⚠️ 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 Philippines' central bank, Bangko Sentral ng Pilipinas, is piloting a wholesale CBDC to enhance stability in the payment system, despite concerns related to financial exclusion, corruption, and potential surveillance.

Topics:

✅ The Bangko Sentral ng Pilipinas in 🇵🇭 embarked on piloting a Central Bank Digital Currency (CBDC) in 2022 to enhance payment system stability.

✅ The CBDC pilot, called Project CBDCPh, focused on testing large-value transactions and is aimed at the financial institutions in the country.

✅ By 2026, the governor anticipates issuance of a wholesale CBDC.

✅ In 2022, an optimistic yet cautious stance was adopted by the then-governor Benjamin Diokno, who acknowledged that CBDCs specifically won't address financial exclusion.

✅ Post conclusion of Project CBDCPh, existing digital payment systems were deemed as better solutions.

✅ A new CBDC pilot, Project Agila, was announced in 2023 with participants announced from various financial institutions.

✅ The central bank disconfirmed using blockchain for CBDCs and will not pursue a retail CBDC.

✅ The Philippines' score in Freedom in the World report raised concerns about potential misuse of CBDCs, particularly as tools for silencing opposition and perpetuating corruption.

✅ The potential risks of CBDCs include undermining the opposition, facilitating government control over citizens' finances, and fostering political favoritism.

Hashtags:

#HumanRights #CBDC #FinancialInclusion #Philippines #MonetaryPolicy #Banking #GovernmentCorruption

Question:

What measures can be put in place to ensure the development of CBDCs in the Philippines and other similar countries respects human rights, promotes financial inclusion and counters corruption? We welcome your thoughts and perspectives. Let's discuss!

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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