⚠️ 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:
🇨🇳 's CBDC Development Raises Human Rights, Financial Privacy and Sovereignty Concerns Amid Increasing Adoption.
✅ Despite being in 'pilot phase', 🇨🇳's CBDC is largely accessible to the public compared to other nations testing their digital currencies in closed environments.
✅ The People's Bank of China (PBOC) has been developing the Digital Currency Electronic Payment (DC/EP) since 2014, making it one of the longest-running CBDC researches globally.
✅ The CBDC pilot was public in 2020 in 4 cities, and the access was through a lottery system, allowing selected citizens to spend money within a time limit. By the end of 2021, the pilot had 261 million users.
✅ On March 31, 2022, PBOC expanded the pilot to additional cities, with promotions for adoption. However, a former PBOC research director reported low, inactive usage in December 2022.
✅ Use of the CBDC is through a mobile app but individual access is restricted based on the personal details provided.
✅ PBOC has a CBDC project with the Bank for International Settlements, aiming to fix inefficiencies in cross-border payments while maintaining currency sovereignty and monetary stability.
✅ PBOC official Mu Changchun said protecting currency sovereignty and legal status was among the motivations for advancing CBDC, possibly as a response to cryptocurrency's rise, culminating with a ban on crypto trading and mining.
✅ Major human rights and civil liberties abuses in 🇨🇳 are concerns, and the use of CBDC for financial surveillance or financial controls could potentially amplify these issues.
✅ Financial transactions could reveal personal details, therefore a risk to privacy. A CBDC could make things worse by providing greater financial surveillance and control to the government.
#China #CBDC #HumanRights #FinancialPrivacy #CurrencySovereignty
📣Thought Starter: What measures can be taken to ensure the concept of CBDC does not become a tool for infringing human rights and financial privacy? We welcome your insights!
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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