⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (09-MAR-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2022-11-01

CBDC Model: Retail

CBDC Issued: n/a

Inflation Rate: 6.7%

One-Sentence Summary:

🇮🇳's Central Bank has piloted a digital currency, accruing millions of users, but concerns around human rights abuses highlight potential misuse of this technology.

Topics:

✅ In 2022, 🇮🇳's central bank initiated a wholesale CBDC pilot, which eventually evolved into a retail version, the digital rupee, involving millions of merchants and users.

✅ The idea of developing a CBDC in 🇮🇳 dates back to 2017; however, substantial action first appeared in 2021 with proposals to ban cryptocurrencies while simultaneously launching a CBDC.

✅ The Reserve Bank of India claimed the value of CBDCs in promoting non-anonymous transactions and "helicopter money" in their October 2022 report.

✅ By December 2023, the bank met the target of 1,000,000 daily CBDC transactions, but sustained achievement of this goal remains unclear due to scalability issues.

✅ In 2024, the bank announced exploration of offline CBDC transactions given that only approximately half of 🇮🇳's population access the internet.

✅ Despite framing it as a pilot project, Reserve Bank of India governor acknowledged very high usage of CBDC (4.3 million users and 4 million merchants) in 2024.

✅ Concerns revolve around potential misuse of CBDCs to target political enemies, as the government has a record of harassing government critics and limiting dissent.

Hashtags:

#HumanRights #DigitalCurrency #IndiaCBDC #FinancialFreedom #GlobalEconomy #MonetaryPolicy

Question:

Considering the unique scope of CBDC implementation in India, how might its usage and access by the population influence its impact on civil liberties and financial independence, especially considering the government's history of curtailing freedoms?

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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