⚠️ HRF CBDC ⛓️🪙 alert from HRF for Jamaica (23-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-06-30
CBDC Model: Retail
CBDC Issued: ¤1,486,788
Inflation Rate: 10.35%
One-Sentence Summary:
Booming popularity of Jamaica’s CBDC JAM-DEX triggers the introduction of incentive programs and sparks discussions on privacy and financial freedom.
✅🇯🇲's digital currency, JAM-DEX, surged to 260,000 users in a couple of years, inspired by the Bank of Jamaica's strategically implemented incentive programs.
✅Deployment of the CBDC is eased by a user-friendly mobile app, simplifying access for the unbanked, and integrating seamlessly for bank account holders.
✅Governor of the Bank of Jamaica, Richard Byles, acknowledges the successful adoption of digital wallets, but cites challenges with reconciling traditional POS systems with JAM-DEX.
✅Despite no direct correlation with the CBDC, concerns around violations of human rights and civil liberties in🇯🇲 must be addressed since the advent of a CBDC can facilitate risks to financial privacy.
✅In depth resources from Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State offer clarity on human rights issues.
✅For understanding the risks of CBDCs, the Cato Institute's report and webpage provide comprehensive insights.
#HumanRights #FinancialPrivacy #CentralBank #DigitalCurrency #Jamaica #BankofJamaica
In the context of increased CBDC adoption, how can we ensure the balance of revolutionary efficiency and consumer financial privacy is maintained? Let's have a meaningful conversation.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Indonesia (22-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.21%
One-Sentence Summary:
Indonesia is progressing with its CBDC initiative amidst concerns about corruption and control over dissent.
✅ 🇮🇩 Bank Indonesia unveils "Project Garuda", a white paper on Central Bank Digital Currencies in November 2022.
✅ Perry Warjiyo, Bank Indonesia's governor, states that the strategy would first focus on a wholesale CBDC before a retail one.
✅ Legislative adjustments to make the digital Rupiah a legal tender were under discussion later in 2022.
✅ Bank Indonesia began receiving public feedback on the white paper in early 2023 with phases of experiment, prototyping, and policy reviews announced in late 2023.
✅ However, as of now, it seems the progress is limited to research and consultation.
✅ Freedom House's 2023 report rates Indonesia’s freedom at 58 out of 100 indicating concerns of corruption and pressure on dissidents.
✅ Corruption in legislation, civil service, judiciary, and police is a major concern for CBDC implementation due to possible misuse.
✅ Reports suggest government pressure on internet service providers to regulate online communications of opponents.
✅ Potential for abuse of CBDCs to exert economic control over activists, political rivals, and protestors as seen globally increases concern.
✅ Extensive reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch among others provide more insight.
#Indonesia #CBDC #HumanRights #FreedomHouse #Corruption #FinancialControl
What safeguards need to be placed to ensure the future digital Rupiah doesn't fall prey to Indonesia’s endemic corruption and potential control over dissenting voices?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 6.59%
One-Sentence Summary:
🇦🇺 Reserve Bank of Australia's (RBA) central bank digital currency (CBDC) initiative faces public concern over potential for human rights abuses, travel restrictions, and financial control.
Topics:
✅ The Reserve Bank of Australia 🇦🇺 has been working on a CBDC, with multiple pilots completed as of August 2023, although RBA states that the full implementation of a CBDC could still be years away.
✅ Despite these advancements, public apprehension persists, particularly around issues of financial surveillance, imposed negative interest rates, and overall disruption to the financial system.
✅ RBA Governor Michele Bullock emphasized in late 2023 that focus on whole CBDCs may prove more beneficial, citing useful findings from CBDC trials.
✅ While Australia 🇦🇺 is perceived as a free society, apprehension over potential abuse of power through a CBDC could exacerbate the government's controversial stance on protests and travel restrictions.
✅ Recent laws further limiting protests have instigated concern from international human rights organizations, and fears exist that a CBDC could ease government manipulation of citizens' finances.
✅ Australia's stringent COVID-related travel restrictions present another worry, as programmable CBDC could facilitate financial control based on geographical location and spending habits.
Hashtags:
#HumanRights #PrivacyConcerns #FinancialControl #CentralBankDigitalCurrency #Australia
Question:
How can CBDCs balance the innovation and convenience we're leaning towards in the digital age without creating opportunities for unchecked governmental control and potential abuse of power? Let's foster a world where financial innovation benefits us all, not just an authority. Your thoughts?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Indonesia (22-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.21%
One-Sentence Summary:
🇮🇩 Indonesia's Central Bank Digital Currency (CBDC) implementation is in the research phase, but concerns about corruption and circuitous concerns loom over its future.
- ✅ Bank Indonesia 🏦 officially started researching the potential of a Central Bank Digital Currency (CBDC) in November 2022.
- ✅ The initial strategy is to start with a wholesale CBDC and slowly introduce a retail CBDC for public use.
- ✅ Legislation is being altered to make room for the CBDC, termed digital rupiah 💰, to exist as legal tender.
- ✅ Bank Indonesia collected public opinion on the CBDC between January and July 2023.
- ✅ However, the bank is yet to move beyond its research phase.
- ✅ Despite improvements, Indonesia's freedom score stands at a mere 58 out of 100 🔢, raising concerns about CBDC usage in the country.
- ✅ Reports indicate the presence of corruption within the government, and fears are surfacing about how this could affect the protection of CBDC- related privacy and rights.
- ✅ There are also concerns about the government using CBDCs to manipulate the financial condition of opposition and dissenters.
#banking #digitalcurrency #indonesia #economicpolicy
Could the potential benefits of CBDC implementation in Indonesia outweigh the risks in a country grappling with corruption and governmental control issues?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 6.59%
One-Sentence Summary:
Reserve Bank of Australia delays decision on Central Bank Digital Currencies (CBDCs) amidst public concerns over financial controls, systematic disruption, and potential usage for mass surveillance.
✅ Reserve Bank of Australia has consistently explored CBDC through various pilots along with local and international partners from 2021 to 2023, yet the final decision on implementation is slated to be "some years away". 🇦🇺
✅ Public apprehension continues over the possibility of CBDCs being abused for financial surveillance, enforcing financial controls, introducing negative interests rates, and causing systematic disruptions, considering the perception of CBDCs as societal cost more than benefits.
✅ Despite experiments, Governor Michele Bullock reiterates skepticism regarding retail CBDCs, anticipating focus on the use of CBDCs in the wholesale sector and exploration of tokenized assets.
✅ Although Australia maintains a favorable reputation for its freedoms and negligible human rights abuses, apprehensions arise over potential misuse of CBDC amidst increased restrictions on protests and the freedom to travel. 🇦🇺
✅ Laws curtailing protests and demonstrations, along with the potential of CBDCs facilitating freezing and seizure of effects, represent significant threats to activists, opposition parties, and protestors.
✅ Fears over controlled expenditure enabled by CBDCs compound in light of strict COVID-19 quarantine regulations restricting travel and activities, giving governmental entities an overreaching ability to monitor citizen behavior. 🇦🇺
#CBDC #ReserveBankOfAustralia #HumanRights #FinancialSurveillance #CivilLiberties
How might the introduction of CBDCs impact the delicate balance between financial advancements and the preservation of our civil liberties?
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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 CBDC, DCash, experienced a two-month outage, stirring concerns of government corruption and potential discriminatory practices in its use.
✅ The Eastern Caribbean Central Bank rolled out its CBDC, DCash, across all eight member states in 2023, and with marketing campaigns ramping up, it’s clear they’re aiming for their digital currency to be widely recognized and adopted. 🏝️
✅ DCash is accessible through the DCash Wallet mobile app, developed with Bitt Inc. on Hyperledger Fabric. Users can fill their wallets by converting cash at selected places or transferring money from a bank account. 📲
✅ The launch hasn’t been entirely smooth, with delayed account verifications and a two-month-long outage in 2022 causing frustrations among users. The fault was attributed to an expired certification, but it left digital wallets and customer funds inaccessible for the period. ⚠️
✅ Despite these issues, the Central Bank announced in late 2023 that they’re seeking a new contractor to innovate their CBDC. 💡
✅ Antigua and Barbuda adopt DCash, having minimal human rights issues according to reports. However, the risks of government corruption and discrimination particularly concerning LGBTQ+ community raise eyebrows on the usage of DCash. 🏳️🌈
✅ Discrimination and government corruption, despite laws being in place, are problematic. CBDC could be manipulated to enforce political preferential treatment through subsidies, price controls, or other restrictions. 🏳️🌈
#EasternCaribbeanCentralBank #DCash #HumanRights #Freedom #LGBTQ #GovernmentCorruption #CBDCRisks
Engaging thought-provoking question:
Considering the potential risks of CBDCs amid government corruption, uneven law enforcement, and potential for discrimination, do you believe that clear regulatory safeguards need to be in place before a country-wide CBDC adoption? How do we balance the potential of this new technology with the need to protect individual freedoms and 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:
The 🏝️Eastern Caribbean Central Bank's CBDC, DCash, experienced a two-month outage in 2022, raising concerns for customer frustrations and potential financial privacy and freedom risks.
✅ The 🏝️Eastern Caribbean Central Bank rolled out its CBDC, DCash in all eight member countries in 2023, with hopes of the digital cash becoming a household name.
✅ DCash can be accessed via the DCash Wallet mobile app, where consumers can load money either by cash at approved locations or from a bank account.
✅ Major customer dissatisfaction surfaced on app stores due to long wait times for account verification and a two-month long outage in 2022, freezing consumers' funds.
✅ By late 2023, the bank was in search of a new contractor for its CBDC's redevelopment.
✅ Despite being an overseas territory of the UK, data collection on human rights and civil liberties violations in 🇦🇮Anguilla is scarce.
✅ Even though the chances of abusing DCash in 🇦🇮Anguilla are questionable, the broader risks to financial privacy and freedom posed by CBDCs need to be considered.
#EasternCaribbeanCentral #DCash #CentralBankDigitalCurrency #FinancialFreedom #DigitalCash
What's your take on the two-month outage experienced by the DCash? Can such disruptions in CBDCs pose significant risks to financial freedom and privacy? Let's discuss!
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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 Central Bank Digital Currency (CBDC) "DCash" continues to face consumer criticism following verification issues and outage, amidst concerns over possible government corruption and LGBTQ+ discrimination in Antigua and Barbuda.
✅ The Eastern Caribbean Central Bank (ECCB), launched DCash, its Central Bank Digital Currency (CBDC), in 2021 with its fulfillment extended across all eight member countries by CCCB Governor Timothy Antoine in 2023.
✅ Users can access DCash through a mobile app developed by Bitt Inc. and load currency either by trading cash at approved locations or directly from their bank accounts.
✅ Despite its utility, DCash has faced criticism from users on the Apple and Google app stores, mostly stemming from lengthy account verification periods and a significant two-month outage in 2022, which temporarily froze consumer funds.
✅ An expired certification was revealed to be the reason behind DCash's two-months long outage which necessitated the search for a new contractor for its redevelopment by the Eastern Caribbean Currency Union in late 2023.
✅ Although Antigua and Barbuda, part of the Eastern Caribbean Currency Union, have fewer human rights concerns, there are fears over potential government corruption and discriminatory practices, particularly against the LGBTQ+ community with the roll-out of CBDCs.
✅ According to Freedom House, corruption remains an issue in Antigua and Barbuda, bringing into question any assurances made by the government on surveillance and control relating to CBDCs, while also pointing to the possibility of politically biased CBDC policies.
✅ Antigua and Barbuda's history of discriminating against the LGBTQ+ community, which was only formally and legally addressed in 2022, raises concerns with the use of CBDCs potentially as a tool for monitoring and targeting this group.
#EasternCaribbeanCentralBank #DCash #CBDC #HumanRights #GovernmentCorruption #LGBTQDiscrimination
How can the potential misuse of CBDCs in matters of corruption and discrimination be mitigated, considering the recent issues faced by the DCash in the Eastern Caribbean? Let's open this up for an informed and respectful discussion.
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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:
Facing technical hitches and user frustration, Eastern Caribbean Central Bank now seeks a new contractor to redevelop its CBDC, DCash.
✅ Eastern Caribbean Central Bank introduced its CBDC, DCash, across all eight member countries by 2023 after its launch in 2021 🌴
✅ DCash, developed by Bitt Inc., operates on Hyperledger Fabric and is accessible via the DCash Wallet mobile app 📱
✅ Despite the DCash's spread, users were plagued by lengthy account verification periods and a debilitating 2-month outage in 2022 😡
✅ The outage, traced back to an expired certificate, left users' funds stuck in the CBDC, shaking their trust in the system 💸
✅ Towards the end of 2023, the Eastern Caribbean Currency Union announced its move to scout for a new contractor to revamp DCash 💼
✅ Information on human rights abuses in member countries is sparse due to their status as UK territories; caution has been raised, though, about potential threats to financial freedom and privacy from CBDCs 💡
#EasternCaribbean #CBDC #DCash #CentralBank #DigitalCurrency #FinancialFreedom
What are your thoughts on the challenges faced by DCash? Do you think this situation signals a need for stricter guidelines and effective contingency plans in the development and operation of CBDCs? Let us hear your perspectives! 💭
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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 of consumer trust and human rights concerns within member countries.
✅ The Eastern Caribbean Central Bank's CBDC, DCash, reached all eight member countries by 2023, intending to become a household name in the Currency Union. 🇦🇬🇰🇳
✅ Consumers can access DCash through the DCash Wallet mobile app, created by Bitt Inc., which runs on Hyperledger Fabric.
✅ DCash faced criticism for long account verification periods and a two-month-long outage in 2022 that locked consumers out of their funds, impacting its credibility.
✅ By late 2023, the Eastern Caribbean Currency Union began searching for a new contractor to revamp their CBDC system.
✅ While 🇦🇬 Antigua and Barbuda have a relatively stable record regarding human rights, concerns about government corruption and discrimination risk impacting the integrity of CBDC usage.
✅ The risk of corruption raises doubts about the government's promises to limit CBDC surveillance or control, potentially enabling political favoritism through subsidies or restrictions.
✅ The LBGTQ+ community could be adversely impacted by CBDCs, potentially enabling identification and surveillance.
#EasternCaribbean #CBDCs #HumanRights #GovernmentCorruption #Discrimination
What measures should the Eastern Caribbean Central Bank take to ensure integrity and gain consumer trust in the CBDC landscape, while respecting the human rights of citizens in member countries?
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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 Central Bank Digital Currency (CBDC), DCash, faces customer frustration due to technical issues and brings potential risks to financial privacy and freedom.
✅ In 2021, the Eastern Caribbean Central Bank 🏦 launched a CBDC called DCash, which is now available across all eight member countries according to Governor Timothy Antoine in 2023.
✅ DCash is accessible through a mobile app, built on Hyperledger Fabric by Bitt Inc., and can be loaded with funds via cash trade-ins or bank transfers.
✅ However, DCash has come under criticism for long account verification wait times and a two-month outage in 2022 that left users' funds inaccessible, with only the central bank's assurance of future availability.
✅ Given the outage that was later attributed to an expired certification, the Eastern Caribbean Currency Union is seeking a new contractor for redeveloping its CBDC by the end of 2023.
✅ The human rights and civil liberties implications of CBDC usage in Anguilla 🇦🇮 are largely undeterminable, primarily due to jurisdictional complexities as an overseas territory of the United Kingdom 🇬🇧.
✅ There is a consensus that the creation and use of CBDCs can potentially introduce risks to individual financial privacy and freedom, necessitating active discourse and careful consideration.
#CBDC #CentralBanks #DigitalCurrency #EasternCaribbeanCentralBank #DCash #FinancialPrivacy #CivilLiberties #HumanRights
Question:
With potential lapses in financial privacy and freedom posed by CBDCs, how could we develop safeguards to protect users? And how might these issues shape the evolution of digital currencies, especially for countries like Anguilla?
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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, DCash, faces setbacks due to technical issues and potential corruption and discrimination in the Eastern Caribbean Currency Union, especially Antigua and Barbuda 🇦🇬.
✅ In 2023, Eastern Caribbean Central Bank's DCash now operates in all eight member countries, once facing an outage in 2022 due to an expired certification.
✅ Users can access the DCash through the DCash Wallet mobile app, created by Bitt Inc. and powered by the Hyperledger Fabric.
✅ During DCash's two-month-long outage in 2022, users' funds were essentially stuck with the Central Bank promising to restore them eventually.
✅ In the late 2023, Eastern Caribbean Currency Union aimed at finding a new contractor to redevelop its CBDC.
✅ CBDC used in Antigua and Barbuda 🇦🇬, a relatively safe country in terms of human rights, is provided by the Eastern Caribbean Central Bank.
✅ There are potential risks of government corruption and indirect abuse of CBDC due to uneven law enforcement and the existence of pervasive corruption.
✅ Discrimination against certain communities, such as the LGBTQ+ community, could potentially use CBDCs as a tool to surveil and discriminate.
#EasternCaribbeanCentralBank #DCash #AntiguaAndBarbuda #HumanRights #Corruptions #DigitalCurrency
How do you reckon digital currencies like DCash can establish safeguards against practices like corruption and discrimination? What steps should be taken to ensure the efficient and ethical operation of CBDCs in countries like Antigua and Barbuda 🇦🇬?
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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 mixed results with consumer frustration, outages, and plans for redevelopment underway.
✅ Eastern Caribbean Central Bank (ECCB) rolled out its Central Bank Digital Currency (CBDC), DCash, across its eight member countries by 2023.
✅ Consumers can access DCash via DCash Wallet mobile app, designed by Bitt Inc. to run on Hyperledger Fabric.
✅ User feedback for DCash on digital app stores have been primarily negative, with customers experiencing extended periods of account verification and significant outages.
✅ In 2022, the two-month interruption to the CBDC service resulted in consumer funds remaining inaccessible, later identified to be due to an expired certification.
✅ ECCB announced a search for a new contractor to redevelop its CBDC in late 2023.
✅ As an overseas territory of 🇬🇧, detailed information about possible human rights and civil liberties violations in Anguilla is limited.
✅ The possibility of a CBDC misused potentially poses threats to financial privacy and financial freedom.
✅ Several international organizations including Amnesty International, Freedom House, and the U.S. Department of State offer reports addressing human rights and civil liberties concerns in detail.
#EasternCaribbeanCentralBank #DCash #CBDC #Finance #Banking #Technology #HumanRights #Privacy #Freedom
Considering both the benefits and challenges experiences so far, do you think Central Bank Digital Currencies can truly revolutionize the financial landscape of the Caribbean?
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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:
Despite early adoption of the Central Bank Digital Currency dubbed "DCash" across 🏝️Eastern Caribbean countries, the Human Rights Foundation reveals concerns over the cryptocurrency's potential for government corruption and discrimination abuse.
✅ In 2021, the 🏝️Eastern Caribbean Central Bank (ECCB) introduced DCash, its Central Bank Digital Currency (CBDC), expecting it to become widespread across its member countries by 2023, under the governance of Timothy Antoine.
✅ DCash is accessible via its mobile app, DCash Wallet, developed by Bitt Inc., allowing users to load money from cash or bank accounts and catalyzing Hyperledger Fabric technology.
✅ Concerns arise as numerous DCash users experienced a long verification process in Google Play Store and Apple App Store, coupled with a two-month long outage in 2022 which temporarily froze consumer funds.
✅ The CBDC faced a revamp as the 🏝️Eastern Caribbean Currency Union announced in late 2023 about the search for a contractor to reconfigure DCash.
✅ In relation to human rights, 🇦🇬Antigua and Barbuda, a DCash user, is relatively free of human rights issues but corruption and discrimination concerns are being questioned for possible abuse via CBDC.
✅ Pervasive corruption in 🇦🇬Antigua and Barbuda questions the CBDC's potential for surveillance and control abuse by corrupt officials, impacting established promises and regulations.
✅ The country's discrimination laws, especially towards the LGBTQ+ community, raise further alarm; CBDCs could potentially target and monitor this group.
#CBDC #HumanRights #CorruptionConcerns #DCash #ECCB
Does the purported convenience brought about by the advent of CBDCs outweigh potential rights violations? What safeguards can be placed to prevent potential misuse of CBDCs by authorities?
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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 CBDC experiences setbacks, outages and public frustration amid potential privacy concerns, leading to a search for a new contractor in 2023.
✅ The Eastern Caribbean Central Bank 🏦 unveiled its Digital Currency, DCash, in 2021, aiming to establish its reach across all eight member countries. By 2023, Bank Governor Timothy Antoine claims DCash will become a household name.
✅ Accessible via the DCash Wallet mobile app 📲, the CBDC is powered by Bitt Inc. and built on Hyperledger Fabric. Consumers can top-up their wallets either by trading in cash at designated spots or directly from their bank accounts.
✅ However, the app's user reviews 📥 on both Google Play and Apple App Store show discontent over long waiting periods for account verifications and a two-month-long outage in 2022, resulting in frozen consumer funds.
✅ This major disruption turned out to be due to an expired certification, raising valid questions about the reliability and security of the CBDC system.
✅ Toward the end of 2023, the Eastern Caribbean Currency Union announced a search for a new contractor to revamp its CBDC system.
✅ Despite being a UK territory, information regarding human rights and civil liberties abuses in Anguilla 🏝️ is scarce or inaccessible. The implications of these circumstances on DCash are uncertain and warrant further examination.
✅ Privacy International, Human Rights Watch, Freedom House, and other entities have released reports illuminating potential risks of CBDCs, especially regarding financial privacy and freedom.
#CBDC #DCash #EasternCaribbeanBank #CentralBankDigitalCurrency #HumanRights #FinancialFreedom
How do you think the implementation of CBDCs could potentially impact financial privacy and freedom, especially in territories with political complications like Anguilla? 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, DCash, faces user criticisms and raises rights concerns in Antigua and Barbuda.
✅ In 2023, the governor of Eastern Caribbean Central Bank 🌊🏦 confirmed that the DCash CBDC was available across all eight member nations and is expected to become a staple in the Currency Union.
✅ The DCash Wallet mobile app, created by Bitt Inc. and run on Hyperledger Fabric, acts as a conduit for the CBDC, allowing for cash trading at selected locations or money exchange using a bank account.
✅ Users have expressed discontent with the DCash service, citing long waits for account verification and a two-months-long outage in 2022 that led to frozen finances, which was attributed to an expired certificate.
✅ Later in 2023, the Eastern Caribbean Currency Union announced it was in search of a new contractor to redevelop the CBDC.
✅ While Antigua and Barbuda🇦🇬 is known to have few human rights concerns, the CBDC's relationship to government corruption and LGBTQ+ discrimination present question marks.
✅ Despite some efforts to mitigate governmental corruption, uneven enforcement of laws against corrupt officials raises questions about the security and potential bias of CBDC.
✅ Laws only recently made against discrimination to LGBTQ+ folks have impacted CBDCs - they could facilitate identification and surveillance of this already marginalized group.
#HumanRights #FinancialSecurity #CBDC #DCash #GovernmentCorruption #LGBTQRights
Let's broaden the conversation, how do we balance the efficient transactions brought by CBDCs, with the privacy and security risks they entail in countries grappling with corruption and discrimination issues?
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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, an initiative towards Central Bank Digital Currency, has sparked privacy and financial freedom concerns despite its extensive reach across eight countries.
✅ 🇦🇮 In 2021, the Eastern Caribbean Central Bank introduced a Central Bank Digital Currency, known as DCash, now functional across all eight member states.
✅ Accessible through DCash Wallet mobile app, this digital monetary innovation runs on Hyperledger Fabric and was crafted by Bitt Inc.
✅ Sadly, DCash was marred by criticism, with users bemoaning lengthy account verification times and a two-month outage in 2022 due to an expired certification.
✅ Disappointment led to the Eastern Caribbean Currency Union scouting for a new contractor to revamp DCash in late 2023.
✅ Human rights and civil liberties investigations in 🇦🇮 are sparse due to its status as a UK overseas territory, yet concerns exist about potential abuse of DCash impacting financial privacy and freedom.
✅ Organizations like Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, the U.S. Department of State, and Cato Institute offer in-depth insights into human rights and civil liberties violations and risks associated with CBDCs.
#CentralBankDigitalCurrency #DCash #PrivacyConcerns #FinancialFreedom
How do you see the development and usage of CBDCs, like DCash, impacting the society in terms of human rights, freedom, and privacy? Where should we draw the line between monetary innovation and civic liberties?
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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 CBDC, DCash, faces users' frustration and potential human rights concerns in 🇦🇬 Antigua & Barbuda.
Content:
✅ In 2021, Eastern Caribbean Central Bank unveiled DCash, a form of Central Bank Digital Currency (CBDC) and by 2023 it was made available in eight member countries.
✅ Users can access DCash through a dedicated mobile application, developed by Bitt Inc, and can load money via cash or bank transfers.
✅ However, consumers faced challenges with the CBDC, including prolonged verification processes and a two-month outage in 2022, leaving funds inaccessible.
✅ The CBDC system is considering a redesign as announced by the Eastern Caribbean Currency Union in late 2023.
✅ 🇦🇬 Antigua & Barbuda, a DCash user country, has some notable human rights issues, including government corruption and discrimination, potentially inflating risks associated with CBDCs.
✅ The country's ongoing corruption issue questions the promise of CBDC risk-management measures, as these could possibly be manipulated for political gains.
✅ The discriminatory laws against the LGBTQ+ community in 🇦🇬, until recently, raise concerns over potential abuse of CBDCs for unwarranted surveillance.
Hashtags:
#HumanRights #FinancialFreedom #CBDCRisks #CentralBankDigitalCurrency #EasternCaribbean
Question:
How can the development and implementation of CBDCs be made more equitable and transparent, considering the potential human rights risks in countries like 🇦🇬 Antigua & Barbuda?
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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, the region's Central Bank Digital Currency, faces consumer frustration and possible redevelopment due to significant setbacks.
Content:
✅ The Eastern Caribbean Central Bank 🏦 launched its own Central Bank Digital Currency, DCash, in 2021.
✅ By 2023, DCash has spread throughout all eight member countries of the Eastern Caribbean Currency Union, according to Governor Timothy Antoine.
✅ DCash Wallet, a mobile app, is where consumers interact with the 🏦 CBDC, produced by Bitt Inc. using Hyperledger Fabric.
✅ But customer reviews on Google Play Store and Apple App Store reveal frustration over long account verification times and service outages.
✅ For two months in 2022, DCash experienced an outage, freezing consumer funds—a situation traced back to an expired certification.
✅ The Eastern Caribbean Currency Union announced plans for contractor replacement and the CBDC's redevelopment in late 2023.
✅ Anguilla 🇦🇮, a region using DCash under the United Kingdom's territory, lacks substantive data on potential human rights and civil liberties violations linked to CBDC use.
✅ Use of CBDCs may pose threats to financial privacy and freedom, even though potential for direct abuse is debatable.
✅ More insights on human rights concerns and the risks of CBDCs can be gleaned from reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, the U.S. Department of State, and the Cato Institute.
Hashtags:
#CBDC #EasternCaribbean #DCash #FinancialPrivacy #HumanRights
Question:
Given the issues faced by DCash, do you think the benefits of CBDCs outweigh the possible threats to financial privacy and freedom? Let's have a constructive 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:
Amidst criticisms over technical and usability issues, the Eastern Caribbean Central Bank is set to redevelop its Central Bank Digital Currency (CBDC), DCash; simultaneously, concerns persist over potential misuse due to government corruption and discrimination in the Eastern Caribbean region.
✅ The Eastern Caribbean Central Bank’s CBDC, DCash, deployed in 2021, has been successfully implemented in all its eight member countries by 2023 with promotional strategies to expand its reach. 🌴
✅ DCash operates through the DCash Wallet mobile app, developed by Bitt Inc on Hyperledger Fabric allowing users to load money by cash trade-ins at verified spots or bank account conversion.
✅ Despite this, customer reviews have been harsh, with delays in account verification and a two-month CBDC outage due to an expired certification in 2022 that stranded consumer funds.
✅ In its attempt to rectify these issues, the Eastern Caribbean Currency Union began seeking a new contractor for CBDC redevelopment in late 2023.
✅ Considering the human rights outlook, Antigua and Barbuda, a member of the Eastern Caribbean Central Bank, despite lesser concerns of rights abuse, highlights the debate of potential CBDC misuse in the face of prevailing government corruption and discrimination.
✅ Despite the presence of punitive measures against governmental corruption, uneven enforcement of such laws is a notable concern while dealing with CBDCs, driving potential risks of surveillance, control, and political favoritism.
✅ Another cause of worry is the potential use of CBDCs in perpetrating discrimination, specifically against the LGBTQ+ community in Antigua and Barbuda. 🌈
✅ Access further insights on CBDC risks and violations of human rights and civil liberties from reputed entities like Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, the U.S. Department of State, and the Cato Institute.
#EasternCaribbeanCentralBank #HumanRights #CentralBankDigitalCurrency #DCash #DigitalCurrency #GovernmentSurveillance #FreedomRights #LGBTRights
How can CBDCs be safeguarded against misuse by corrupt governments or discrimination against minority groups while expanding its user base and fostering financial inclusivity? Share your thoughts here!
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