⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 15.1%

One-Sentence Summary:

Ongoing CBDC research in 🇨🇿 draws attention to the potential implications for anonymity and corruption in a largely free, yet politically tainted nation, according to the Human Rights Foundation.

- ✅ The potential development of CBDCs in 🇨🇿is still in its research phase, as per Vojtěch Benda, Member of the National Bank board.

- ✅ His vision for CBDCs mirrors the anonymity and transactional invisibility of cash, but this approach is not finalized yet.

- ✅ Another board member, Tomas Holub, doubts whether the authority to control a CBDC will be vested in the Central Bank by politicians.

- ✅ Concerns about operational modalities of CBDCs, especially regarding anonymity in the light of anti-money laundering requirements, were raised.

- ✅ 🇨🇿 has an impressive freedom score of 92/100 according to Freedom House’s 2023 report, but struggles with corruption issues.

- ✅ The potential role of a CBDC in exacerbating corruption in 🇨🇿 remains questionable as the proposed CBDC would be issued by a supranational body - the European Central Bank.

- ✅ Corruption in 🇨🇿 politics, including bribery, subsidies, and politically biased investigations, throws a wrench into the prospects of promising secure and fair CBDC transactions.

- ✅ Possible implications of CBDC policy manipulation to exert political favoritism is a concern in the backdrop of prevalent corruption.

- ✅ Further information can be sought from reports by reputable global organizations or through the methodology page providing data sources.

#CBDC #HumanRights #CentralBankDigitalCurrency #Corruption #CzechRepublic #DigitalCash #Anonymity

What are your thoughts on CBDC adoption in politically free yet corruption-prone nations like 🇨🇿? Do you think supranational control can mitigate the risks of surveillance, control and corruption in such cases? Let's discuss!

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Croatia (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 10.78%

One-Sentence Summary:

Croatia 🇭🇷 considers Central Bank Digital Currencies (CBDCs) but weighs risks versus benefits amidst existing corruption issues.

✅ The Croatian National Bank is researching CBDCs and evaluating its potential benefits and drawbacks in the country's economic and monetary context.

✅ Despite an 84/100 score in the 2023 Freedom in the World report, corruption issues could be exacerbated by the implementation of a CBDC in Croatia.

✅ However, a potential 'digital kuna' would be under the purview of the European Central Bank, raising questions about the Croatian government's direct influence over the potential CBDC.

✅ Persistent corruption, including nepotism, bribery, fraud, and patronage, is concerning in the utilization of CBDCs, as it could result in manipulation of monetary terms and privacy infringement.

✅ Related reports by Amnesty International, Freedom House, the Human Rights Watch and others provide further explanation on human rights concerns related to CBDC usage.

#Croatia #CBDC #HumanRights #EconomicJustice

Question:

Considering the known risks and weighing them against the potential benefits, what checks and balances need to be in place to ensure that the adoption of CBDCs doesn't amplify existing corruption issues in countries like Croatia? We're keen to hear your thoughts!

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 15.1%

One-Sentence Summary:

Czech National Bank explores potential for Central Bank Digital Currency (CBDC) while grappling with corruption issues.

✅🇨🇿 is conducting research into a Central Bank Digital Currency (CBDC), as disclosed by Vojtěch Benda, a member of the Czech National Bank board.

✅Despite existing plans, no formalized concepts for the CBDC exist yet, with uncertainties surrounding its operation, particularly on the issue of anonymity given anti-money laundering requirements.

✅🇨🇿 scores a relatively high 92 out of 100 according to Freedom House’s 2023 report, but grapples with ongoing corruption issues, which might get exacerbated with CBDC introduction.

✅The control of the proposed CBDC will not directly fall under Czech government - it would be provided by the European Central Bank, corresponding to the European Union.

✅Corruption, taking forms like bribery and politically targeted investigations, casts doubts on any government promises limiting CBDC-related surveillance, control, or other risks, thereby, questioning potential biases in CBDC policies.

#CentralBankDigitalCurrency #CzechRepublic #Corruption #FinancialFreedom #CzechNationalBank

Can the introduction of a CBDC in the Czech Republic serve as a tool to combat corruption or will it worsen the issue? We would love to hear your thoughts!

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Croatia (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 10.78%

One-Sentence Summary:

"Croatia shows caution towards Central Bank Digital Currencies (CBDCs), citing cost, risk, and potential misuse due to corruption, despite ongoing research by the Croatian National Bank."

✅ Croatia's National Bank is researching Central Bank Digital Currencies (CBDCs), but feels the cost, risks and benefits are unclear. 🇭🇷

✅ Croatia's use of cash and current monetary system makes launching of a digital kuna neither economically nor strategically justified.

✅ Despite scoring 84 on Freedom House's 2023 Freedom report, corruption remains an issue in Croatia.

✅ Any potential Croatian CBDC would be provided by the European Central Bank, yet concerns exist over the government's potential misuse due to corruption.

✅ Corruption calls into question any government promises made to limit surveillance, control, or other risks associated with CBDCs.

#Croatia #CBDC #DigitalCurrency #EuropeanCentralBank #Corruption #FinancialFreedom

Question:

Do you think the potential benefits of CBDCs would outweigh the risks of increased corruption and government control in countries like Croatia, or could it exacerbate existing issues? How can these issues be mitigated while still embracing digital currency technology?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 15.1%

One-Sentence Summary:

The Czech Republic's Central Bank Digital Currency (CBDC) development has potential issues due to potential anonymity and corruption concerns.

✅ The Czech Republic, represented by 🇨🇿, is in the research phase of developing a Central Bank Digital Currency (CBDC).

✅ Central Bank member, Vojtěch Benda, suggests a model that mimics the functionality of cash—delivered through a mobile wallet and offering anonymous transactions, though this concept is yet to be formalized.

✅ Tomas Holub, another board member, doubts the political will to entrust them with this authority and questions the practicability of CBDC operations under anti-money laundering requirements.

✅ Despite scoring 92 out of 100 in the 2023 Freedom in the World report by Freedom House, 🇨🇿 experiences corruption issues.

✅ Speculations rise that the adoption of a CBDC might worsen the corruption predicament, though the government's direct abuse risk is questionable since the European Central Bank is expected to provide the CBDC.

✅ Pervasive political corruption, including bribery, subsidies, and biased investigations, contradicts promises for surveillance, control, or other risk limitations and arouses doubts about potential political favoritism possibilities.

✅ Among those voicing concerns about potential civil liberty violations and human rights concerns with CBDCs are Amnesty International, Financial Tyranny Index, Freedom House, Privacy International, and U.S Department of State.

✅ To understand the risk of CBDCs, the CATO Institute offers in-depth insights in two of its publications—"The Risks of CBDCs” and “Central Bank Digital Currency: Assessing the Risks and Dispelling the Myths.”

#CzechRepublic #HumanRights #FinancialFreedom #CBDC #FinancialSurveillance #Transparency

How could the Czech Republic ensure transparent and robust CBDC operations while maintaining democratic principles and fighting corruption?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Croatia (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 10.78%

One-Sentence Summary:

"Croatia's Central Bank Digital Currency (CBDC) plans unsettled by corruption and freedom concerns, with the cost-benefit still up in the air, according to a report by the Croatian National Bank and the Human Rights Foundation."

Content Analysis:

✅ The Croatian National Bank 🇭🇷 reveals their uncertainty regarding CBDCs, citing numerous unresolved queries and the country's persistent dependence on cash transactions.

✅ Freedom House's 2023 report indicates a relatively high score of 84/100 for Croatia but reveals prevalent corruption could render the adoption of a CBDC problematic.

✅ The Croatian Government's opportunity for CBDC misuse is arguable as any CBDC implemented would be under the control of the European Central Bank (ECB).

✅ Freedom House highlights the persistence of official corruption, such as nepotism, bribery, fraud, and patronage, in Croatia, escalating concerns over the uninterrupted usage of CBDCs in the face of governmental promises regarding decentralization and control.

✅ Concerns about human rights violations and encroachment on civil liberties are elaborated upon in reports by Amnesty International, Financial Tyranny Index, Human Rights Watch, Privacy International, and the US Department of State.

✅ For comprehensive insights into the perils of CBDCs, refer to webpages and reports by the Cato Institute, analyzing risks and debunking myths.

Hashtags:

#Croatia, #CBDC, #CentralBankDigitalCurrency, #HumanRights, #FreedomHouse, #Corruption, #FinancialSecurity, #ECB, #CentralBank, #HumanRightsFoundation, #AmnestyInternational, #HumanRightsWatch, #PrivacyInternational, #FinancialTyrannyIndex

Question:

Considering the potential impact of CBDCs on economic and political landscapes, do you believe nations grappling with concerns over corruption and surveillance like Croatia 🇭🇷 should adopt this digital currency form? How could these nations ensure accountability, transparency, and protection of citizen rights in this context? Let's talk about it.

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 15.1%

One-Sentence Summary:

Czech Republic's Central Bank Digital Currency development grappling with corruption concerns and operational dilemmas.

✅ The Czech Republic 🇨🇿 is exploring the implementation of Central Bank Digital Currencies (CBDCs), but the scheme lacks a formalized concept.

✅ Board members Vojtnch Benda and Tomas Holub of the Czech National Bank express doubts about the willingness of politicians to entrust them with CBDC responsibilities and challenge the feasibility of anonymous CBDC transactions given the anti-money laundering requirements.

✅ Despite securing a 92 out of 100 score on Freedom House's Freedom in World Report 2023, the Czech Republic 🇨🇿 grapples with corruption issues, a problem that might get amplified with the implementation of a CBDC.

✅ It's complicated to predict the Czech government’s potential misuse of CBDCs since the currency would essentially be under the jurisdiction of the European Central Bank (representing the European Union 🇪🇺).

✅ According to Freedom House, corruption seeping into Czech politics takes forms such as bribery, subsidies, and politically charged investigations, which poses a massive red flag for the introduction of CBDCs in the country.

✅ There are concerns that the existence of corruption might influence the design and policies of CBDCs favoring political nepotism through strategic subsidies, price controls, and specific restrictions.

#CzechRepublic #CentralBankDigitalCurrency #Corruption #Politics #EconomicFreedom #FinancialSurveillance

As cryptocurrency enthusiasts committed to financial freedom and privacy, how do you feel about the potential of corruption influencing the implementation and use of Central Bank Digital Currencies, especially in a scenario like that of the Czech Republic 🇨🇿?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Croatia (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 10.78%

One-Sentence Summary:

Croatian National Bank's report highlights risks and costs weighing over potential benefits of launching a Central Bank Digital Currency in 🇭🇷 due to current monetary conditions and concerns about corruption.

✅ The Croatian National Bank is still researching the possibility of launching a Central Bank Digital Currency (CBDC), a digital kuna, due to potential costs, risks, and the prevailing dependence on cash in 🇭🇷.

✅ In the 2023 Freedom in the World report, 🇭🇷 scored 84 out of 100, indicating issues with corruption despite the high freedom score.

✅ There are concerns that adoption of a CBDC could amplify corruption problems in 🇭🇷 although the European Central Bank would provide the CBDC.

✅ Freedom House notes that 🇭🇷 continues to grapple with official corruption including bribery, nepotism, fraud, and patronage.

✅ The corruption level in 🇭🇷 risks undermining any government promises on CBCD surveillance controls and potentially tilts CBDC policies towards political favoritism.

✅ Several organizations such as Amnesty International, Freedom House, Human Rights Watch etc. provide further information on human rights concerns and violations in 🇭🇷.

✅ The Cato Institute offers in-depth research on the inherent risks of CBDCs.

#CroatiaCBDC #CurrencyDigitalization #CorruptionConcerns #FinancialFreedom

What are your thoughts on these risks accompanying the creation of CBDCs in 🇭🇷? How might officials adequately address corruption and ensure the maintenance of financial freedom in the country?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 15.1%

One-Sentence Summary:

The Human Rights Foundation argues that Central Bank Digital Currencies (CBDCs) still face numerous practical and ethical issues, using the case of the Czech Republic, which is currently in the research phase of a possible CBDC, to highlight potential pitfalls and complicating factors such as corruption.

1.

✅ The 🇨🇿 Czech Republic is exploring the development of a CBDC.

✅ Czech National Bank board member Vojtěch Benda envisions a version similar to cash that, ideally, would remain anonymous.

✅ Another board member, Tomas Holub, questions if the political will exists to develop a CBDC.

2.

✅ Despite a high Freedom score, the Czech Republic grapples with corruption.

✅ This raises concerns if a CBDC might exacerbate this issue, even if the European Central Bank would administer it.

3.

✅ Widespread corruption in the Czech Republic has potential to undermine potential benefits of a CBDC.

✅ This corruption can also cause skepticism regarding any pledge to limit surveillance or control connected to a CBDC.

4.

✅ The Human Rights Foundation refers to reports by organizations such as Amnesty International and the U.S. Department of State for further information on potential violations of human rights and civil liberties.

5.

✅ For further details on the potential risks posed by CBDCs, they recommend reports by the Cato Institute.

#HumanRights #CzechRepublic #CBDC #DigitalCurrency #Finance #Banking

Do you think that CBDCs should be pursued amid potential risks, such as corruption, surveillance, and control, especially in countries grappling with these issues? Your thoughts are crucial as we continue to navigate the complex landscape of digital currencies.

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Croatia (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 10.78%

One-Sentence Summary:

Croatia's National Bank questions the economic and strategic justification of Central Bank Digital Currencies (CBDCs) amid potential corruption risks.

✅ The Croatian National Bank's report states the introduction of a CBDC, or digital kuna, is not currently justified due to concerns about costs, risks, and questions open for exploration. 🇭🇷

✅ Croatia scores 84 out of 100 in Freedom House's 2023 Freedom report, which indicates significant freedom but the country struggles with corruption issues that could worsen with the adoption of CBDCs. 🇭🇷

✅ Corruption, including bribery, fraud, and nepotism, stands as a key issue, casting doubt on government promises to limit CBDC-related surveillance and control risks. 🤝🔍

✅ Reference reports from Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. State Department provide further insights into human rights and civil freedom violations. 🌍📘

✅ To understand the risks of CBDCs, one could turn to resources from the Cato Institute, which has detailed examinations and myth-busting materials on the subject. 🏦💼

#CentralBanking #HumanRights #CBDCs #FinancialFreedom #Croatia

Ending thought to our community: With corruption posing a significant challenge in countries like Croatia, how can Central Bank Digital Currencies be designed and implemented in a way that safeguards against potential abuses while promoting economic progression? Join the conversation below!

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 15.1%

One-Sentence Summary:

🇨🇿 is exploring the development of Central Bank Digital Currencies (CBDCs), amidst concerns over lack of anonymity and potential for corruption.

✅ The 🇨🇿 is investigating potential development of CBDCs, with some officials expressing ambiguity regarding the anonymity and operation of the digital currency.

✅ Despite scoring high in freedom indexes, 🇨🇿 faces issues with corruption, which might pose challenges to the introduction of CBDCs.

✅ Existing corruption and political favoritism are major concerns, as they might manipulate the surveillance and control of CBDCs to exert political influence.

✅ Several human rights organizations including Amnesty International, Financial Tyranny Index, and more have resources for those interested in understanding the impact of CBDCs on civil liberties and human rights.

✅ Detailed methodology and data sources for the analysis can be accessed on the methodology page.

#CzechRepublic #CBDCDevelopment #CorruptionConcerns

What are your thoughts on the possible implications of CBDCs for corruption and privacy in economies with existing corruption issues like 🇨🇿?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Croatia (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 10.78%

One-Sentence Summary:

Despite being in research phase, Croatian National Bank's report questions the viability and justification of initiating a Central Bank Digital Currency (CBDC), citing costs, risks, and the country's existing monetary system.

✅ The Croatian National Bank is presently researching CBDCs, however, they have expressed doubts about its implementation due to economic and strategic concerns.

✅ Despite scoring 84/100 in the 2023 Freedom in the World report, Croatia is plagued with corruption issues, which could potentially exacerbate with the adoption of CBDCs.

✅ It's uncertain whether the government of 🇭🇷 could misuse a CBDC, as any such currency would likely be supplied by the European Central Bank on behalf of the European Union.

✅ Persisting issues of official corruption such as nepotism, bribery and fraud raise concerns about the promises of limiting surveillance, control, and other risks associated with CBDCs.

✅ Ample resources are referenced for more detailed information on human rights violations, civil liberties, CBDC risks and metrics methodology.

#CentralBankDigitalCurrency #CBDCResearch #CroatianNationalBank #FreedomReport #Corruption

Do you believe the perceived risks and potential misuse associated with CBDCs can be sufficiently addressed to pave the way for their adoption in countries grappling with rampant corruption like 🇭🇷?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 15.1%

One-Sentence Summary:

The Czech Republic's Central Bank explores the development of its own Central Bank Digital Currency, but concerns are raised regarding existing political corruption and the potential misuse of the technology.

✅The Czech Republic 🇨🇿 is considering the development of a Central Bank Digital Currency (CBDC).

✅Board Member of the Czech National Bank, Vojtěch Benda, sees the proposed CBDC as comparable to anonymous cash transactions, but the precise operational functionalities remain undecided.

✅Another board member, Tomas Holub, expresses doubt about the trust politicians would place in the bank regarding managing the CBDC.

✅Czech Republic scored 92 (out of 100) in Freedom House's 2023 Freedom in the World report, despite corruption issues.

✅The potential adoption of CBDC could exacerbate corruption, but the extent of government abuse is uncertain due to the expected provision of CBDC by the European Central Bank.

✅According to Freedom House, corruption exists in the form of bribery, subsidies, and politically motivated investigations, raising questions about potential surveillance and control risks with CBDCs.

✅Reports from global entities like Amnesty International, Freedom House, and the U.S. Department of State offer insights into potential civil liberties and human rights violation with regard to CBDCs.

#CBDC #CzechNationalBank #FreedomHouse #Corruption #HumanRights

What safeguards should be put in place to prevent the misuse of CBDCs in countries grappling with issues of political corruption?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Croatia (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 10.78%

One-Sentence Summary:

Despite the ongoing research by the Croatian National Bank on Central Bank Digital Currencies (CBDCs), the potential for corruption and concerns over freedom make the introduction of a CBDC currently unjustified.

✅ Croatia 🇭🇷 researches the prospect of CBDCs: The Croatian National Bank assesses the potential of a digital kuna, emphasizing concerns about the substantial costs, risks, and unanswered questions surrounding its development.

✅ Freedom House's 2023 report ranks Croatia with a decent 84 out of 100, yet deep-seated corruption remains a critical issue: The introduction of a CBDC could exacerbate this issue.

✅ The Eurocentric control over potential CBDCs in Croatia offers limited room for corruption – the European Central Bank, representing the European Union, would provide the digital currency.

✅ Nevertheless, the persistence of official corruption (nepotism, bribery, fraud, patronage) as stated by Freedom House, raises concerns: This paints a grim picture of any potential promises made by the government regarding limited surveillance, control, or other risks related to CBDCs.

✅ Further worries surface that the corrupted system might misuse CBDC policies for political favoritism, for instance through subsidies, price controls, or accumulation of targeted restrictions.

✅ Numerous reputed organizations such as Amnesty International, Human Rights Watch and the Cato Institute provide valuable insight about civil liberties and CBDC risks.

#Croatia #CBDCs #HumanRights #FreedomHouse #Corruption #CentralBank #DigitalCurrency

As bitcoin enthusiasts and advocates of freedom, do you believe that CBDCs can successfully overcome the persistent corruption and uphold citizens' rights in developing countries like Croatia?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 15.1%

One-Sentence Summary:

Czech Republic's development of a Central Bank Digital Currency (CBDC) under potential corruption calls into question intended government surveillance, control, and risk limitations.

✅ The 🇨🇿 is in the research stage of developing a CBDC, proposing a mobile wallet operation but lacking a formalized plan or clarity on function and anonymity.

✅ Vojtěch Benda and Tomas Holub of the Czech National Bank board have differing views on CBDC operations and the need for political trust.

✅ The 🇨🇿 scored relatively high on Freedom House’s 2023 Freedom in the World report, despite ongoing corruption which casts doubts on CBDC implications.

✅ The prospective 🇨🇿 CBDC would be provided by the European Central Bank, but the country's corruption could negatively affect the functionality and intended use of the CBDC.

✅ Given existing corruption in the form of bribery, politically biased investigations, and subsidies, the government's promises to limit surveillance and control with CBDCs are questionable.

✅ The abuse of CBDC policies for political favoritism becomes a potential risk alongside the already existing corruption.

#HumanRights #FinancialFreedom #GovernmentCorruption #CzechRepublic #CentralBankDigitalCurrency

What do you think the impacts could be of the proposed CBDC in the 🇨🇿 considering ongoing corruption and differing board member views? How might these factors affect the trust and adoption of such a currency by its citizens?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Croatia (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 10.78%

One-Sentence Summary:

Croatia is exploring Central Bank Digital Currencies (CBDCs), yet concerns around costs, risks, and the nation's corruption levels suggest it might not be the right time for digital Kuna implementation.

✅ Croatia's🇭🇷 National Bank acknowledges that the country is not yet ready for a CBDC given the potential costs and risks, and the prominence of cash in the economy.

✅ Despite scoring 84/100 in the Freedom House's 2023 Freedom report, corruption in Croatia raises concerns about the implications of a CBDC's adoption.

✅ The proposed CBDC would be issued by the European Central Bank, thus limiting the Croatian government's potential misuse, but the implications are still debatable.

✅ Freedom House points to persistent corruption including nepotism, bribery, fraud, and patronage in Croatia, which could question the government's promises on limiting CBDC-related surveillance and control.

✅ Further concerns involve fears of the government using CBDC policies for political favoritism via subsidies, price controls, or targeted restrictions.

Hashtags:

#CBDCs #Croatia #HumanRights #FinancialFreedom #CentralBanks

Question:

Do you believe the adoption of a CBDC in a country with corruption issues like Croatia could potentially exacerbate these problems or could it possibly contribute to an enhanced system of transparency and accountability?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 15.1%

One-Sentence Summary:

"Czech Republic 🇨🇿 Explores CBDC, Yet Concerns of Corruption and Surveillance Loom Large"

✅ The Czech Republic 🇨🇿 is investigating the potential use of Central Bank Digital Currencies (CBDCs) but has not yet formalized a concept.

✅ Statements from the board members of the Czech National Bank reflect differing views on the implementation and operation of CBDCs.

✅ The country, while scoring high on the Freedom in the World report, still struggles with corruption that could potentially be worsened by the adoption of a CBDC.

✅ Despite the potential for misuse and corruption, the extent to which the Czech government could misuse a CBDC is up for debate given the potential oversight from the European Central Bank.

✅ Freedom House highlights worrying levels of corruption in Czech politics, including bribery and politically motivated investigations, which raises concerns over potential misuse of CBDCs.

✅ A range of organizations can provide further reports on risks and violations associated with CBDCs, human rights, and civil liberties.

#CzechRepublic #CBDCs #HumanRights #Corruption #Surveillance #FreedomHouse #EuropeanCentralBank

Discussion:

What measures would you suggest to ensure transparency, accountability, and privacy in the potential implementation of a CBDC in places caught in the balance of technological benefits and systemic corruption, like the Czech Republic?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Croatia (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 10.78%

One-Sentence Summary:

Croatia ponders over CBDC implementation as it grapples with corruption issues amidst open questions about the benefit-cost ratio of a digital kuna.

✅ Croatian Central Bank's report expresses apprehension about whether the potential advantages of introducing a CBDC ⛓️ outweigh the risks and expenses.

✅ The role cash currently plays in Croatia’s monetary system and economical and strategic justifications are barriers to CBDC launch.

✅ Scoring an 84 out of 100 on Freedom House's 2023 🌍 Freedom in the World report, Croatia struggles with corruption issues, raising concerns over CBDC adoption.

✅ Although the CBDC would be provided by the European Central Bank, implications regarding corruption persist.

✅ Issues such as nepotism, bribery, and fraud remain rampant, driving concerns about potential government misuse of CBDCs.

✅ The culture of corruption also raises doubts about whether CBDC policies would birth subtler forms of corruption such as political favoritism.

#HumanRights #CentralBankDigitalCurrency #Croatia #FreedomHouse #Corruption #EuropeanCentralBank

Question: Given the prevailing corruption in Croatia🇭🇷, do you think the introduction of a Central Bank Digital Currency could be a stepping stone towards transparency or would it exacerbate the existing issues? Can the European Central Bank's provision of the CBDC assure a check and balance on its potential misuse?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Czech Republic (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 15.1%

One-Sentence Summary:

Amid concerns about political corruption, the Czech Republic contemplates the adoption of Central Bank Digital Currencies (CBDCs), triggering debates on privacy, control and the potential misuse of the digital currency.

✅ The Czech Republic🇨🇿 is exploring the concept of Central Bank Digital Currencies (CBDCs), but has not formalized plans as yet.

✅ High-ranking officials at the Czech National Bank express mixed views on how CBDCs should function and whether politicians are ready to trust them with this new authority.

✅ Vojtěch Benda visualizes a mobile wallet scenario but Tomas Holub brings up potential complications with anonymity due to anti-money laundering regulations.

✅ The Czech Republic🇨🇿 scored 92/100 on the Freedom House’s 2023 Freedom in the World report but corruption still remains an issue.

✅ The introduction of a CBDC in the country sparks debates regarding its potential misuse given past corruption scandals.

✅ The European Central Bank, representing the EU, would be providing the CBDC, complicating the direct control and misuse by the Czech government.

✅ Freedom House indicates that ongoing corruption in Czech politics could potentially affect promises made about limiting surveillance and control of CBDCs.

✅ The presence of corruption raises worries about whether CBDC policies would be twisted to promote political favoritism.

✅ For detailed insights on human rights abuse and CBDC risks, refer to reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, U.S. Department of State and Cato Institute.

#CBDC #CentralBankDigitalCurrency #CzechRepublic #HumanRights #Corruption #FinancialFreedom #DigitalCurrencyDebate

As we ponder upon the potential introduction of CBCDs in the Czech Republic🇨🇿, what measures could be put in place to ensure that such digital currencies aren't manipulated to serve political interests? Your thoughts?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Croatia (29-DEC-2023)

🗝️ℹ️ (Key Information)

CBDC Status: Research

CBDC Launch: n/a

CBDC Model: n/a

CBDC Issued: n/a

Inflation Rate: 10.78%

One-Sentence Summary:

Croatia's potential adoption of Central Bank Digital Currencies (CBDCs) is mired by concerns over corruption, despite lack of economic or strategic justification.

✅ Croatia 🇭🇷 is assessing the viability of a Central Bank Digital Currency, but the Croatian National Bank questions the benefits versus the costs and risks.

✅ Due to Croatia's monetary system and the significant use of cash in the country, the implementation of a digital kuna is not currently justified.

✅ Despite Croatia’s robust score of 84 out of 100 in Freedom House's 2023 Freedom in the World report, the country grapples with high levels of corruption.

✅ Any issuance of a CBDC, supervised by the European Central Bank, may exacerbate corruption, although the extent to which the Croatian government might abuse this is debatable.

✅ Freedom House reports reveal deep-rooted corruption, casting doubt on government's ability to limit potential surveillance, control or other CBDC-related risks, and the possibility of policies favoring political patronage.

Hashtags:

#Croatia #CBDCs #HumanRights #Corruption #FreedomHouse #EconomicDecisions

Question:

Though the Croatian National Bank weighs the viability of a CBDC against potential costs and risks, should other factors like corruption and civil liberties concerns influence this decision? What safeguards, if any, would make the adoption of CBDCs a feasible and ethical option for countries grappling with similar dilemmas? We'd love to hear your perspectives!

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