⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (25-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
🇰🇿 emulates global digital currency trend as result findings from a Central Bank Digital Currency (CBDC) test with major financial partners raise concerns over human rights and civil liberties.
✅ The National Bank of the Republic of 🇰🇿 took its first steps towards digital currencies, conducting a CBDC pilot test in June 2021.
✅ Visa, Mastercard, and several national banks assisted in the pilot, testing "CBDC bank cards linked to digital tenge accounts."
✅ Significant human rights and civil liberties issues in 🇰🇿 could be worsened by the introduction of a CBDC—Freedom House gave the country a freedom score of just 23 out of 100.
✅ The Kazakhstani government has a history of restraining dissenters, using tactics such as preventatively arresting protest organizers and limiting access to media outlets through internet blackouts.
✅ With a CBDC, the Kazakhstani government can further these suppressive practices by seizing assets and freezing funds of opposition figures.
✅ Corruption is rampant within the Kazakhstani government, which presents concerns about how equitably a CBDC would be managed, and whether agents might use the digital currency to exert political favoritism, surveillance, etc.
#KazakhstanCBDC #HumanRights #CivilLiberties #DigitalCurrencyConcerns
Question: As advocates for freedom and financial sovereignty, how do we balance the advantages of a CBDC with the potential abuses of power it can enable in countries riddled with corruption and suppressive governance like Kazakhstan?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Egypt (24-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 13.9%
One-sentence summary:
🇪🇬 Egypt's plan to issue Central Bank Digital Currency (CBDC) by 2030 raises alarming concerns, amid reports of widespread corruption and oppression of criticism, according to the Human Rights Foundation report.
Topics:
✅ The Central Bank of Egypt is currently researching the development of a Central Bank Digital Currency (CBDC), working in coordination with the Egyptian Credit Bureau.
✅ Despite the research being in its early stages, a timeline till 2030 has been set for launching the CBDC, named as the E-Pound.
✅ The Freedom in the World report from Freedom House in 2023 gave Egypt an 18 out of 100, highlighting the serious human rights issues in the country.
✅ There is significant concern that the issuance of CBDC could enhance the current climate of oppression and corruption in the country.
✅ Freedom House report indicates a consistent suppression of any criticism towards the active government, along with increasing surveillance and stifling of voices through arresting, freezing assets, bans, and physical assaults.
✅ There are fears that a CBDC could easily be misused to undermine the opposition by a direct control over citizens' finances.
✅ Pervasive corruption and lack of anti-corruption mechanisms potentially exposes the risk of the government misusing CBDC to exert political favoritism and control.
Hashtags:
#HumanRights #FinancialSurveillance #CBDCRisks #FreedomHouse
Question:
Given the alarm over potential misuse, would you support the roll-out of CBDCs in countries with a track record of corruption and repression, like 🇪🇬 Egypt? Are there ways to ensure that the implementation of CBDCs would uphold, not undermine, the financial and personal freedom of citizens? Share your thoughts! 💭
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (25-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
Kazakhstan's CBDC in pilot phase raises severe concerns due to the country's concerning record on human rights and rampant government corruption.
✅ Kazakhstan 🇰🇿 initiates piloting of a Central Bank Digital Currency (CBDC) with its national bank announcing the commencement of the trial phase in June 2021.
✅ The National Bank of the Republic of Kazakhstan released a report in December 2023 detailing the success of their CBDC, the 'digital tenge', with significant involvement from Visa, Mastercard, and several key Kazakhstani banks in testing CBDC bank cards linked to 'digital tenge' accounts.
✅ 🇰🇿 faces widespread human rights and civil liberties concerns, scoring a dismal 23 out of 100 in Freedom House's 2023 World Report, making the advent of CBDC a potential threat.
✅ With arbitrary bans on peaceful protests, the denial of at least 154 protests in 2022, and routine 'preventative arrests', the Kazakhstani authorities could utilise the CBDC to enhance their control further, as seen globally where the funds of activists and political rivals are often frozen or seized.
✅ A widespread culture of corruption permeates all tiers of the Kazakhstani government, as noted by Freedom House, raising questions about potential surveillance, control, or other risks associated with CBDC that might be exploited for political favoritism.
#KazakhstanCBDC #DigitalRights #HumanRights #FreedomHouse #GovernmentCorruption #KazakhstaniBanks
As followers of the evolution of digital currencies, should we be more concerned about the potential misuse of CBDCs in nations with poor human rights records and high corruption levels?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Egypt (24-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 13.9%
One-Sentence Summary:
"Egypt's push towards a Central Bank Digital Currency (CBDC) raises red flags amid prevailing human rights concerns and corruption, says a report by the Human Rights Foundation."
Paragraph Summaries:
✅Central Bank of 🇪🇬 is researching the feasibility of a Central Bank Digital Currency (CBDC), exploring partnership with Egyptian Credit Bureau.
✅The end goal is to issue the CBDC, referred to as E-Pound, by 2030.
✅🇪🇬 scored a low 18/100 on Freedom House's 2023 Freedom in the World Report, raising concerns about potential misuse of a CBDC in a system plagued by widespread corruption and criticism suppression.
✅Political activists and opposition face harsh penalities in 🇪🇬, with fears around how a CBDC could be used as a tool against them.
✅Corruption weaves through all tiers of 🇪🇬's government, fueling worries about the development and launch of an impartial and transparent CBDC.
Hashtags:
#HumanRights #FreedomHouse #CentralBank #EPound #Egypt #DigitalCurrency #FinancialInclusion
Question:
As Bitcoin enthusiasts and advocates for liberty, how can we use the principles of decentralization and transparency in the digital currency space to push back against potential human rights abuses and corruption connected with Central Bank Digital Currencies like Egypt's proposed E-Pound?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (25-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
🇰🇿Kazakhstan's Central Bank's Digital Currency (CBDC) pilot has raised concerns over human rights and government corruption, highlighting potential threats to freedom.
✅The National Bank of the Republic of Kazakhstan launched a pilot for its own Central Bank Digital Currency (CBDC) - the "digital tenge" back in June 2021.
✅In December 2023, they released a report detailing the results of their CBDC with key collaborations with Visa, Mastercard, and local banks.
✅Despite this progress, human rights and civil liberties concerns are major issues in 🇰🇿Kazakhstan, scoring a low rating by Freedom House in 2023.
✅The government's restrictive measures against dissent, widespread corruption, and potential misuse of a CBDC for financial surveillance and control are real threats.
✅With increasingly restrictive laws, the government has notably suppressed protests and imposed internet blackouts.
✅A CBDC could further enable the government to undermine opposition by freezing and seizing money of activists, political rivals, and protestors.
✅The threat of government corruption also undermines faith in assurances around surveillance, control, or other risks of CBDCs.
#humanRights #CBDC #Kazakhstan #centralBanks #freedom
Do you think Central Bank Digital Currencies (CBDCs) can be designed and implemented in a way that they do not compromise human rights and freedoms? How can the international community help ensure the responsible development and use of CBDCs in countries facing challenges with human rights and corruption?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Egypt (24-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 13.9%
One-sentence summary:
🇪🇬 Egypt's Central Bank plans to issue a digital currency by 2030 amidst concern over erosion of freedom and widespread corruption.
✅ The Central Bank of Egypt is in preliminary research phase with the Egyptian Credit Bureau to potentially issue a CBDC. The specific nature of CBDC is yet unclear but the aim to launch the E-Pound is by 2030.
✅ In the 2023 Freedom in the World report by Freedom House, Egypt scores a low 18 out of 100. Concerns over the repression of criticism and persistent corruption could potentially worsen if a CBDC was put into effect.
✅ According to Freedom House, opposition parties and activists who criticize the current regime face severe penalties including arrests and prison terms. Advancement of a CBDC presents a tool of financial control for the government, establishing the risk of freezing and confiscating financial assets of these individuals.
✅ Reports also highlight rampant governmental corruption. The lack of a credible and impartial anti-corruption system raises concerns about the misuse of CBDCs, such as unwarranted surveillance and other risks, favoritism through subsidies and financial manipulation.
Hashtags:
#CBDC #Egypt #HumanRights #FinancialFreedom #CentralBankofEgypt
Question:
Considering the current political climate in 🇪🇬Egypt, how do you envisage the use of a CBDC impacting the citizens? Could there be a potential avenue for increased surveillance and curbed freedom or could it bring about a progressive change in the Egyptian monetary system? Share your thoughts!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (25-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
Kazakhstan's pilot for Central Bank Digital Currency (CBDC), the "digital tenge", raises human rights and civil liberties concerns due to existing government corruption and restrictions on dissent.
✅ 🇰🇿 has embarked on a pilot phase for a CBDC, the "digital tenge", as announced by the National Bank of the Republic of Kazakhstan in June 2021.
✅ The National Bank joined with Visa, Mastercard, and local banks to test CBDC-linked bank cards, according to a detailed December 2023 report.
✅ 🇰🇿 scored just 23 out of 100 in the 2023 Freedom House's Freedom report, bringing up concerns on civil liberties and human rights in relation to the use of a CBDC.
✅ Amnesty International highlights restrictive legislation that allows the country to ban protests arbitrarily, with reported denial of permits for at least 154 protests in 2022 and common preventative arrests of potential protestors.
✅ The government’s control over each citizen’s finances might be facilitated and escalated by a CBDC, which could further suppress dissenting voices.
✅ Rampant government corruption, as alleged by Freedom House, questions the government's commitments to control surveillance and risks associated with the CBDC.
✅ Widespread corruption also raises concerns about how CBDC might enable political favoritism through price controls, subsidies or targeted restrictions.
#Kazakhstan #CBDC #HumanRights #CivilLiberties
How can the global digital currency community influence the use of CBDCs to ensure respect for human rights and civil liberties, particularly in countries with a record of government corruption and suppression of dissent?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Egypt (24-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 13.9%
One-Sentence Summary:
🇪🇬 Egypt's Central Bank is exploring the possibility of a CBDC, but human rights organizations express concerns about potential misuse amidst reports of corruption and repression.
✅ The Central Bank of Egypt is undertaking research on the possibility of launching a CBDC, said to be called the E-Pound, with a prospective release by 2030.
✅ In Freedom House's 2023 report, Egypt scored 18 out of 100 regarding freedom, fueling concerns that CBDCs might be leveraged to exacerbate issues such as censorship and corruption.
✅ Activists, opposition parties, and political movements are often targeted if they criticize the regime, with CBDCs potentially enabling easier seizure of activists', political rivals', and protestors' funds.
✅ According to Freedom House, corruption is rampant across all government levels in Egypt which raises questions on any commitments made to curb surveillance, control, or other risks associated with CBDCs.
✅ For more comprehensive information on rights issues and potential CBDC concerns, various reports from global organizations like Amnesty International, Freedom House, and Cato Institute can be referred to.
Hashtags
#HumanRights #CBDC #CentralBanksofTheWorld #FinancialFreedom #Egypt #FreedomHouse
Question
Given the current climate in Egypt, how can checks and balances be put in place to ensure a CBDC will not be used to violate human rights and enhance corruption? Share your thoughts.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (25-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
Kazakhstan 🇰🇿 is testing its Central Bank Digital Currency (CBDC), digital tenge, amid concerns over human rights abuses and government corruption.
✅ June 2021 saw the launch of the digital tenge pilot program by the National Bank of the Republic of Kazakhstan.
✅ Numerous large banks and payment processors such as Visa, Mastercard, Halyk Bank, Altyn Bank, Bank CenterCredit, and Eurasian Bank collaborated in CBDC bank cards testing.
✅ According to a 2023 report, Kazakhstan only scored 23 out of 100 in Freedom House's annual freedom assessment.
✅ The report pinpoints the risk of a CBDC potentially being exploited to further suppress dissent and consolidate control by the government.
✅ At least 154 protests were denied permits by Kazakhstani authorities in 2022, and internet blackouts have been used to limit access to media.
✅ Amnesty International reports suggest that existing laws permit the government to reject public protests arbitrarily.
✅ Widespread corruption is prevalent in the government, raising concerns about surveillance, control, and the potential for political favoritism through CBDC policies, according to Freedom House.
#Kazakhstan #CBDCs #DigitalTenge #HumanRights #GovernmentCorruption #FreedomHouse #AmnestyInternational
Question to Ponder: Given the potential misuse of CBDCs by authoritarian regimes to control citizens' finances more directly, should international standards be set to prevent human rights abuses? What might these look like?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Egypt (24-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 13.9%
One-Sentence Summary:
Egypt's Central Bank's plans to develop a Central Bank Digital Currency (CBDC) by 2030 raises major concerns due to the country's poor record on freedom, scrutiny of critics, and widespread corruption.
Content:
✅ According to the Central Bank of Egypt, 🇪🇬 is in the early stages of researching Central Bank Digital Currencies (CBDCs).
✅ The bank is collaborating with the Egyptian Credit Bureau to potentially provide savings and lending services with their proposed CBDC, the E-Pound.
✅ Despite the research stage, the specific form of the CBDC is yet to be defined.
✅ In light of Egypt's Freedom score of 18 out of 100 in Freedom House's 2023 report, the development of a CBDC could potentially escalate issues of oppression and corruption.
✅ Critics of the regime often face severe punitive measures, limiting political freedom.
✅ With the creation of a CBDC, these measures could extend to financial surveillance and control, increasing the ease of asset freeze and seizure.
✅ Given the high levels of government corruption, any assurances to limit surveillance and control with the introduction of CBDCs are questionable.
Hashtags:
#EgyptCBDC #HumanRights #FinancialFreedom #GovtSurveillance
Thought-Provoking Question:
Given the potential misuses of CBDCs in countries with oppressive regimes, should we rethink the global race towards central bank digital currencies? Your thoughts are welcome. Let's have a respectful discussion.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (25-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
Kazakhstan's Central Bank Digital Currency (CBDC) pilot, in collaboration with various financial institutions, stokes concerns over potential misuse amid prevalent government corruption and suppression of free speech.
✅ 🔵 Kazakhstan is testing a Central Bank Digital Currency (CBDC). The pilot began in mid-2021.
✅ The CBDC, called the "digital tenge", was tested with the involvement of key financial entities like Visa, Mastercard, and several banks, according to the National Bank of the Republic of Kazakhstan's report from December 2023.
✅ Investigations by human rights organizations point towards existing restrictions on free speech and rampant corruption within the government of 🔵.
✅ Citizens' rights to peaceful protest are frequently violated in🔵, with around 154 protests reportedly denied permits in 2022.
✅ Government control over a CBDC could potentially amplify violations against dissenting citizens by enabling freezing or seizure of their finances.
✅ Corruption being prevalent across the government raises question on promises made to limit potential misuses of CBDC.
#CBDC #HumanRights #FreedomOfSpeech #GovernmentControl #Corruption #DigitalCurrency
Question: As Bitcoin advocates and freedom enthusiasts, how do you see the rise of Central Bank Digital Currencies like the 'Digital Tenge'? Despite their potential for efficient financial transactions, can we overlook the threat they bring towards personal liberty, especially in nations with track records of government corruption and restricted freedom of speech?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Egypt (24-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 13.9%
One-Sentence Summary:
"Egypt's Central Bank advance towards issuing a Central Bank Digital Currency by 2030, but human rights groups raise concerns on potential misuse."
✅According to the Central Bank of 🇪🇬, they are starting research on Central Bank Digital Currencies (CBDCs) expecting to introduce an E-Pound by 2030.
✅While the research is early-stage, the central bank aims for the CBDC to offer savings and lending services in addition to its primary role.
✅The proposed plan from 🇪🇬are alarming due to its poor record on freedom, scoring an 18 out of 100 in Freedom House’s 2023 Freedom in the World report.
✅Concerns emerge regarding the country's substantial oppression of criticism and rampant corruption, which potentially could be exacerbated by a CBDC.
✅Freedom House reveals disturbing incidents of harassment, arrests, and other forms of pressure against critics of the regime, a situation that could worsen with direct control over finances through a CBDC.
✅Predominant corruption throughout the government tiers, as documented by Freedom House, raises doubts about the transparency and impartiality of CBDCs in 🇪🇬, potentially promoting political partiality.
✅References made to reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State indicate a persisting situation of human rights and civil liberties violations in 🇪🇬.
#Egypt #CentralBank #DigitalCurrency #HumanRights #FreedomHouse #GovernmentSurveillance #CivilLiberty #Corruption
🤔 Given the political context of Egypt and the potential misuse of CBDCs by the government, do you believe that certain safeguards or regulations should be established to protect the rights and finances of the Egyptians? Share your thoughts below.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (25-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
Kazakhstan 🇰🇿 announces successful pilot testing of Central Bank Digital Currency (CBDC), triggering concerns about potential misuse related to human rights and government corruption.
✅ Kazakhstan's central bank began piloting its CBDC, the digital tenge, in June of 2021.
✅ In December 2023, the bank disclosed its collaboration with various financial institutions like Visa, Mastercard and several local banks to test CBDC bank cards linked to digital tenge accounts.
✅ Despite these digital advancements, concerns about human rights abuses and government corruption persist in Kazakhstan 🇰🇿.
✅ Scores from the Freedom House’s 2023 Freedom in the World report indicate a low level of freedom, ranking Kazakhstan 🇰🇿 a mere 23 out of 100.
✅ Amnesty International also paints a grim picture with reports of legal restrictions, denied protests and cases of preventative arrests.
✅ The adoption of a CBDC has raised fears that the government may use this digital tool to exert further control, silencing dissenting voices by seizing monetary assets.
✅ The corruption pervading all levels of government makes any CBDC related policies suspect, heightening fears around surveillance, control, and political favoritism.
#Kazakhstan #HumanRights #CivilLiberties #CBDC #GovernmentCorruption #DigitalCurrency
What are your thoughts on how a CBDC might be used or misused in countries with rampant corruption and human rights abuses? Let's open up this discussion and exchange ideas on what can be done to safeguard the rights of individuals in these situations.
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⚠️ 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:
Jamaica's Central Bank Digital Currency (CBDC), JAM-DEX, sees growing user and merchant adoption incentivized by rewards, despite facing minor merchant onboarding issues and potential risks to financial freedom.
Topics:
✅The Bank of Jamaica 🇯🇲 launched the Central Bank Digital Currency (CBDC), JAM-DEX, in 2022.
✅By the end of July 2022, over 120,000 people and 2,300 merchants had opened JAM-DEX accounts.
✅The first 100,000 customers received incentive bonuses, contributing to a user base growth to 190,000 by February 2023.
✅In March 2023, the Bank of Jamaica 🇯🇲 announced two incentive programs for merchants and regular CBDC users.
✅Fast forward to January 2024, about 260,000 people own JAM-DEX accounts.
✅CBDC can be accessed via a mobile app on both Apple and Android devices.
✅Bank of Jamaica's deputy governor claims simplified know-your-customer requirements contribute to easy account creation.
✅Despite its success, CBDC adoption challenges persist with merchants preferring to use their existing point-of-sale (POS) machines.
✅Jamaica's CBDC does not directly align with reported human rights and civil liberties issues, but potential risks to financial privacy and freedom exist with CBDC creation.
Hashtags:
#CentralBankDigitalCurrency #Jamaica #JAMDEX #FinancialFreedom #HumanRights
Question:
Considering the adoption and potential challenges of Jamaica's Central Bank Digital Currency, do you feel that CBDCs in general pose more benefits or threats to the financial freedom of their users? Share your thoughts!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Egypt (24-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 13.9%
One-sentence summary:
🇪🇬 is researching the development of a Central Bank Digital Currency (CBDC) amidst concerns of human rights violations and rampant corruption.
Topics:
✅ The Central Bank of Egypt is at the research phase for the development of a CBDC, referred to as the E-Pound, aiming for launch by 2030.
✅ 🇪🇬 scored just 18 out of 100 in the 2023 Freedom House’s Freedom in the World report due to concerns regarding human rights and corruption. The introduction of a CBDC could potentially exacerbate these issues.
✅ Activists, opposition parties, and critics of the regime are facing harsh repression in 🇪🇬 with seizures of assets, travel bans, and physical assaults being reported. The implementation of a CBDC could enable the government to exert financial control over citizens and exacerbate this repression.
✅ Corruption within the 🇪🇬 government is rife and measures to counteract this are insufficient, casting doubt on any assurances related to limiting surveillance, control, and other risks associated with the introduction of a CBDC.
✅ Organizations like Amnesty International, Human Rights Watch, and the U.S. Department of State have expressed concern over violations of human rights and civil liberties in 🇪🇬.
Hashtags:
#CBDC #HumanRights #FinancialIntervention #FreedomHouse #CentralBankofEgypt
Question:
Considering the climate of human rights and cases of widespread corruption in 🇪🇬, how can the potential risks associated with the introduction of a CBDC be mitigated? What role do you envision for decentralized cryptocurrencies in this context? Let's hear your thoughts!
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⚠️ 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:
Jamaica's central bank digital currency, JAM-DEX, gains momentum with 260,000 users amidst concerns of potential threats to financial privacy and freedom.
✅🇯🇲 is in the launched phase of a Central Bank Digital Currency (CBDC) known as JAM-DEX, initiated in 2022.
✅By July 2022, more than 120,000 individuals and 2,300 businesses had created accounts helped by incentives for the initial 100,000 customers.
✅As of February 2023, the user base has expanded to 190,000 leading to the announcement of new incentive programs in March 2023.
✅Users can access their JAM-DEX accounts through a mobile app available on Apple and Android devices, with a simplified know-your-customer process.
✅However, Bank of Jamaica governor Richard Byles admits JAM-DEX has faced challenges in merchant adoption due to complications with existing point-of-sale systems.
✅Despite the increasing adoption of CBDCs in Jamaica, concerns are raised about threats to individual financial privacy and freedom.
✅Additional information about human rights concerns, financial risks with CBDCs can be found in various publications from Amnesty International, the Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State.
#CentralBankDigitalCurrency #JAMDEX #Jamaica #HumanRights #FinancialPrivacy #FinancialFreedom
What are your thoughts on the delicate balance between the adoption of CBDCs and the potential risks to financial privacy and freedom? Can these risks be mitigated while making digital currencies inclusive and convenient?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Egypt (24-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 13.9%
One-Sentence Summary:
Egypt's Central Bank is preparing to issue a Central Bank Digital Currency (CBDC) by 2030 but human rights concerns could exacerbate the critical societal issues in the country.
Analysis:
✅ Egypt's Central Bank is currently in its research phase for launching its digital currency the "E-Pound" by 2030.
✅ Despite being in early stages, the bank is working with the Egyptian Credit Bureau to possibly offer lending and saving services.
✅ The Freedom House scored Egypt quite low - an 18 out of 100 due to oppression of criticisms and massive corruption.
✅ Expressing criticisms or opposing the government could lead to severe consequences including death.
✅ The Arab Network for Human Rights Information (ANHRI) suspended its operations in Egypt due to consistent harassment from authorities.
✅ The CBDC could serve as another tool for the government to control and monitor citizen's transactions.
✅ Pervasive corruption across all governmental levels along with ineffective official mechanisms to combat corruption pose threats to the credibility, transparency and impartiality of CBDC implementation.
✅The corruption also raises issues regarding limitations on surveillance, control and other risks pertaining to CBDCs.
✅ For broader information about human rights violations and challenges associated with CBDCs, various resources are available, including reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, as well as the US Department of State and the Cato Institute.
Hashtags:
#EgyptCBDC #HumanRights #FinancialFreedom #EconomicJustice #CBDCRisks
Question:
Considering the critical human rights situation and corruption in Egypt, how do you feel the introduction of a CBDC will impact the society? Are there ways it could possibly improve the situation or are the risks just too great? We welcome your insights.
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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:
Australia's Reserve Bank contemplates the development of Central Bank Digital Currencies (CBDCs) but the public express concerns about potential misuse for financial control and surveillance.
✅🇦🇺 is currently weighing the pros and cons of developing a CBDC. The Reserve Bank of Australia has piloted various CBDC proofs of concept alongside local and international institutions, wrapping up their last test in late August 2023.
✅Foremost among public concerns is the potential for CBDCs to be misused as tools of mass financial surveillance, and to disrupt the financial system with the implementation of negative interest rates.
✅In late 2023, the head of Australia's Reserve Bank, Michele Bullock, expressed her unconvincing stance on retail CBDCs, indicating that future experiments will likely be focused on wholesale CBDCs.
✅Although 🇦🇺 enjoys a status as a free society with minimal reports of significant human rights abuses, the introduction of a CBDC sparks concern. Critics predict it could exacerbate the government's treatment of protests and restrictions on freedom of travel.
✅Recent laws restricting protests have raised eyebrows among human rights organizations. Worryingly, a CBDC could make freezing and seizing activists, political rivals, and protesters’ money simpler.
✅🇦🇺’s strict COVID-19 quarantine measures highlighted another point of contention: the freedom of movement. CBDCs could heighten state control by alerting authorities to purchases made outside accepted parameters or curfew hours.
#ReserveBankOfAustralia #CBDC #FinancialSurveillance #CivilLiberties #HumanRights
Question:
Given the potential risks associated with increased financial control and surveillance, how might the implementation of CBDCs in an open society like Australia be approached to minimize these concerns? Let's hear your thoughts.
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⚠️ 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:
"Jamaica's 🇯🇲 CBDC, JAM-DEX, witnesses increased adoption with over 260,000 users, amidst concerns for potential risks to financial privacy and freedom."
✅ Jamaica's Central Bank Digital Currency (CBDC), JAM-DEX, sees booming business with over 260,000 people having opened accounts by January 2024.
✅ The Bank of Jamaica facilitated the CBDC's introduction with attractive incentives, resulting in the adoption of CBDC by over 120,000 people and 2,300 merchants by July 2022, and that number grew to 190,000 users by February 2023.
✅ CBDC accessibility is provided through mobile apps, compatible with both Apple and Android devices, and has easy account creation processes that differ for bank account holders and non-holders.
✅ According to Bank of Jamaica Governor Richard Byles, many Jamaican merchants choose to continue using their existing point-of-sale (POS) machines - which handle debit and credit cards, leading to delays in merchant acceptance of the CBDC.
✅ Despite the successful adoption rates, the potential risks surrounding CBDCs related to financial privacy could impact human rights and civil liberties, issues that Jamaica has a history with.
#HumanRights #FinancialPrivacy #DigitalCurrency #Jamaica
What are your thoughts on the potential impact of CBDCs on financial freedom and privacy, especially in light of Jamaica's 🇯🇲 experiences with JAM-DEX?
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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:
Australia's Central Bank Digital Currency Development Raises Concerns for Mass Surveillance and Financial Controls
✅🇦🇺Australia's Reserve Bank wrapped up a series of CBDC pilots on August 23, 2023. The final decision on CBDC implementation is yet to be made, citing unresolved issues.
✅Despite being in the pilot phase, CBDCs are viewed by the public as tools for mass financial surveillance, posing a threat to financial stability.
✅Reserve Bank governor Michele Bullock, in late 2023, indicated a lack of conviction towards retail CBDCs and a focus on exploring tokenized assets.
✅Australia’s adoption of a CBDC is deemed problematic due to potentially hindering protests and restricting travel freedom.
✅Given recent laws to curtail protests, a CBDC could function as an instrument for oppressive regimes by facilitating the control of citizen's finances directly.
✅Australia’s COVID-19 strict quarantine has posed a threat to freedom of movement, leading to concerns that a programmable CBDC could result in similar restrictions.
#CentralBankDigitalCurrency #FinancialSurveillance #Australia #HumanRights
How can we maintain financial freedom and uphold civil liberties with the rise of Central Bank Digital Currencies as a medium of exchange?
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