⚠️ HRF CBDC ⛓️🪙 alert from HRF for Japan (26-FEB-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Pilot

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 2.5%

One-Sentence Summary:

Despite contravening the traditional idea of banking, 🇯🇵 Japan's central bank pushes forward with trials for a Central Bank Digital Currency.

🇯🇵| On the cusp of digital currency innovation

✅ The Bank of Japan has been spearheading pilot and experimental projects on CBDCs for some years now.

✅ There's a hint of a possible CBDC roll-out in 🇯🇵 by the end of 2024, according to NHK reports.

The 🇯🇵 CBDC Journey: A Timeline

✅ April 2021: Bank of Japan kicks off a proof-of-concept to explore CBDC issuance, distribution, and redemption in a controlled environment.

✅ March 2022: First phase of testing rounds up.

✅ May 2022: Findings are published, stating the bank "currently has no plans to issue central bank digital currency."

✅ April 2022: A second phase begins, allowing for exploration of "various additional functionalities."

✅ March 2023: Second phase completes, followed by a published report in May 2023.

✅ April 2023: Bank of Japan formally begins its pilot program on CBDC.

✅ January 2024: Government figures and Bank of Japan congregate to hash out legal and system design aspects for the Japanese CBDC. Aim to finalize legislation by spring of 2024.

🇯🇵| Balancing Privacy Concerns for Human Rights

✅ Japan scores well on most measures of Freedom House.

✅ Yet, the development of a CBDC raises questions about risks to financial privacy and freedom that could come knocking at Japan's door.

#Japan #CBDC #BankOfJapan #DigitalCurrency #FinancialFreedom #HumanRights #PrivacyConcerns

Thought-provoking question:

Do you think that central bank digital currencies could potentially erode financial freedom and privacy, or are they just a necessary product of technological evolution? Keen 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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