⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
🇨🇳 advances towards launching a Central Bank Digital Currency (CBDC), met with human rights and privacy concerns amid stringent governmental surveillance.
✅ 🇨🇳's CBDC is no longer a pilot, as it is largely accessible to the public.
✅ The groundwork for the CBDC project, termed DC/EP, started in 2014 by the People's Bank of China.
✅ In 2020, exchange of CBDC commenced in four cities: Shenzhen, Suzhou, Xiong’an, and Chengdu.
✅ The public gained access to the CBDC via lottery spending.
✅ By 2021, the pilot had over 261 million users and 8 million merchants conducting transactions worth $13.8 billion.
✅ On March 31, 2022, the pilot was expanded to multiple cities, leading to increased adoption.
✅ However, the former research director of People’s Bank of China acknowledged the low and inactive CBDC usage.
✅ The CBDC can be used via a mobile app integrated with individual’s bank and multiple wallets, raising questions on transaction limits and privacy.
✅ The People’s Bank of China collaborates with the Bank for International Settlements on a wholesale CBDC pilot, aiming to improve cross-border payments.
✅ According to Mu Changchun, an official at the People’s Bank of China, the CBDC's motive is to protect China's currency sovereignty, in addition to increasing governmental surveillance.
✅ The US Department of State highlights human rights and civil liberties violations in China, noting the potential risk a CBDC could pose to financial privacy and freedom.
✅ The Chinese government’s financial system could worsen human rights concerns by escalating surveillance and monitoring.
✅ The possibility of CBDC enhancing financial control, leading to stricter repression against journalists and activists, is flagged.
#HumanRights #PrivacyConcerns #GovernmentSurveillance #CentralBankDigitalCurrency #DigitalCurrency
🤔 As we notice the unfolding of CBDCs in 🇨🇳, what measures can be taken to uphold privacy and rights while ensuring the streamlined use of the new digital system? Can we find the way to navigate the utilisation of CBDCs without compromising financial freedom and privacy?
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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