⚠️ 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 CBDC, DCash, in use across member countries but faces tech hiccups and uncertainty, concerns loom about potential abuse and risks to financial privacy and freedom."
✅The Eastern Caribbean Central Bank 🏦 introduced its Central Bank Digital Currency (CBDC) known as DCash 💰 in 2021, expecting it to be popular across its member countries.🌎
✅The DCash Wallet mobile app 📱creates accessibility to DCash, the product of tech firm Bitt Inc., running on Hyperledger Fabric, offering consumers the freedom to convert their cash or bank money into the digital counterpart.💱
✅However, issues surface as user reviews on Apple's App Store 🍎 and Google Play Store 🎮 detail frustrations over delayed account verifications and a significant two-month outage in 2022, freezing user funds with no solid assurance of their accessibility.🔐
✅In a twist of events, the Eastern Caribbean Currency Union finds itself on a quest to find a new contractor for CBDC redevelopment in late 2023.🔄
✅Despite being a British overseas territory with scanty data on human rights violations, Anguilla 🇦🇮 raises concerns about the potential misuse of CBDCs and risks to financial freedom and privacy.🔏
✅Several reports and insights by reputable bodies like Amnesty International, freedom House, Human Rights Watch and the Cato Institute detail concerns about potential CBDC risks and violations to human rights and liberties.📋
Hashtags:
#EasternCaribbeanCentralBank #DCash #CBDC #DigitalCurrency #HyperledgerFabric #ConsumerRights #FinancialPrivacy #HumanRights #CentralBankDigitalCurrency
Question:
What measures should be in place to ensure that introducing CBDC in any country does not inadvertently open doors to financial privacy risks and potential human rights violations? Let's spark a thoughtful conversation on this. 💭👇
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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 Eastern Caribbean Central Bank has faced setbacks and potential human rights concerns after the rollout of its digital currency, DCash.
✅ The Eastern Caribbean Central Bank fully initiated its CBDC, named DCash, throughout its eight member nations in 2023, two years after its launch.
✅ DCash, created by Bitt Inc. and powered by Hyperledger Fabric, enables consumers to convert cash or transfer funds from a bank account using the DCash Wallet mobile app.
✅ Since its launch, DCash has battled public dissatisfaction due to issues such as account verification delays and a two-month outage in 2022 caused by an expired certificate.
✅ The issues led to Eastern Caribbean Currency Union searching for a new contract to revamp DCash in late 2023.
✅ Despite Antigua and Barbuda's minimal human rights issues, concerns persist over the misuse of CBDCs, influenced by government corruption and potential discrimination against minorities like the LGBTQ+ community.
✅ The country’s pervasive corruption contradicts its public commitment towards curtailing potential surveillance or control issues associated with CBDCs, raising suspicions of favoritism through subsidies and price controls.
✅ Discriminatory laws, although recently made unconstitutional, may enable discriminatory use of CBDCs by tracking and monitoring certain vulnerable groups.
#EasternCaribbeanCentralBank #DCash #CBDC #HumanRights #GovernmentCorruption #LGBTQRights #DigitalCurrency
Thought-provoking question:
How can we ensure that the development and implementation of CBDCs respect and protect individual liberties and rights, especially in countries with present issues of corruption and discrimination?
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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 CBDC DCash grapples with technical issues and customer frustration, as the Eastern Caribbean Currency Union seeks a new contractor to revamp the CBDC.
✅ In 2021, 🌴 launched their Central Bank Digital Currency (CBDC), DCash, which reached all eight member countries by 2023, according to Central Bank Governor Timothy Antoine.
✅ DCash, built by Bitt Inc and running on Hyperledger Fabric, can be accessed and loaded through a mobile app, by trading cash at acknowledged sites or by transferring from bank accounts.
✅ The launch of DCash wasn't without criticism as users experienced delays in account verification and were aggrieved by a two-month outage in 2022, freezing customer funds due to an expired certification.
✅ By late 2023, the Eastern Caribbean Currency Union started looking for a new developer to improve its CBDC structure.
✅ Due to 🌴's status as a UK overseas territory, data on human rights and civil liberties violations prove difficult to collect. However, the potential abuse risks of a CBDC impacting financial privacy and freedom cannot be undermined.
#EasternCaribbean #CBDC #DCash #DigitalCurrency #FinancialPrivacy #CentralBank #HumanRights #BittInc
For those who used DCash, how do you feel the CBDC could be improved? Do you think CBDCs symbolize a threat or an opportunity to financial privacy and freedom?
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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:
In light of a series of setbacks and human rights concerns, the Eastern Caribbean Central Bank's DCash, a Central Bank Digital Currency (CBDC), is under scrutiny.
✅ 🏝️Eastern Caribbean Central Bank introduced its CBDC, DCash, in 2021, extending it to all its eight member countries by 2023.
✅ DCash is accessible through a mobile app and is built on the Hyperledger Fabric by Bitt Inc. Customers can replenish their wallets by trading cash at select sites or transferring from a bank account.
✅ Yet, considerable frustration is expressed in App Store reviews due to extended waits for account verification and a two-month outage in 2022 that temporarily seized consumer funds.
✅ By the year's end in 2023, the Eastern Caribbean Currency Union put out a call for a renewed contractor for its CBDC.
✅ Antigua and Barbuda pose specific risks - government corruption and discrimination - which shouldn't be overlooked in the context of the CBDC, despite its provision from the Eastern Caribbean Central Bank.
✅ Corruption, though criminalized, remains a persistent issue, raising doubts about the bank's commitment to limit surveillance or control, and questioning potential political favoritism in CBDC-related policies.
✅ Discrimination, in particular against the LGBTQ+ community, is another notable concern as CBDCs could potentially enable identification and surveillance of this group.
#CentralBankDigitalCurrency #DCash #HumanRights #AntiCorruption #LGBTQRights
As loyal advocates for freedom, don't you think it's high time for technology-based solutions like CBDCs to address issues of corruption and discrimination rather than adding to them? How can we ensure that, in the future, digital currencies will remain a tool for financial inclusion and not exclusion?
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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 CBDC, DCash encounters user frustration due to lengthy account verification periods, 2-month outage in 2022, and is seeking new developer while debate over potential financial freedom and privacy risks continues.”
✅ Eastern Caribbean Central Bank (ECCB) rolled out its Central Bank Digital Currency (CBDC), DCash, across all its eight member nations in 2023.
✅ Users can operate DCash via a mobile app, trading money at authorized locations or by converting from their bank accounts.
✅ The digital currency, built by Bitt Inc., has been subject to criticism due to long verification processes, as indicated by the app reviews.
✅ In 2022, DCash had a significant two-month outage causing users' funds to be stuck, raising concerns over reliability and trustworthiness.
✅ The outage was later attributed to an expired certificate.
✅ Late 2023 saw the Eastern Caribbean Currency Union planning to hire a new contractor for redevelopment of its CBDC.
✅ The human rights record in 🇦🇮 Anguilla, which is part of the ECCB, remains unclear due to its status as a British Overseas Territory.
✅ Concerns are raised that the use of a CBDC could pose risks to financial freedom and privacy, despite being issued by a central bank.
Hashtags:
#CBDCs #BankingTechnology #FinancialFreedom #PrivacyRisks #DCash #ECCB
Question:
Considering the user experiences and the privacy concerns raised over the CBDC, do you think the potential benefits of CBDCs outweigh these risks and challenges? What safeguards should be put in place to ensure the successful and safe implementation of these digital currencies?
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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 Eastern Caribbean Central Bank's digital currency, DCash, runs into multiple challenges including technical difficulties, account verification delays and potential misuse due to government corruption and anti-LGBT discrimination.
✅ 🏝️ Eastern Caribbean Central Bank launched its Central Bank Digital Currency (CBDC), DCash, in 2021 and fully implemented it across its eight member countries by the year 2023.
✅ The DCash Wallet mobile app allows consumers to access the CBDC, developed by Bitt Inc. on Hyperledger Fabric.
✅ Frustrations have emerged among users, who faced protracted account verification times and a two-month outage in 2022, resulting in frozen consumer funds.
✅ An expired certification was eventually found to be the reason behind the CBDC's two-month outage.
✅ In 2023, the Eastern Caribbean Currency Union started seeking a new contractor for its CBDC re-development, implying possible dissatisfaction with its current state.
✅ Despite relatively few human rights concerns in Antigua and Barbuda, two risks related to the CBDC stand out: government corruption and anti-LGBT discrimination.
✅ Despite legal sanctions against corrupt officials, such laws are inconsistently enforced, prompting concerns over surveillance, control, and potential political bias in CBDC usage.
✅ CBDCs pose potential risks to the LGBT community as they might be used to identify and surveil its members, especially in a context where laws against LGBT intimacy were only recently declared unconstitutional.
Hashtags:
#DCash #CBDC #HumanRights #Equality #Transparency #FairGovernance
Question:
As we watch the development of DCash, how can the user frustrations and potential human rights infringements be appropriately addressed while still realizing the potential benefits of a state-backed digital currency?
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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:
DCash, a Central Bank Digital Currency (CBDC) introduced by the Eastern Caribbean Central Bank faces hurdles with outages and customer verification issues raising concerns on consumer rights and financial freedom.
✅ In 2021, the Eastern Caribbean Central Bank 🏦 introduced its Central Bank Digital Currency (CBDC), dubbed DCash.
✅ Governor Timothy Antoine highlighted its widespread usage across all eight member countries by 2023, with anticipations of DCash gaining household popularity.
✅ The CBDC can be accessed via its dedicated mobile app, DCash Wallet, which was developed by Bitt Inc. using Hyperledger Fabric.
✅ Customers have options to fund their wallets either through authorized physical locations or via bank account transfers.
✅ However, the DCash app did not make an impressive debut since many users reported complaints regarding account verification delays, extending to several months, on Google Play Store and Apple App Store.
✅ Another setback was the app outage for a period of two months in 2022, resulting in account funds being inaccessible for the entire period.
✅ Central Bank reassurances regarding the availability of frozen funds did not exist since it was discovered that the outage was due to expired certification.
✅ Consequently, the Eastern Caribbean Currency Union, by late 2023, started hunting for a new contractor tasked with overseeing the redevelopment of the CBDC.
✅ Despite being a U.K. overseas territory, transparency issues concerning human rights’ and civil liberty breaches within Anguilla🏝️ seem significant.
✅ Considering the CBDC in Anguilla🏝️ is under the control of the Eastern Caribbean Central Bank, the direct manipulation scope of CBDC seems arguable.
✅ Despite this, the visibility of potential financial risks and privacy threats emerging with CBDC introduction can hardly be overlooked.
#CentralBankDigitalCurrency #ConsumerRights #FinancialFreedom #DCash #DigitalCurrency
How do you foresee the evolution of CBDCs impacting individual financial freedom, particularly in regions where data points regarding human rights and civil liberties violations are challenging to obtain? 🤔 Let's discuss the potential consequences and possibilities.
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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:
Eastern Caribbean Central Bank's Digital Currency (DCash) faces consumer frustration over functionality issues amid concerns over government corruption and potential discrimination.
✅ The 🏝️ Eastern Caribbean Central Bank's Digital Currency (DCash) has been deployed in all eight member countries since 2021 with expectations to become a household name.
✅ DCash operates via a mobile app and was developed by Bitt Inc. Money can be loaded into wallets from bank accounts or traded in cash at approved locations.
✅ However, the app has received negative reviews due to operational issues; notably, users had to wait months for account verification and an outage of two months in 2022 during which user funds were frozen.
✅ A major outage in 2022, caused by an expired certification, left consumer funds frozen with only a promise from the central bank that funds will be accessible in due time.
✅ In late 2023, the Eastern Caribbean Currency Union announced its search for a new contractor to revamp DCash.
✅ While Antigua and Barbuda report insignificant human rights issues, corruption and discrimination cannot be ignored when assessing CBDC risks.
✅ Government corruption, despite establishing potential criminal penalties for guilty officials, raises concerns over misuse of CBDCs and unfair undertones in policies related to them.
✅ Discrimination, specifically against the LGBTQ+ community, is another concern as CBDCs could be used to identify and surveil these individuals.
#HumanRights #GlobalCBDCs #EasternCaribbeanBank #DCash #GovernmentCorruption #LGBTQRights #DigitalDiscrimination
So, how can blockchain technology be leveraged to make Central Bank Digital Currencies more transparent, trustworthy, and unhindered by political biases in countries where corruption may be a concern?
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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 DCash experiences severe hiccups, prompting a search for redevelopment while sparking questions of consumer trust and concerns over financial privacy.
✅ In 2023, 🌴 Eastern Caribbean Central Bank governor Timothy Antoine announced that the DCash (a CBDC) had spread across all eight member countries with promising campaigns on the horizon.
✅ DCash, run on Hyperledger Fabric, can be accessed and funded by consumers through a mobile app called DCash Wallet, a product developed by Bitt Inc.
✅ However, user reviews have reported agonizing waits for account verification and a substantial two-month outage in 2022, leading to frozen funds and consumer uncertainty.
✅ The aforementioned technical blip in the CBDC was pointed to an expired certificate, raising questions on the stability and reliability of this digital currency system.
✅ By late 2023, the Eastern Caribbean Currency Union, stated their intention of hiring a new contractor to revamp its struggling CBDC.
✅ Lack of substantial data regarding human rights and civil liberties abuse in 🇦🇮 Anguilla, a British overseas territory and user of the CBDC, have made it challenging to collect necessary info and report on potential misuse.
✅ There exists a concern that CBDCs could potentially lead to infringements on financial privacy and freedom, as they provide a new avenue for control and surveillance.
#EasternCaribbean #CBDCs #FinancialPrivacy #DCash #ConsumerTrust
Do you think that Central Bank Digital Currencies could potentially pose a threat to our financial privacy and freedom? And should there be international standards for CBDCs to protect consumers? Let's have a respectful discussion below!
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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:
In the Eastern Caribbean, despite initial success, the DCash Central Bank Digital Currency (CBDC) faces challenges and concerns about government corruption, discrimination, and technical failures.
✅In 2023, the DCash CBDC, developed by the Eastern Caribbean Central Bank🏦 and Bitt Inc. and accessible via a mobile app, became available in all eight member countries🌴.
✅The reviews on the DCash Wallet mobile app cite verification delays and a two-month outage in 2022 which froze consumer funds📉.
✅With various technical issues arising, the Eastern Caribbean Currency Union signaled its intention to hire a new contractor to redevelop the CBDC by the end of 2023🔄.
✅In addition to technical issues, human rights concerns such as government corruption and discrimination have raised questions about the CBDC's use in Antigua and Barbuda🇦🇬.
✅Despite formal safeguards against corruption, uneven enforcement of laws and potential favoritism affect people's trust in the CBDCs in Antigua and Barbuda⚖️.
✅Discrimination, especially against the LGBTQ+ community, exacerbates concerns about the possible misuse of CBDCs for surveillance or targeting of specific social groups🏳️🌈.
✅Concerns regarding human rights violations and the risks of CBDCs have been documented by various international organizations and research institutes, including Amnesty International💼, Freedom House🏠, Human Rights Watch👀, and the Cato Institute📚.
#EasternCaribbean #DCash #CentralBankDigitalCurrency #HumanRights #FinancialFreedom #GovernmentCorruption #DigitalDiscrimination #LGBTQRights #DigitalCurrencyIssues
What solutions do you foresee for Central Bank Digital Currencies to prevent potential misuse and to ensure fair financial practices while respecting human rights?
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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's digital currency DCash faces consumer frustrations and a possible redesign despite its widespread presence.
✅The Eastern Caribbean Central Bank 🏦 introduced DCash, their CBDC, in 2021 and reported in 2023, under the leadership of Governor Timothy Antoine, that it is used across the eight member territories.
✅DCash Wallet, a mobile app developed by Bitt Inc. using Hyperledger Fabric, is the platform allowing consumers to use the CBDC by exchanging cash or converting money from their bank accounts.
✅However, the CBDC received poor reviews due to delayed account verification and a two-month outage in 2022, leading to a temporary freeze of available funds caused by an expired certification.
✅A restructuring of the CBDC was hinted at the end of 2023 when the Eastern Caribbean Currency Union opened the opportunity for a new contractor.
✅Despite being an overseas territory of the United Kingdom 🇬🇧, Anguilla 🇦🇮 still lacks transparency regarding the violation of human rights and civil liberties, especially those possibly related to the use of DCash.
✅The creation of a CBDC such as DCash raises issues of financial privacy and freedom. Further details about human rights, civil liberties, and CBDC risks can be found in reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, and the U.S. Department of State, while the Cato Institute provides an in-depth study about CBDC risks.
Hashtags:
#EasternCaribbean #DCash #CBDC #CentralBankDigitalCurrency #DigitalCurrency #FinancialFreedom #PrivacyMatters #HumanRightsFoundation
Question:
Considering the experiences of Eastern Caribbean countries with DCash, do you think central bank digital currencies provide more benefits or risks to citizens, and why? 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:
🌴 The Eastern Caribbean Central Bank's CBDC project, DCash, confronts criticism over system outages, corruption concerns, and potential threats to marginalized communities.
✅ In 2021, the Eastern Caribbean Central Bank 🌴 commenced its CBDC, DCash, with full operation across its eight member countries by 2023, according to governor Timothy Antoine.
✅ DCash is accessible via a mobile app, created by Bitt Inc., allowing consumers to load their wallets either by cash trading at approved locations or through bank account conversion.
✅ The CBDC faced criticism following its 2022 system outage which lasted for two months, leaving consumers' funds inaccessible, eventually traced back to an expired certificate in the system.
✅ By the end of 2023, the Eastern Caribbean Currency Union announced plans to find a new contractor to revamp the troubled DCash system.
✅ While Antigua and Barbuda 🇦🇬 is often seen as a country with minor human rights issues, concerns are still present about government corruption and discrimination, which play a significant role in the potential misuse of the CBDC system.
✅ Skepticism over the uneven enforcement of anti-corruption laws puts into question the credibility of any CBDC regulations proposed to mitigate surveillance, control, or related risks.
✅ Discrimination, particularly towards the LGBTQ+ community is another human rights concern that could be exacerbated by CBDCs' potential to surveil and identify members of these communities.
#HumanRights #CBDCs #CentralBanks #DigitalCurrencies #PrivacyConcerns #GovernmentCorruption #Discrimination
🤔 How can we ensure that the development and implementation of Central Bank Digital Currencies (CBDCs) are carried out with proper safeguards against corruption and discrimination? Could it be possible to create systems that respect privacy while providing the benefits of digital currencies? Your thoughts 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:
Eastern Caribbean Central Bank’s CBDC, DCash, faces a wave of user complaints only to see its parent ECCC Union seeking new contractor for the redevelopment, sparking conversations about financial privacy and autonomy.
✅ The Eastern Caribbean Central Bank introduced DCash, its CBDC, across eight member countries in 2021, aiming to make it a household name with the help of an unknown marketing partner. 🇦🇬🇦🇺🌴
✅ The DCash Wallet mobile app, built by Bitt Inc. on Hyperledger Fabric, allows consumers to load cash by trading in at approved places and linking their bank accounts. 📱💰
✅ The app, however, received numerous complaints on Google Play Store and Apple App Store due to lag in account verification and a two-month long outage in 2022 that resulted in frozen funds. 🟠📴
✅The reason behind the app outage was an expired certification, following which the Eastern Caribbean Currency Union announced in late 2023 its search for a new contractor to revamp the CBDC. 🔄🔍
✅ Despite the scarcity of information on human rights or civil liberty breach in Anguilla🇦🇮, its CBDC could potentially infringe on financial privacy and freedom of its users given the past performance and functionality issues of DCash. 🕵️♂️💵
#DCash #CentralBankDigitalCurrency #EasternCaribbeanCentralBank #FinancialPrivacy
Are Central Bank Digital Currencies, like DCash, giving users enough control over their own finances, or are they exposing users to countless potential risks amid growing concerns around data privacy and financial freedom?
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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:
🏝️Eastern Caribbean embraces CBDC with DCash but user woes linger, prompting a search for redevelopment.
✅ The Eastern Caribbean Central Bank rolled out its Central Bank Digital Currency (CBDC), known as DCash, in 🗓️2021, enabling all eight member nations by 🗓️2023.
✅ Accessible through DCash Wallet app, DCash was developed by Bitt Inc., allowing users to either convert fiat at designated locations or move money from their bank account into the digital format.
✅Despite CBDC's increasing accessibility, its adoption has encountered significant challenges - account verification delays and a two-month-long outage in 🗓️2022 due to an expired certification led to considerable user dissatisfaction.
✅ Following the difficulties, in late 🗓️2023, the Eastern Caribbean Currency Union decided to survey for a new contractor to enhance its CBDC.
✅ In the context of human rights concerns within the member nation of 🇦🇬, two major anticipated risks around the CBDCs are governmental corruption and discrimination, even though direct CBDC misuse isn't clear-cut.
✅ Despite legal measures against it, corruption is still preeminent in Antigua and Barbuda, which could potentially misuse CBDC policies for political gains and compromises the promises around surveillance, control and other risks of CBDCs.
✅ The second risk arises from the history of discrimination against the LGBTQ+ community in the country, that has been just recently decriminalizing certain consensual behaviors; such an environment combined with the power of CBDCs can potentially lead to targeted surveillance.
#CentralBankDigitalCurrency #HumanRights #CBDCRisks #EasternCaribbeanCBDC #DCash #GovernmentCorruption #LGBTQ+Rights
How might the deployment of CBDCs in countries with high corruption or discrimination risk further amplify these breaches on human rights? Let’s foster an informed dialogue around this subject.
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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 CBDC, DCash, experiences growing pains but persists despite potential risks to user financial freedom and privacy.
✅ The Eastern Caribbean Central Bank's CBDC, DCash, launched in 2021 and by 2023 has spread to all eight member countries under the stewardship of Governor Timothy Antoine🇦🇬.
✅ DCash Wallet app is the mode of consumer interaction with the currency, hosted on Hyperledger Fabric and built by Bitt Inc.
✅ User dissatisfaction arose due to long account verification waits and a substantial two-month outage in 2022 during which user funds were immobilized.
✅ A new contractor to revamp their CBDC was sought by the Eastern Caribbean Currency Union in late 2023.
✅ Anguilla's 🇦🇮 CBDC situation is somewhat opaque, partially due to its status as an overseas territory of the United Kingdom🇬🇧, but there's agreement on potential risks to financial freedom and privacy that CBDCs can possibly introduce.
Hashtags:
#CBDCs #FinancialFreedom #PrivacyRisks #ECentralBank #DCash #EasternCaribbeanCurrencyUnion #HumanRightsFoundation
Question:
What are your thoughts on the balance between the convenience of CBDCs and the potential risks they pose to our financial privacy and freedom? Do you believe the benefits outweigh the risks, or vice-versa?
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 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:
Users express growing frustration as the Eastern Caribbean Central Bank's CBDC, DCash, experiences operational hitches and sparks human rights concerns in 🇦🇬 Antigua and Barbuda.
Content Analysis:
✅ The Eastern Caribbean Central Bank introduced DCash, its CBDC, in all eight member countries by 2023.
✅ DCash can be used via a mobile app and was developed by Bitt Inc., using Hyperledger Fabric.
✅ Despite its usage, consumers commonly report frustrations due to extended account verification times and a notable two-month outage in 2022 caused by an expired certification.
✅ As of late 2023, the Eastern Caribbean Currency Union is in search of a contractor to overhaul DCash.
✅ Despite an overall positive human rights record in 🇦🇬 Antigua and Barbuda, widespread government corruption and varying levels of discrimination, particularly against the LGBTQ+ community, raise concerns about potential misuse of DCash.
Hashtags:
#EasternCaribbeanCentralBank #HumanRights #GovernmentCorruption #LGBTQRights
Question:
How can we ensure the development and implementation of CBDCs such as DCash respect and protect human rights, considering current concerns regarding government corruption and discrimination? Let's get a conversation going!
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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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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 CBDC hits roadblocks with technical glitches and user frustration, prompting a search for redevelopment and raising concerns around financial freedom and privacy.
✅ The Eastern Caribbean Central Bank introduced its Central Bank Digital Currency, DCash, in 2021 - now fully operational across all eight member nations. 🏝️
✅ People can access DCash via a dedicated mobile App created by Bitt Inc. and topping up is possible through cash conversion or direct transfers from bank accounts.
✅ Despite its availability, user feedback on mobile storefronts like Google Play Store and Apple App Store reveals significant dissatisfaction due to account verification delays and a severe service outage in 2022.
✅ The aforementioned outage, which lasted two months, was attributed to an expired certification, causing customer balances to be inaccessible during that period.
✅ By the end of 2023, the Eastern Caribbean Currency Union announced plans for revamping CBDC, outlining the need for a new contractor.
✅ Despite the lack of data on human rights infringements in Anguilla🇦🇮 largely due to its position as a UK overseas territory, the potential for misuse of CBDC in terms of financial liberation and privacy can't be overlooked as the Eastern Caribbean Central Bank operates the digital currency.
Hashtags:
#CBDC #CentralBanks #DigitalCurrency #FinancialPrivacy #DCash #ECCB
Question:
Is the implementation of Central Bank Digital Currencies worth the potential threat to our financial privacy and freedom? How can such challenges be mitigated?
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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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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:
🌴 Eastern Caribbean Central Bank's Central Bank Digital Currency, DCash, faces obstacles in user verification, stability, and potential risks for government corruption and discrimination in 🇦🇬 Antigua and Barbuda.
✅ In 2021, the 🌴 Eastern Caribbean Central Bank launched DCash, its Central Bank Digital Currency (CBDC), now accessible in all eight member countries.
✅ DCash can be accessed through the DCash Wallet mobile app, developed by Bitt Inc., where consumers can load money by exchanging cash at approved locations or transferring from a bank account.
✅ Despite the accessibility, DCash has been criticized due to prolonged account verifications and a two-month outage in 2022, causing distress among users who had funds frozen during the lockdown.
✅ By the end of 2023, the Eastern Caribbean Currency Union is planning call in a new contractor to rectify and improve the existing CBDC.
✅ Despite 🇦🇬 Antigua and Barbuda being relatively free from human rights concerns, potential issues of government corruption and discrimination may pose risks concerning the use of CBDCs.
✅ Government corruption, unevenly applied laws, and concerns of political favoritism with CBDCs have been noted by the Freedom House.
✅ Discrimination, particularly towards the LGBTQ+ community, is a concern with CBDCs as they could potentially be used for surveillance and identifying community members, furthering discriminatory practices.
#CaribbeanCBDCs #DigitalCurrency #HumanRights #DCash #FinancialInclusion #AntiguaAndBarbuda
Question: Given the concerns over corruption and discrimination, how can we ensure that the implementation of Central Bank Digital Currencies remains fair, transparent, and free from potential abuse or favoritism?
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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:
DCash, a Central Bank Digital Currency (CBDC) of the 🏝 Eastern Caribbean, is under scrutiny due to customer frustrations over account verifications, system outages, and potential risks to financial freedom and human rights.
✅ Eastern Caribbean Central Bank launched 🏝 DCash, a CBDC, across all eight member countries in 2023 with upcoming marketing campaigns to expand its reach.
✅ DCash Wallet mobile app is the primary avenue for consumers to access the CBDC, created by Bitt Inc., and can be fueled by trading cash at approved venues or converting from bank accounts.
✅ User reviews on Google Play Store and Apple App Store showcase disappointment due to prolonged waiting times for account verification and a significant system outage lasting two months in 2022.
✅ CBDC outage froze consumer funds, and it was later revealed that the freeze was a result of an expired certification.
✅ In 2023, 🏝 Eastern Caribbean Currency Union announced the search for a new contractor to revamp its CBDC.
✅ Given its overseas territory status to the 🇬🇧 United Kingdom, information about human rights and civil liberties violations in Anguilla is limited. Despite this, the introduction of a CBDC like DCash could pose potential risks to financial privacy and freedom.
✅ For detailed insights into potential violations of human rights and civil liberties, as well as risks of CBDCs, resources from Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, U.S. Department of State, and Cato Institute are available.
#HumanRights #FinancialFreedom #CBDC
Are Central Bank Digital Currencies like DCash, despite their promise of financial modernization, potentially enabling new avenues for financial surveillance, and thereby infringing on civil liberties? 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:
Eastern Caribbean Central Bank's digital currency, DCash, faces challenges and risks of corruption, discrimination, amidst technical glitch frustrations.
✅ In 2021, the Eastern Caribbean Central Bank 🏝 introduced DCash, a Central Bank Digital Currency, with plans of making it a household name by 2023.
✅ DCash Wallet mobile app houses the CBDC, which consumers can access by trading in cash or converting bank account money — a technology built by Bitt Inc and running on Hyperledger Fabric.
✅ A recurring issue with DCash is the delay in account verification, as per reviews on Google Play Store and Apple App Store; a notable system outage occurred for two months in 2022, freezing consumer funds temporarily.
✅ By late 2023, the Eastern Caribbean Currency Union is considering engaging a new contractor for DCash development amid these ongoing issues.
✅ Although Antigua and Barbuda 🇦🇬 is known for minimal human rights violations, two risk areas stand out in the context of DCash - potential government corruption and discrimination.
✅ Government corruption, despite measures in place, poses a threat as it questions the reliability of any commitments to control surveillance and other CBDC risks, as well as potential for political favoritism.
✅ Worryingly, the discrimination concerning the LGBTQ+ 🏳️🌈 community could be amplified by CBDCs due to their potential to identify and monitor transactions and activities of these individuals.
#EasternCaribbeanCentralBank #AntiguaAndBarbuda #HumanRights #DCash #DigitalCurrency #Privacy #LGBTQRights #GovernmentCorruption
How can a digital currency like DCash assure transparency and privacy protections to avoid risks such as corruption or discrimination? Does the potential good of CBDCs outweigh these risks in nations struggling with corruption or rights violations? Share your views!
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