⚠️ HRF CBDC ⛓️🪙 alert from HRF for Anguilla (12-JAN-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2021-02-28

CBDC Model: Retail

CBDC Issued: ¤110,132

Inflation Rate: %

One-Sentence Summary:

🏝️ The Eastern Caribbean Central Bank's Central Bank Digital Currency, DCash faces consumer dissatisfaction and infrastructure issues, sparking concerns over financial privacy and freedom.

Topics:

✅ In 2021, 🏝️ launched its Central Bank Digital Currency (CBDC) called DCash which has now been deployed in all eight member countries.

✅ DCash, developed by Bitt Inc., operates on the Hyperledger Fabric and is accessible through a mobile app where users can load money by exchanging cash or transferring from a bank account.

✅ Despite the advancements, the public reviews for DCash app have been poor due to long waits for account verification and a two-month outage in 2022 causing consumer funds to freeze.

✅ This outage, due to an expired certification, has raised eyebrows and the Eastern Caribbean Currency Union now plans to hire a new contractor to redevelop its CBDC in late 2023.

✅ The rights to abuse a CBDC in Anguilla, an overseas territory of the UK represented by the Eastern Caribbean Central Bank, is under question.

✅ However, the existence of a CBDC itself can lead to risks in financial privacy and freedom.

✅ Concerns over violations of human rights, civil liberties, and risks of CBDCs can be further studied in different resources available by Amnesty International, Cato Institute, and others.

Hashtags:

#DCash #CentralBankDigitalCurrency #FinancialFreedom #DigitalCurrencyCritiques

Question:

What measures do you think CBDCs should implement to ensure financial privacy and freedom while maintaining efficiency and consumer satisfaction? Please share your thoughts.

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Antigua and Barbuda (12-JAN-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2021-02-28

CBDC Model: Retail

CBDC Issued: ¤764,096

Inflation Rate: 7.53%

One-sentence summary:

🎗️🏞️'s Central Bank Digital Currency (CBDC), DCash, experiences controversial rollout amidst user frustrations and human rights concerns.

✅ The Eastern Caribbean Central Bank introduced DCash, its CBDC, in 2021, now operating in all eight member countries, with more marketing efforts planned.

✅ DCash is accessed via a mobile app, built by Bitt Inc. on Hyperledger Fabric, and can be loaded with money by trading in physical cash or via bank transfer.

✅ Despite efforts for accessibility, user reviews on the Google Play Store and Apple App Store reveal dissatisfaction due to long verification times, with a two-month outage in 2022 causing panic as funds were frozen.

✅ The year 2023 saw the Eastern Caribbean Currency Union scouting for a new contractor to revamp its CBDC.

✅ While Human Rights reports show few concerns in 🎗️🏞️, two major areas of potential CBDC abuse exist: rampant government corruption and discrimination - especially against the LGBTQ+ population.

✅ Despite legal deterrents, corruption remains pervasive in 🎗️🏞️, raising questions about the honesty of governmental promises to limit surveillance, control, and other CBDC risks.

✅ Discrimination is predominant with laws against LGBT intimacy only being lifted in 2022; this increases fears about CBDC's being used to identify and monitor the LGBTQ+ community.

✅ Detailed reports and research from a range of institutions are available for a more comprehensive view on the human rights, civil liberties, and risks associated with CBDCs.

#HumanRights #CentralBankDigitalCurrency #DCash #Equality

As enthusiasts of freedom and transparency, what safeguards, if any, can be put in place to protect individual privacy and curb potential government misuse of Central Bank Digital Currencies like DCash in 🎗️🏞️? Your thoughts and ideas are welcome.

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Anguilla (12-JAN-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2021-02-28

CBDC Model: Retail

CBDC Issued: ¤110,132

Inflation Rate: %

One-Sentence Summary:

The Eastern Caribbean Central Bank's digital currency DCash experiences customer dissatisfaction and technical issues, leading to a search for a new contractor amidst concerns of potential future violations to financial privacy and freedom.

✅ The Eastern Caribbean Central Bank's DCash, a Central Bank Digital Currency (CBDC), is now accessible in all eight member countries since its launch in 2021, according to governor Timothy Antoine in 2023.

✅ Consumers can utilize the DCash Wallet mobile app to access this CBDC, developed by Bitt Inc. and running on Hyperledger Fabric. Users can top up their wallets by exchanging cash at designated locations or through money transfer from a bank account.

✅ However, customer frustration is evident with complaints of reviews highlighting long verification periods and a significant two-month-long outage in 2022 that resulted in consumer funds being frozen.

✅ The CBDC outage was later attributed to an expired certification, and by the end of 2023, The Eastern Caribbean Currency Union announced their search for a new prospective contractor to redevelop the CBDC.

✅ While data on human rights and civil liberties violations in Anguilla is scarce due to its status as an overseas territory of the United Kingdom, potential risks to financial privacy and freedom posed by CBDC are being recognized.

✅ For more concerns and criticisms about potential rights violations and the inherent risks of a CBDC, multiple resources like Amnesty International, Financial Tyranny Index, and others, along with reports by the Cato Institute are recommended.

#DCashFailures #CBDCrisks #DigitalCurrencyConcerns

🤔 How can user trust be regained amidst the technical shortcomings of DCash and potential risks to financial freedom posed by CBDCs' implementation? We welcome your thoughts and possible solutions.

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Antigua and Barbuda (12-JAN-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2021-02-28

CBDC Model: Retail

CBDC Issued: ¤764,096

Inflation Rate: 7.53%

One-Sentence Summary:

The central bank in the Eastern Caribbean has launched a national cryptocurrency called DCash, but faced tough criticisms for legal and technical flaws which led to it seeking a new developer.

✅ In 2021, the Eastern Caribbean Central Bank introduced 🌴DCash, a Central Bank Digital Currency (CBDC) now accessible in all eight member countries.

✅ DCash, developed by Bitt Inc., can be accessed and loaded via the DCash Wallet mobile app, either through trading cash or converting money from a bank account.

✅ Despite being introduced as a convenient financial solution, DCash received poor reviews due to a months-long verification process and a two-month outage in 2022, which left users unable to access their funds.

✅ The aforementioned outage, caused by an expired certification, has prompted the Eastern Caribbean Currency Union to seek a new contractor for CBDC's redevelopment in late 2023.

✅ Located in the Caribbean, Antigua and Barbuda host DCash. While human rights concerns are rarely raised, government corruption and discrimination towards the LGTBQ+ community are pertinent issues.

✅ Despite legal safeguards against corruption, the uneven enforcement signals a high risk that any promises made by the government regarding the CBDC's usage could be undermined.

✅ With firm anti-LGBTQ+ laws until 2022, CBDCs pose an additional risk as they could potentially be used for discriminatory surveillance of the LGBTQ+ community.

#CBDCs #DCash #EasternCaribbeanCBDC #HumanRights #CivilLiberties #GovtCorruption #LGBTQ+Rights

What are your thoughts on how CBDCs can potentially amplify the existing socio-political issues in a country? How can we incorporate safeguard measures to prevent the misuse of such digital currencies?

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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Anguilla (12-JAN-2024)

🗝️ℹ️ (Key Information)

CBDC Status: Launched

CBDC Launch: 2021-02-28

CBDC Model: Retail

CBDC Issued: ¤110,132

Inflation Rate: %

One-Sentence Summary:

Eastern Caribbean Central Bank's Digital Currency DCash, faces criticism due to technical difficulties, leading to a search for a new developer.

✅ The Eastern Caribbean Central Bank, introduced its CBDC, known as DCash, in 2021 that is now accessible in all eight member countries under its jurisdiction.

✅ Users can access DCash through a mobile app developed by Bitt Inc. and load funds in their digital wallets either by trading cash at approved outlets or by transferring funds from their bank account.

✅ However, users have voiced discontent regarding long waiting periods for account verification and were left helpless during an extended outage in 2022 that led to frozen customer funds, all due to an expired certification.

✅ Consequently in late 2023, the Eastern Caribbean Currency Union began searching for a new contractor to revamp its CBDC.

✅ Despite being an overseas territory of the United Kingdom, data concerning civil liberties and human rights issues in Anguilla is scarce, and the potential for CBDC abuse poses further risk to financial privacy and freedom.

#EasternCaribbean #CBDCs #DCash #FinancialPrivacy #HumanRights

What are your opinions on the swift rise and ongoing struggles of CBDCs like DCash, especially considering the potential risks to financial privacy and freedom?

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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 exploration of a Central Bank Digital Currency (CBDC) faces a rocky road amidst persistent corruption issues and unresolved queries surrounding its potential benefits versus existing risks.

✅ Croatia 🇭🇷 is currently studying the possibility of a CBDC, but associated costs, risks, and a robust cash-based economy pose significant obstacles.

✅ The Croatian National Bank has acknowledged the unresolved issues and does not currently see the need to launch a digital kuna.

✅ Despite a relatively high Freedom score, corruption remains a problem in Croatia, potentially complicating the adoption of a CBDC.

✅ Notably, any CBDC in Croatia would come from the European Central Bank, creating uncertainty about potential misuse of this technology by Croatian government.

✅ Widespread corruption raises concerns over potential misuse of a CBDC, such as implementing political favoritism, exerting control, or limiting citizen privacy.

✅ Comprehensive resources are available for the public to learn more about human rights concerns and the risks of CBDCs, including reports from Amnesty International, Freedom House, Human Rights Watch, the U.S. Department of State, Privacy International, and the Cato Institute.

#CroatiaCBDC #FinTech #EuropeanCentralBank #DigitalCurrencies #FreedomScore #Corruption

Considering the corruption issue in Croatia 🇭🇷, how can the possible introduction of CBDC be carried out in a way that ensures fairness, limits government overreach, and safeguards citizen privacy? Let's discuss!

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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 ongoing development of Central Bank Digital Currency (CBDC) faces concerns over potential abuse amidst corruption and privacy issues as per the Human Rights Foundation.

✅ The Czech Republic 🇨🇿 is exploring the idea of CBDC, with leadership proposing the concept of a digital wallet similar to cash transactions, offering anonymity and no transaction tracking.

✅ However, the actual design and operation of this proposed CBDC is yet to be determined, primarily due to potential regulation and anti-money laundering requirements.

✅ Despite scoring 92 out of 100 in 2023's Freedom House's assessment, the country is grappling with corruption, raising concerns that a Czech CBDC might exacerbate this issue.

✅ Any potential abuse of a Czech CBDC is debatable as it will be issued by the European Central Bank🏦, representing the European Union.

✅ Persistent problems of corruption in political arenas involve bribery, subsidies, and politically driven investigations, leading to concerns over surveillance, control, or other risks associated with a potential Czech CBDC.

✅ The ongoing corruption issues cast a shadow over the government’s promises to mitigate risks of the CBDC and its potential use for exerting political favoritism.

✅ The report recommends referring to documents by Amnesty International🌐, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, U.S. Department of State, Cato Institute for more information on human rights, civil liberties, and CBDC risks.

#CzechRepublic #CBDC #HumanRights #CentralBankDigitalCurrency #EU #PrivacyConerns #FinancialIntegrity

Do you think the introduction of a CBDC in a country like the Czech Republic that faces systemic corruption could be a progressive step towards financial innovation or a potential trigger for increased corruption? Your insights would be much appreciated!

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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 considers Central Bank Digital Currency (CBDC) infeasible due to potential risks and existing corruption, concluding its launch neither economically nor strategically justified yet.

Analysis:

✅ The Croatian National Bank has issued a report on CBDCs, concluding that "a lot of open questions and challenges remain" and the costs and risks may exceed the benefits.

✅ Despite scoring 84 on Freedom House’s 2023 Freedom in the World report, 🇭🇷 faces still persistent issues with corruption.

✅ A CBDC's potential misuse or adoption could exacerbate these issues, involving patronage, bribery, fraud and nepotism.

✅ The feasibility of the government’s wrongdoing to abuse a CBDC directly is contentious, as any potential CBDC would be offered by the European Central Bank.

✅ CBDC might widen corruption and pose threats to humans rights and civil liberties by enabling governmental control, surveillance, or political favoritism through subsidies and price controls.

✅ Additional readings: reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State.

Hashtags:

#HumanRights #CBDCs #FinancialFreedom #CroatianNationalBank #GovernmentCorruption #EuroCBDC

Question:

With corruption and potential governmental misuse at play, should the implementation of Central Bank Digital Currencies be held back until these issues are adequately managed and mitigated? Share your thoughts! #CBDCDiscussion

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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 Central Bank Digital Currencies (CBDCs), facing concerns about corruption, privacy, and abuse amidst ongoing debates within the Czech National Bank board.

✅ As the Czech Republic 🇨🇿 currently researches CBDCs, there's no formalized concept yet, even though some bank officials like Vojtěch Benda envision it echoing the functionality of cash.

✅ Another board member, Tomas Holub, has expressed uncertainty about political will and CBDC operational challenges, doubting whether it can truly be anonymous considering anti-money laundering regulations.

✅ Despite a high 'Freedom in the World' score from Freedom House, the Czech Republic 🇨🇿 grapples with corruption issues, making the possible issuance of a CBDC potentially problematic.

✅ However, the control of the potential CBDC falls under the scope of the European Central Bank, limiting direct government abuse, but leaving questions about transparency and trust open.

✅ Existing corruption in the form of bribery, subsidies, and politically driven inquiries might influence CBDC policies, leading to suspicious promises by the government on reducing surveillance and control.

✅ National and international groups like Amnesty International and the U.S Department of State monitor human rights and civil liberties, signaling a need for careful delivery of CBDCs.

#CzechRepublic #CBDCs #CentralBanks #DigitalCurrency #Transparency #Trust #FreedomHouse

Question:

Considering the Czech Republic's 🇨🇿 ongoing battle with corruption and cautious steps towards CBDCs, how do you envision a corruption-free and transparent implementation of CBDCs while upholding human rights?

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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 research suggests launching a Central Bank Digital Currency (CBDC) may not be justifiable yet due to potential costs, risks, and unresolved queries, amid ongoing corruption issues in the country.

✅ The 🇭🇷 Croatian National Bank has issued a report on Central Bank Digital Currencies (CBDCs), but comes to a conclusion that the country isn't ready to transition, pointing to the significance of cash and the country's existing monetary system.

✅ Although 🇭🇷 Croatia rates well in terms of freedom, scoring an 84 out of 100 in the 2023 Freedom in the World report, corruption remains a pervasive issue, raising concerns on how the adoption of a CBDC might escalate this problem.

✅ Corruption’s existence stokes skepticism about the potential misuse of a CBDC if it comes into force, especially whether surveillance, control, or other risks could arise, or whether the CBDC policy might be influenced by political favoritism.

✅ Resources exist for those interested in human rights and civil liberties issues, including reports by prestigious organizations like Amnesty International, Freedom House, Privacy International, etc., while the Cato Institute offers insights into the risks of CBDCs.

✅ For more context on the data used, the methodology page details each data point and its sources.

#HumanRightsFoundation #CentralBankDigitalCurrency #Croatia #FreedomHouse #CBDCRisks

Our question for you: Given 🇭🇷 Croatia's struggle with corruption, how can the potential introduction of a Central Bank Digital Currency possibly affect the economic and societal stability of the country, and what safeguards should be in place to prevent misuse? Your thoughts are crucial to this discussion! 💭

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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 members debate over anonymous Central Bank Digital Currency (CBDC) development amidst corruption concerns.

✅ The Czech Republic, represented by board members Vojtěch Benda and Tomas Holub of their National Bank, explores the potential creation of a CBDC with the features of anonymity similar to cash transactions.

✅ Tomas Holub expresses uncertainty over political will behind CBDC adoption while posing questions regarding its operation, considering anti-money laundering laws that could restrict its anonymity.

✅ Despite scoring fairly high, 92/100, in Freedom House's 2023 Freedom report, the Czech Republic still battles with corruption issues, posing a significant concern for establishing a CBDC.

✅ Potential CBDC exploitation by the government is a topic of contention due to the scenario where the European Central Bank, representing the EU, provides the CBDC.

✅ Endemic corruption in the form of bribery, subsidies, politically driven investigations undermines trust in government assurances limiting control, surveillance, and risks with the CBDC, also raising concerns about CBDC policies favoring political bias.

✅ Multiple human rights organizations and the U.S. Department of State and the Cato Institute provide detailed resources on possible human rights violations, civil liberties issues, along with CBDC-related risks respectively.

#CzechRepublic #CentralBankDigitalCurrency #FinancialFreedom #MonetaryPolicy #AntiCorruption

Do you think the combination of corruption issues and the intended anonymity of CBDCs in countries like 🇨🇿 will pose a foreseeable barrier towards the adoption of digital currencies? Let's foster a respectful conversation on this critical matter.

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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:

Debate ensues as Croatian National Bank deliberates on the adoption of Central Bank Digital Currencies (CBDCs), voicing concerns about possible negative economic and strategic impacts.

Topics:

✅ 👜💡Croatian National Bank is in the research phase of considering the adoption of a Central Bank Digital Currency (CBDC).

✅ The report states concerns about open questions and challenges if CBDCs were adopted and questions whether the benefits would outweigh costs and risks.

✅💰📊 For 🇭🇷, the introduction of a CBDC is seen as neither economically nor strategically justified given the country's monetary system and the importance of cash transaction.

✅ Freedom House's 2023 report gave 🇭🇷 a score of 84/100. However, issues with corruption persist.

✅ The adoption of a CBDC in 🇭🇷 could exacerbate corruption, though the government's abuse potential is questionable as its CBDC would be provided by the European Central Bank.

✅ Current corruption in 🇭🇷 🔍raises concerns about government expenditure of CBDCs and influences how related policies might be politically biased.

✅ Sensitivities with civil liberties and human rights are also important questions relating to CBDCs in 🇭🇷.

Hashtags:

#CBDCs #Croatia #HumanRightsFoundation #CentralBanks #CurrencyPolicy #FreedomHouse #EconomicDebate

Question:

Given the concerns raised by the Croatian National Bank regarding the potential influences on corruption and economy, do you think that CBDCs will be of overall benefit or risk to countries grappling with similar issues? Share your thoughts and let's deliberate on how the adoption of digital currencies can be tailored to individual nation's needs.

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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 CBDC Development Marred by Uncertainty and Corruption Concerns: Human Rights Foundation"

✅🇨🇿 is exploring a potential Central Bank Digital Currency (CBDC), but there are still many conceptual uncertainties.

✅Board member Vojtěch Benda hopes a CBDC could offer the anonymity of cash, through mobile wallet payments, yet this concept is currently unformalized.

✅Fellow board member Tomas Holub casts doubt on political readiness to adopt CBDC technology, highlighting that many questions on how a CBDC will operate remain unanswered.

✅Likely Anti-Money Laundering measures may prevent a truly anonymous CBDC, contradicting Benda's concept.

✅Despite a high rating (92/100) in Freedom House’s 2023 report, corruption remains an issue in 🇨🇿, potentially exacerbated by the introduction of a CBDC.

✅Any potential abuse of a CBDC by the Czech government is debatable, as the CBDC would be issued by the European Central Bank on behalf of the European Union.

✅Corruption in 🇨🇿 politics typically manifests as bribery, subsidies and politically-motivated investigations, raising concerns around CBDC policy design, governmental assurances of surveillance and control, and potential for political favoritism.

✅Several Human Rights organizations have reported on civil liberty violations and human rights concerns in relation to CBDCs, suggesting the need for careful CBDC implementation and oversight.

#HumanRightsFoundation #CBDCs #GovernmentCorruption #CentralBankDigitalCurrency #CzechRepublic #EU

🔮Considering the corruption issues in the Czech Republic, how can a CBDC system be implemented that ensures transparency and avoids the potential for political misuse? What measures should be put in place to prevent the abuse of digital currencies at the governmental level? 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🇭🇷 delves into the research phase for Central Bank Digital Currencies (CBDCs), weighing benefits against potential corruption risks and monetary system impact.

Topics:

✅ Croatia's🇭🇷 research phase for CBDC brings forward costs, risks, and challenges, with the Croatian National Bank questioning current justifications for a digital Kuna.

✅ Despite scoring 84/100 in Freedom House's 2023 Freedom report, Croatia's persistent issues with corruption raise concerns about possible abuse or exacerbation with CBDC integration.

✅ The European Central Bank's control over the potential CBDC counters arguments of misuse by the Croatian government.

✅ Patterns of corruption including nepotism and bribery in Croatia invoke uncertainties about government promises to limit surveillance, control, or other risks linked to CBDCs.

✅ Possibility of political favoritism through subsidies or price controls via CBDC designed policies, due to existing corruption.

✅ Several human rights organizations and think tanks, such as Amnesty International, Human Rights Watch, and Cato Institute provide information about CBDC risks and violations of civil liberties.

Hashtags:

#CroatiaCBDC #DigitalKuna #HumanRightWatch #CivicFreedoms #FinancialInnovation #CatoInstitute #AmnestyInternational

Question:

How can CBDCs operate effectively, considering potential risks in countries with ongoing corruption issues like Croatia🇭🇷? Let's discuss ways for a fair and transparent implementation of digital currencies.

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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 (CBDC) exploration stirs concerns over privacy issues amidst ongoing corruption trials

✅ The Czech Republic 🇨🇿 is currently researching Central Bank Digital Currencies (CBDCs) with board members, Vojtěch Benda and Tomas Holub, expressing their views on potential functionalities and challenges, however, final plans remain unclear.

✅ The state of freedom seems to be high in 🇨🇿, according to Freedom House's 2023 report, despite existing corruption problems - introducing a CBDC may worsen this situation.

✅ While the European Central Bank, representing the EU, would provide the CBDC, the government's potential to misuse this technology is a matter of debate.

✅ Freedom House confirms that corruption in the form of bribery and politically driven investigations poses a significant problem in Czech politics, raising concerns about the promises made by the government regarding surveillance and CBDC control.

✅ The reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and U.S. Department of State express both human rights and civil liberties violations concerns, alongside the identified risks with CBDCs according to the Cato Institute.

#HumanRightsFoundation #CBDCs #CzechRepublic #Finance #Banking #corruption #DigitalCurrency

Experts and enthusiasts, what are your thoughts on digital currencies in regions with high corruption? Could regulation and transparency counteract this or would it potentially worsen the situation? 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:

Croatian National Bank concludes CBDC is not economically or strategically justified due to concerns about corruption and the existing significance of cash in 🇭🇷 Croatia.

✅ The Croatian National Bank has discussed the potential implementation of a Central Bank Digital Currency (CBDC) but concludes it's not yet justified considering the prevailed role of cash and certain open questions.

✅ Despite a high freedom score of 84 from Freedom House in 2023, issues with corruption persist in 🇭🇷 Croatia, raising concerns over potential abuse and transparency around a countrywide CBDC.

✅ Concerns over pervasive corruption cast doubt on whether CBDC policies in 🇭🇷 Croatia could be manipulated for political favoritism and jeopardize promises of limiting surveillance or control.

✅ For a better understanding of human rights and civil liberties concerns in the CBDC context, reports and articles by Amnesty International, Financial Tyranny Index, Freedom House, and others offer more insights.

✅ For a dive into the CBDC related risks, the Cato Institute provides comprehensive resources.

#CBDC #CentralBanks #Croatia #DigitalCurrency #FreedomHouseReport #HumanRights

What if corruption was significantly reduced in 🇭🇷 Croatia, would you see a CBDC as a potentially positive development in such scenarios?

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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 research into Central Bank Digital Currencies (CBDCs) raises concerns about corruption, anonymity, and state surveillance."

✅ The 👨‍💼 board member Vojtěch Benda of the 🇨🇿 Czech National Bank shares a progressive view of CBDC future, envisioning a wallet on citizens' phones for anonymous transactions, similar to cash.

✅ However, fellow board member Tomas Holub voices skepticism, doubting political willingness to grant such authority and expressing concerns about the feasibility of anonymous CBDCs due to anti-money laundering protocols.

✅ 🇨🇿 earned a commendable 92/100 in Freedom House's 2023 report, but struggles with corruption issues, which raises concerns about the impact of a potential CBDC in enhancing such problems.

✅ The planned CBDC for 🇨🇿, provided by the European Central Bank (representing the EU), casts doubt on the local government's ability to directly misuse it.

✅ Corruption, characterized by bribery and politically motivated investigations, in 🇨🇿 puts into question the integrity of any government promises to limit surveillance or control related to the CBDC.

✅ Several resources highlight human rights violation concerns relating to CBDCs, including reports by the likes of Amnesty International and the Cato Institute, among others.

#CBDCs #CzechRepublic #HumanRights #CentralBank #DigitalCurrencies #FreedomHouse #EuropeanUnion

🤔 How can strategies be developed to ensure CBDCs aren't deployed as tools for increased state surveillance, whilst also ensuring transparency in their governance? We'd 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 examines potential for Central Bank Digital Currencies (CBDCs), but risks including corruption and economic viability impede its immediate adoption.

✅ The Croatian National Bank acknowledges the potential of CBDCs but emphasizes the pressing questions, challenges, and risks that still need to be addressed. The digital Kuna is hence not currently considered economically or strategically viable.

✅ Despite an 84 out of 100 score in Freedom House's 2023 report, 🇭🇷 deals with a persistent corruption issue which raises concerns for CBDC adoption. The European Central Bank would likely issue this CBDC, blurring the lines of potential governmental abuse.

✅ Deep-rooted corruption issues of nepotism, bribery, fraud, and patronage, according to Freedom House, cast doubts on governmental promises to limit risks and surveillances linked with CBDCs.

✅ Further details on human rights and civil liberties violations as well as potential risks of CBDC can be found from sources including Amnesty International, Freedom House and CADTO Institute.

✅ The methodology of collected data related to these issues is released for public comprehension and transparency.

#HumanRightsFoundation #FinancialFreedom #Croatia #CBDC #DataTransparency

What are your thoughts on countries dealing with systemic corruption potentially adopting CBDCs? Do you think the positives outweigh the risks or vice-versa? Let's discuss!

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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 corruption concerns, the Czech Republic delves into the prospects of Central Bank Digital Currencies (CBDCs) under skepticism from national bank board members and suspicion surrounding anti-privacy controls.

✅ The 🇨🇿Czech Republic is exploring potential features of a Central Bank Digital Currency (CBDC), with National Bank board member, Vojtěch Benda, favoring the idea of a mobile wallet mimicking anonymous cash transactions.

✅ However, this idea is yet to be solidified as another board member, Tomas Holub, doubts the willingness of politicians to entrust them with CBDC operations, citing prevalent issues surrounding the lack of anonymity due to anti-money laundering obligations.

✅ Benefiting from a high Freedom score from Freedom House, the Czech Republic has to also consider the exacerbation of its persistent corruption issues before going ahead with the proposed CBDC.

✅ The upcoming CBDC will be provided by the European Central Bank, limiting direct abuse by the Czech government. Nonetheless, the potential for abuse, including political favoritism through price controls or subsidies, cannot be ruled out due to prevalent corruption.

✅ Multiple global organizations like Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, and Privacy International have addressed the issues of human rights and civil liberties violations, reinforcing the need for careful consideration of CBDC risks.

✅ Cato Institute provides a comprehensive look into CBDC risks, perfect for those wishing to explore detailed metrics and the methodology behind them.

#CBDC #CzechRepublic #HumanRights #Corruption #DigitalCurrency

Does the potential financial inclusion that comes with CBDCs outweigh the heightened risk of political favoritism and corruption in countries suffering from internal issues like corruption? Share 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:

As Croatia considers a Central Bank Digital Currency (CBDC), concerns are raised regarding potential risks due to prevalent corruption and unresolved issues in the country's monetary system.

✅ Croatia's National Bank is currently researching Central Bank Digital Currency (CBDC) use 🇭🇷.

✅ The bank's report expresses concerns over the benefits and costs of incorporating a CBDC in their monetary system.

✅ Croatia’s 2023 score in Freedom House’s report indicates issues with corruption despite the relatively high score.

✅ A CBDC in Croatia may escalate these corruption issues, with potential for surveillance, control, or other risks, despite the CBDC being under the jurisdiction of the European Central Bank.

✅ Persistent corruption in the country raises questions about policy design and possible political favoritism through price controls, subsidies, or other restrictions with CBDCs.

✅ For more details about potential CBDC risks in relation to human rights and civil liberties, refer to reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State.

✅ The Cato Institute provides additional information on the risks of CBDCs.

#Croatia #CBDCs #HumanRights #monetarypolicy #privacy

What are your thoughts on how a potential Central Bank Digital Currency could influence corruption and monetary policies in Croatia? Can CBDCs offer solutions to existing problems, or might they lead to further complications? Let's discuss!

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