⚠️ HRF CBDC ⛓️🪙 alert from HRF for Solomon Islands (13-DEC-2023)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 5.52%
One-Sentence Summary:
The Solomon Islands🇸🇧 is launching its Central Bank Digital Currency (CBDC), Bokolo Cash, despite persistent corruption issues that could be worsened by increased financial surveillance through the new CBDC.
✅On November 28, 2023, Central Bank of Solomon Islands revealed it's in the launch phase of its CBDC called Bokolo Cash, which is in collaboration with the company Soramitsu and funded by Japan.
✅Governor Luke Forau’s primary motive for CBDC is improving access to, and use of, financial services but he also hopes to substitute cash with this CBDC in the country.
✅Soramitsu, the company developing the CBDC, reported that Bokolo Cash is constructed on a permissioned blockchain network and will undergo rigorous KYC identity verification.
✅However, as per Freedom House and the U.S State Department, the Solomon Islands struggle with persistent corruption issues, which could exacerbate with the introduction of CBDC.
✅CBDCs may pose major concerns due to the country's pervasive corruption, which could lead to political favoritism through subsidies, price controls, or other targeted restrictions.
#CBDC #SolomonIslands #HumanRights #FinancialInclusion #Blockchain #Corruption
Q: What actions or safeguards should be put in place in countries with corruption issues, like the Solomon Islands, before implementing CBDCs to ensure they support financial inclusion without increasing financial surveillance and corruption?
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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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United States (14-DEC-2023)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8%
One-Sentence Summary:
The U.S. Federal Reserve's initiatives and explorations of Central Bank Digital Currencies (CBDCs) move ahead amidst concerns over financial privacy intrusion and potential abuse of civil asset forfeiture.
✅🇺🇸 is currently piloting CBDC initiatives led by its Federal Reserve with several studies and experiments such as Project Hamilton and Project Cedar.
✅ The Federal Reserve is exploring technologies imperative to digital currencies and payment innovations in their Technology Lab (TechLab).
✅ Unfortunately, there's uncertainty surrounding the Federal Reserve's legal power to introduce a retail CBDC, with differing stances on other forms of CBDCs.
✅ Despite a high freedom score, issues such as overarching financial surveillance and civil asset forfeiture are prevalent in the U.S.
✅ Regrettably, a CBDC could further exacerbate these issues eroding the financial privacy of citizens given current rights don't extend to financial privacy.
✅ In 2022 alone, over 26 million reports on customer activity were submitted to the government by financial institutions.
✅ With CBDCs, surveillance would be eased as financial records would defaultly be on government databases.
✅ Civil asset forfeiture, known as legal theft by some, could also be worsened by CBDCs, presenting more ways for law enforcement to monitor people's finances.
Hashtags:
#FinancialPrivacy #HumanRights #FederalReserve #CBDC #CentralBankDigitalCurrency
Question:
Do you believe the introduction of CBDCs and increased surveillance could pose a serious threat to individuals' financial privacy, and how could this impact the general acceptance of digital currencies in the long run? How can the design of CBDCs balance the need for accountability and control while preserving their citizens' right to financial privacy?
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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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Ecuador (16-DEC-2023)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 3.47%
One-Sentence Summary:
Despite a prior attempt, Ecuador is in the research phase for Central Bank Digital Currencies amidst concerns of corruption and widespread mistrust.
✅ 🇪🇨 is in the research phase for Central Bank Digital Currencies (CBDC).
✅ The previous attempt with a similar system, launched by the Banco Central del Ecuador in 2014, was shut down in 2018.
✅ The first phase of the project in 2014 involved a mobile payment system, “sistema de dinero electrónico”.
✅ The system, based on the U.S dollar, is debated as whether it's a true CBDC since it's more like a payment system rather than an independent form of money.
✅ The second phase rolled out in 2015, it involved processing transactions, receipts, and bank transfers while the third phase allowed citizens to pay utility bills and taxes.
✅ Public trust in the system started to fade in 2016, as the government and central bank faced criticisms over excessive monetary policy and an inability to safeguard users' funds.
✅ The system was decommissioned in 2018 after a legislation passed by Ecuador’s National Assembly. At its peak, it had 500,000 users, yet 71 percent of the accounts remained unused.
✅ 2023 Freedom in the World report scored Ecuador at 70 out of 100, highlighting the prevalence of corruption and its potential impact on a new CBDC system.
✅ According to Freedom House, weak judiciary and lack of investigative capacity contribute to Ecuador's expanded corruption costs reaching an estimated $68 billion between 2007 and 2019.
#Ecuador #CBDC #BancoCentralDelEcuador #CentralBank #DigitalCurrency #MonetaryPolicy #FreedomHouse
As Ecuador ponders another CBDC attempt, is wider public participation and transparency key to building trust in such systems? How can it ensure that a new CBDC system cannot be exploited for corruption or political favoritism?
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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⚠️ We interupt our regular programming to bring you this important news bulletin ⚠️
THIS IS NOT AI-GENERATED
Just 10 hours ago, the Bank of International Settlements published a video about their CBDC research project called Tourbillon. It talks about it in 3 areas. See my quick summary below. Last point is a bit spicy 🌶️
🔎 Privacy
"Retail CBDC preserves privacy at the same level of cash payments. Central bank, commercial banks do not receive any data when payment is made, but receipt of the payment is auditable, mitigates _illicit_ activites."
🔐 Security
"Their CBDC can be protected against counterfeiting, and such acts can be quickly detected"
🌐 Scalability
David Chaum betrays humanity to bring cypher punk tech to greedy fuckers who steal and erode our livelihoods by bringing them on a plate two cryptographic tools: Blind Signatures and Mixnets
Watch it here: https://www.youtube.com/watch?v=F78XSiUVVsI
nostr:npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
⚠️ HRF CBDC ⛓️🪙 alert from HRF for Ukraine (28-NOV-2023)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 20.18%
One-Sentence Summary:
The National Bank of Ukraine is at the pilot phase of developing a CBDC, colloquially known as the e-hyrvnia, aiming to enhance economic security and achieve a cashless economy, despite ongoing military tension.
✅ Flagging Ukraine as a pioneer, the National Bank of 🇺🇦 is advancing from a research phase into a pilot program for the development of a Central Bank Digital Currency, dubbed "e-hyrvnia".
✅ As per the National Bank of 🇺🇦, the e-hyrvnia will supplement traditional forms of money, and could potentially fortify Ukraine's economic security, asserting monetary sovereignty and price and financial stability, ultimately promoting economic growth.
✅ The journey towards CBDC in 🇺🇦 started in 2016, with the launching of a pilot program of the "Electronic Hryvnia platform" in 2018 to test transactions that included creating wallets, installing mobile apps, making transfers, among other features - though there were no definitive advantages to the initiative.
✅ In 2021, the government of 🇺🇦 joined hands with the Stellar Development Foundation to foster the development of a CBDC and transition towards a cashless society, with the possibility of paying salaries in e-hyrvnia being mooted.
✅ Announced in 2022, the National Bank of 🇺🇦 is working on the CBDC for potential usage in retail non-cash payments, circulation of virtual assets, and cross-border payments, with the legislations expected to be rolled out in 2024 as indicated by the deputy prime minister in 2023.
✅ However, the escalating military crisis with Russia makes it challenging to assess 🇺🇦's human rights and civil liberties situation at the moment.
#CBDCs #DecentralizedFinance #UkraineCBDC #EconomicSecurity #CashlessEconomy
What are your thoughts on Ukraine's ambitious initiative to advance towards a CBDC amidst political tensions? Do you think digital currencies can bolster economic security and contribute to a future cashless society or could they lead to further complexities and challenges?
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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⚠️ HRF CBDC ⛓️🪙 alert from HRF for South Korea (26-NOV-2023)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.09%
One-Sentence Summary:
The Bank of Korea's plan for a Central Bank Digital Currency (CBDC) raises concerns due to South Korea's known issues with government corruption.
Paragraph Analysis:
✅ The Bank of Korea 🇰🇷 is in the experimental stages of creating a Central Bank Digital Currency.
✅ They are testing different models and planning a large-scale pilot involving 100,000 citizens in 2024.
✅ Concerns are raised as South Korea's Freedom score in 2023 was 83 out of 100, with notable issues regarding government corruption.
✅ The U.S. Department of State reports instances of corruption within the South Korean government, which could potentially undermine the governance of a CBDC.
✅ The risk of CBDCs in a corrupt environment could lead to unkept promises of limiting surveillance and control, or instigate political favoritism.
Hashtags:
#CentralBankDigitalCurrency #BankofKorea #SouthKorea #GovernmentCorruption #HumanRights
Question:
Considering South Korea's 🇰🇷 history with government corruption, how might CBDCs be used to drive changes in transparency and accountability? Could this be an opportunity to challenge or increase corruption practices? 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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