⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
The Bangko Sentral ng Pilipinas continues to advance the development of a wholesale Central Bank Digital Currency (CBDC), amidst concerns of potential uses in violation of human rights and financial exclusion.
Content:
✅ Discovered in 2022, the Bangko Sentral ng Pilipinas 🇵🇭 is piloting a wholesale CBDC referred to as Project CBDCPh, testing this platform on large-value financial transactions.
✅ Governor Eli Remolona Jr., hinted at a potential official issuance of this wholesale CBDC by 2026.
✅ In 2022, former Governor Benjamin E. Diokno expressed cautious optimism regarding the efficiency of CBDCs but highlighted the inability of these digital currencies to address financial exclusion.
✅ Following the conclusion of Project CBDCPh, the Bangko Sentral ng Pilipinas introduced Project Agila in 2023, a new CBDC pilot with a host of participating financial institutions and operating on Hyperledger Fabric.
✅ Governor Remolona Jr., updated in 2024 that blockchain technology was not a fit for their plans and that the focus would remain on the wholesale CBDC, abandoning the idea of a retail CBDC.
✅ As per the Freedom House’s 2023 Freedom in the World report, the Philippines scored 58 out of 100, highlighting concerns of government restriction and corruption that could be exacerbated by the introduction of a CBDC.
✅ CBDCs could further enable government control over citizen’s finances, giving way to a potential disconnect and infringement of human rights and civil liberties.
Hashtags:
#Philippines #CBDCs #FinancialExclusion #LocalCurrency #FreedomIndex2023
Question:
As we continue to monitor the evolution of CBDCs in the Philippines🇵🇭, what are your thoughts on how these digital currencies could either help or harm financial inclusivity and human rights in the country?
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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