central Bank Digital Currency faces human rights concerns, amid promises of benefits such as access, security, and improved customer service, the development continues to raise alarm due to rampant corruption and oppression of dissent.
Topics:
✅ The Bank of 🇷🇺Russia has launched a pilot of a Central Bank Digital Currency as of August 15, 2023, with public participation similar to models in China and India.
✅ The pilot currently involves 13 banks and approximately 600 of their clients with an additional 17 banks expected to join.
✅ Although pitched as a tool to provide access, ensure uniform rates, enable offline use, offer security and improve customer service, the actual use of the digital ruble is severely restricted according to Anatoly Aksakov, chair of the Duna Committee of the Financial Market.
✅ If the pilot goes well, the digital ruble will be issued to the public in early 2025, according to Bank of Russia's first deputy governor Olga Skorobogatova.
✅ 🇷🇺Russia's corrupt and oppressive regime casts a shadow on the promise of the CBDC, as the government's lack of accountability opens the risk of the CBDC being used for political favoritism, fundraising, and control over the financial activities of citizens.
✅ A potential abuse could involve freezing and seizing of assets from political dissidents, a tactic often used by governments to stifle opposition.
Hashtags:
#HumanRights #CBDC #FinancialFreedom #GovernmentControl #DigitalCurrency
Question:
Considering the scenario in 🇷🇺Russia, how can the global community counteract the potential use of Central Bank Digital Currencies (CBDCs) as tools for government surveillance and control, especially in regimes known for oppressing dissent and violating human rights? Let's share thoughts and solutions.
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