⚠️ 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:

China's progress in development of the Central Bank Digital Currency (CBDC) exacerbates human rights and civil liberties concerns amidst its potential benefits.

Content Analysis:

✅ China, marked by 🇨🇳, is advancing in the CBDC domain, with the People's Bank of China's (PBoC) ongoing public trials.

✅ The CBDC research in 🇨🇳 initiated in 2014, with the public pilot involving 261 million users by the end of 2021.

✅ Shenzhen and Suzhou are among the cities where citizens receive CBDC funds via lotteries with specific spending rules.

✅ As of March 31, 2022, PBoC further extended the CBDC trial to Tianjin, Chongqing, Guangzhou, and Fuzhou among others.

✅ The execution of CBDC remains low, with usage termed 'low' and 'highly inactive' by a former PBoC research director in December 2022.

✅ The CBDC operations in 🇨🇳 are conducted via a mobile app, with restrictions based on the amount of personal information shared.

✅ PBoC is collaborating with the Bank for International Settlements on a wholesale CBDC effort named Project mBridge.

✅ Officials see the CBDC initiative as a tool to protect 🇨🇳's currency sovereignty, curb the rise of cryptocurrency and enhance surveillance of its populace.

✅ Human rights infringement in 🇨🇳 exacerbate with the introduction of CBDC, posing concerns in the spheres of financial privacy and financial freedom.

✅ It's feared that the CBDC implementation could aggravate censorship and control over activists, journalists, and political opponents, granting the government direct control over each citizen's finances.

Hashtags:

#HumanRightsFoundation #CentralBankDigitalCurrency #FinancialPrivacy

Thought-Provoking Question:

Given the potential of CBDCs to exacerbate human rights abuse, how can international communities and organizations advocate for safer and more ethical implementation of such technology, especially in countries with a history of human rights violations like 🇨🇳?

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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