⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (29-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-11-15
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-sentence Summary:
Kazakhstan launches CBDC, "digital Tenge", seen as major progress in financial technology but raises concern over human rights and freedom in the country.
✅🇰🇿 is moving forward with the launch of CBDC referred as the "digital tenge" with first transaction made by Binur Zhalenov, chairman of the National Payment Corporation, on November 15, 2023.
✅CBDC is developed in partnership with Mastercard and Visa, making it usable via a payment card in retail outlets, online stores, and various websites.
✅The development of Kazakhstan's CBDC has been ongoing since May 2021 as outlined in the Digital Tenge Public Discussion Report, with the first pilot project activated in June 2021.
✅By July 2022, the National Bank of the Republic of Kazakhstan published a framework for CBDC issuance, evaluating the necessity, benefits, and potential risks of its implementation.
✅In February 2023, in conjunction with Binance, the National Bank of the Republic of Kazakhstan issued a report noting that the success of CBDCs will largely depend on their impact on financial stability and protection of privacy.
✅By December 2023, the central bank of 🇰🇿 published a report detailing their latest CBDC pilot results, confirming that "CBDC bank cards” are interoperable with other payment options and its implementation reduces the likelihood of errors.
✅Despite these strides in financial technology, Kazakhstan scores a low 23 out of 100 in Freedom House's 2023 Freedom in the World report, indicating concerns over government corruption, undue restrictions on peaceful assemblies, and abundant corruption at all government levels.
✅The introduction of CBDC might exacerbate these issues by providing an easy route to freeze and seize money from activists, political rivals, and protestors, and potentially allowing more pervasive corruption concerning its usage and policies.
#Kazakhstan #CBDC #HumanRights #FinancialInclusion #GovernmentCorruption
Question:
In light of Kazakhstan's commendable progress in financial technology with the development of CBDC, what checks or measures need to be put in place to ensure this development does not serve as a tool for human rights infringements and government corruption? How can digital currency maintain its core purpose of promoting financial inclusion amidst these potential risks?
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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:
The Central Bank of Egypt's plan to issue a digital currency, the E-Pound, by 2030 is under scrutiny due to concerns of increased oppression and surveillance in a country already scoring low on Freedom House’s Freedom in the World report.
✅ The Central Bank of Egypt 🇪🇬 is in its research and planning stages for the issuance of a Central Bank Digital Currency, potentially offering savings and lending services. Specific form of this Digital Currency is yet to be decided.
✅ By 2030, a CBDC known as the E-Pound might be introduced, as reported by Egypt Today in 2024.
✅ Egypt's freedom score was 18/100 in the 2023 Freedom House's Report, raising concerns about the potential for increased oppression and corruption with the implementation of a CBDC.
✅ Criticism and presumption of widespread corruption may get amplified with the introduction of CBDC, leading to fears of misuse and increased control by the government.
✅ Higher surveillance and possible seizures of assets of human rights defenders, activists and opposition parties persist, with CBDC's potential to be used as a tool against such individuals.
✅ Prominent Human Rights Group, ANHRI suspended its operations in Egypt due to continuous government harassment in early 2023.
✅ The pervasive corruption at all levels of governance questions the credibility, impartiality, and transparency of the CBDC introduction, and the potential of unfair policies favoring political agendas.
✅ Multiple organizations like Amnesty International, Financial Tyranny Index, Freedom House etc., have raised concerns about human rights and civil liberty violations, and risks associated with CBDCs.
#CBDC #Egypt #FreedomHouse #HumanRights #GovernmentSurveillance #FinancialControl #AssetSeizures
Considering the possible misuse of CBDCs, how can citizens and human rights defenders ensure their financial freedom and security in countries with low freedom scores like Egypt?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (29-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-11-15
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
🇰🇿 launches its Central Bank Digital Currency (CBDC), raising international human rights concerns over freedom and privacy amidst its struggle against corruption.
✅ On November 15, 2023, 🇰🇿 launched its CBDC, "the digital tenge", with its first transaction made by Binur Zhalenov, Chairman of the National Payment Corporation.
✅ The CBDC, developed by 🇰🇿 in collaboration with Mastercard and Visa, can be used via a payment card in retail outlets, online stores, and various websites and stored in multiple devices.
✅ Research and development of 🇰🇿's CBDC began in May 2021, with several studies to assess the impact of the digital tenge and sessions with international partners.
✅ The National Bank of 🇰🇿 launched its first CBDC pilot project in June 2021, with additional research scheduled to assess the economic and regulatory implications.
✅ By July 2022, the National Bank of 🇰🇿 had a decision-making framework for CBDC issuance, outlining benefits, risks, and design considerations.
✅ As of December 2022, the plan was to introduce the CBDC in phases over three years, aiming to improve financial inclusion, promote competition, and increase the global competitiveness of 🇰🇿's financial sector.
✅ In February 2023, the central bank of 🇰🇿 identified financial stability and privacy protection as crucial for success, but also warned against cybersecurity threats to its CBDC platform.
✅ A report in December 2023 detailed the latest work on the CBDC pilot, revealing successful interoperability with other payment options and efficiency in a school lunch voucher system.
✅ However, concerns remain about human rights and civil liberties in 🇰🇿, with restrictions on dissenting voices and widespread government corruption being major issues.
✅ Amnesty International and Freedom House have reported on restrictions on peaceful assemblies, preventive arrests of potential protestors, internet blackouts restricting media access, and extensive corruption in the country's government.
#Freedom #HumanRights #DigitalCurrencyRisk #CentralBanks #Kazakhstan #CBDCs
Considering the human rights concerns raised by the implementation of CBDCs in the context of a country grappling with allegations of government corruption, censorship, and control, how can freedom, privacy, and digital democracies co-exist in such a digital transaction landscape?
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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, the E-Pound, by 2030 amid growing concerns of corruption and human rights violations.
✅ According to a Central Bank of Egypt report, 🇪🇬 is researching the potential issuance of a Central Bank Digital Currency (CBDC).
✅ The Central Bank aims to provide additional services like savings and lending with Egyptian Credit Bureau's cooperation.
✅ Yet, the sketchy details regarding the new CBDC project led to speculation over its functional form.
✅ Egypt Today reported in 2024 that the Central Bank will likely introduce the E-Pound by 2030.
✅ As per the 2023 Freedom in the World report by Freedom House, 🇪🇬 scored as low as 18 out of 100, indicating extensive issues across several domains.
✅ The prevalent oppression of criticism and widespread corruption in 🇪🇬 evoke concerns that the CBDC may worsen these situations.
✅ Activists, opposition parties, and political movements face harsh laws, arrests, and extrajudicial violence due to their criticism of the regime.
✅ Gamal Eid, founder of the Arab Network for Human Rights Information (ANHRI), suspended its operations in 🇪🇬 due to years of harassment, leading to concerns over the misuse of CBDC for surveillance and oppression.
✅ Official anti-corruption mechanisms in 🇪🇬 have remained weak and ineffective, which may result in potential misuse of CBDCs for political favoritism.
#Egypt #CBDC #E-Pound #FinancialFreedom #CentralBankOfEgypt #HumanRightsViolations #GovernmentSurveillance #PoliticalOppression
What are your thoughts on how Egypt's Central Bank Digital Currency might affect personal freedoms & rights of citizens, and what steps should be taken to ensure such technologies do not bolster oppressive regimes?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (29-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-11-15
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
Kazakhstan's National Bank has launched its Central Bank Digital Currency (CBDC) known as 'digital tenge', causing concern due to the country's tense human rights situation and corruption scandals.
- ✅ On November 15, 2023, the National Bank of 🇰🇿 Kazakhstan made its first transaction using their CBDC, 'digital tenge', marking the launch phase of the digital currency.
- ✅ The 'digital tenge' was created with the collaboration of Mastercard and Visa, and can be used for payments through a card which can be stored digitally or physically, with further expansions planned in 2024.
- ✅ The development of the CBDC in 🇰🇿 Kazakhstan started in May 2021, following publication of a Digital Tenge Public Discussion Report with plans for implementation and impact assessment studies among other things.
- ✅ By June 2021, the initial pilot project was launched, and by December the National Bank had released a report detailing further research needs, including creation of a research hub, an expanded pilot and a regulatory guide.
- ✅ In July 2022, the Bank proposed a decision-making framework for CBDC issuance, outlining its necessity, benefits, and potential risks.
- ✅ By December 2022, a white paper was released by the Bank outlining progress and introducing the CBDC in phases over three years.
- ✅ The Bank released a report in February 2023 in partnership with Binance, addressing the importance of impact on financial stability and protection of privacy for CBDC success, while also identifying potential cybersecurity threats to the CBDC platform.
- ✅ Experience from pilot tests conducted with key international and local banking partners, revealed that the "CBDC bank cards" work seamlessly with other payment options, and its use for voucher systems could help streamline payments, speeds and reduce errors.
- ✅ However, concerns have been raised about 🇰🇿 Kazakhstan human rights situation and corrupt practices, which could potentially be exacerbated by CBDC adoption, due to the ability to control citizens' finances and exert political favoritism.
#Nostr #Kazakhstan #CBDC #HumanRights #Privacy #FinancialInclusion #Corruption #DigitalCurrency
How does the launch of CBDCs in countries with shaky human rights and corruption records impact the global financial ecosystem and the principles that underpin it?
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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:
Human Rights Foundation voices concerns over Egypt's 🇪🇬 potential use of Central Bank Digital Currencies (CBDCs) citing threats to freedom.
✅ The Central Bank of Egypt, currently knee-deep in research phase, anticipates the issuance of its version of CBDC, E-Pound by 2030, posing uncertainties due to its early stage.
✅ With a meager Freedom rating of 18 out of 100 given by Freedom House in 2023, 🇪🇬 faces substantial concerns including oppression of critique and widespread corruption potentially worsening with a CBDC.
✅ Freedom House states that Egypt’s regime curbs criticism by imposing arrests, severe imprisonments, and even death sentences, raising fears of CBDC being another usurpation tool to control citizen finances.
✅ According to Freedom House, the persistent corruption makes any promise to limit CBDC surveillance dubious, making biased CBDC policies probable though subsidies, price controls, or restrictions
✅ Resources like Amnesty International, Financial Tyranny Index, Human Rights Watch, Privacy International, U.S. Department of State, as well as the Cato Institute, provide further insights on the risks violating human rights and adverse effects of CBDCs.
#HumanRightsFoundation #FreedomHouse #EgyptCBDC #EPound #CentralBankEgypt #FinancialTyranny #PrivacyInternational
What are your thoughts on CBDCs potentially being a tool for governmental control in countries with questionable freedom ratings? Could it worsen conditions or present an unexpected opportunity for change?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (29-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-11-15
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
🇰🇿 Kazakhstan's first transaction with its Central Bank Digital Currency, known as digital tenge, is cleared moving the country's CBDC from the pilot stage to launch phase with plans to expand its platform and reach.
✅🇰🇿 Kazakhstan carried out the first transaction with its CBDC, the digital tenge, on November 15th, 2023, marking the move from the pilot stage to the launch phase, much like China and Russia's CBDCs.
✅The country's new digital currency was developed in partnership with Mastercard and Visa, enabling it for use on a payment card usable at retail outlets, online stores, and various websites, and designed to be stored on a mobile device, watch, or physical wallet.
✅Since 2021, the National Bank of the Republic of Kazakhstan has been researching and developing its CBDC, having launched its first pilot project by June of that year, and as of December 2021, called for more extensive research to ensure proper economic and regulatory implications.
✅In July of 2022, the bank released a decision-making framework for the CBDC issuance, examining its necessity, benefits, and potential risks, and by December of that same year, published a white paper detailing the CBDC's progress and goals, highlighting the potential for improving financial inclusion and competitiveness.
✅In collaboration with Binance, the National Bank of the Republic of Kazakhstan presented another report in February 2023, suggesting the success of CBDCs rests on their impact on financial stability and privacy protection, while a subsequent study exposed 14 potential cybersecurity threats to their platform.
✅The results from a CBDC pilot run in December 2023 found "CBDC bank cards" showed potential for interoperability with other payment options and that a CBDC voucher system could reduce intermediaries, speed up payments, and minimize errors.
✅However, human rights and civil liberties concerns in 🇰🇿 Kazakhstan may implicate the CBDC, notably the state's restriction on dissenting voices and widespread government corruption, which could further undermine citizen trust in CBDC policies and surveillance controls.
#CentralBankDigitalCurrency #KazakhstanCBDC #DigitalTenge #HumanRights #FinancialStability #FinancialInclusion
Do you think CBDCs, like Kazakhstan's digital tenge, can be successful in countries struggling with civil liberties and human rights issues? How can these digital currencies be regulated to ensure they are not used to further infringe on these rights or amplify 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 Advances with Central Bank Digital Currency (CBDC) Development Amid Prevailing Human Rights and Corruption Concerns"
Paragraph Analysis:
✅ 🇪🇬 Central Bank is engaged in establishing a Central Bank Digital Currency (CBDC), intending to launch the E-Pound by 2030.
✅ As per the 2023 Freedom House report, Egypt's freedom index is low, registering an 18 out of 100 due to oppression, corruption, and stifled criticism.
✅ The issuance of a CBDC could exacerbate these issues, becoming a tool for authorities to inhibit political dissent through freezing and seizing activists' financial assets.
✅ Surveillance and violation of privacy can become rampant, with human rights defenders and political activists being the primary targets.
✅ The pervasive corruption prevalent in the governmental structures undermines the trustworthiness of the impending CBDC.
✅ This mistrust is due to fears of unchecked control over citizen's finances, potential for political favoritism through economic restrictions, and lack of transparency.
#CBDC #CentralBankOfEgypt #EPound #HumanRights #FreedomHouse #PoliticalDissent #Corruption #PrivacyRights #FinancialFreedom
Question:
How can digital currencies be developed to ensure individual financial freedoms while avoiding the risk of governmental misuse and covert surveillance?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (29-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-11-15
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
Kazakhstan, in collaboration with Mastercard and Visa, makes strides in its Central Bank Digital Currency (CBDC) development despite civil liberties and corruption concerns.
✅ On November 15, 2023, 🇰🇿 took a significant step forward in its CBDC endeavor as the first transaction was conducted with the digital tenge.
✅ Though still in pilot phase, the digital tenge, developed with Mastercard and Visa, is open for public use.
✅ The country's central bank plans to extend its CBDC to a broader consumer base by connecting more banks to the platform in 2024.
✅ 🇰🇿 began its CBDC investigation and development efforts in May 2021 with plans to conduct a retail digital currency pilot and multiple studies assessing the digital tenge's impact.
✅ Throughout 2021 and 2022, the central bank collaboratively worked with numerous entities to understand economic and regulatory implications of CBDC issuance and determine its implementation criteria.
✅ By December 2022, the National Bank had set a three-year phase-wise introduction plan for CBDC, highlighting improved financial inclusion and increased payment industry competition as key motivations.
✅ In 2023, it partnered with Binance, a cryptocurrency exchange, to highlight the impact of CBDCs on financial stability and privacy protection and warned of potential cybersecurity threats to the CBDC platform.
✅ By December 2023, the National Bank had tested CBDC bank cards, successfully reducing intermediaries, expediting payments, and minimizing errors in transactions.
✅ However, growing concerns involve 🇰🇿's recorded low scores in freedom reports and widespread government corruption that could lead to misuse of CBDCs or exacerbate restrictions on dissenting voices.
#KazakhstanCBDC #HumanRights #CivilLiberties #DigitalCurrency #Mastercard #Visa #Binance
Question: 🇰🇿 is progressing with its CBDC development but faces significant rights and corruption challenges. How can digital currency be used or regulated to promote greater transparency and equitability in such contexts? Could blockchain technology offer potential solutions to these concerns? 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:
Egypt's Central Bank plans to launch its Central Bank Digital Currency (CBDC) by 2030 amidst concerns about potential misuse tied to human rights violations and widespread corruption, reveals a report by the Human Rights Foundation.
✅Egypt's 🇪🇬 Central Bank is investigating the development of a CBDC called the E-Pound, expected to be operational by 2030 as reported in "Egypt Today" in 2024.
✅Egypt scored 18 out of 100 in the Freedom House's 2023 Freedom in the World report indicating substantial freedom issues, which raises concerns about the misuse of a CBDC.
✅These concerns are further justified by the extensive suppression of criticism and corruption prevalent in Egypt's political and social landscape.
✅CBDCs, in an environment like Egypt's could potentially contribute to this oppression, giving the government more control over citizen's finances.
✅Freedom House report stated that corruption is universal in Egypt's government, undermining the credibility of any promises to limit surveillance, control, or other risks linked to CBDCs.
✅CBDC policies could be manipulated for political favoritism, which could further enhance the pervasiveness of corruption.
#Egypt #CBDC #HumanRights #FreedomHouseReport #DigitalCurrency #FinancialCorruption
Could the introduction of a CBDC in Egypt possibly exacerbate the already existing issues of freedom suppression and corruption? How can global organizations aid in ensuring the responsible introduction and use of the CBDC in Egypt? Let's hear your thoughts!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (29-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-11-15
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
🇰🇿 introduces its CBDC in collaboration with Mastercard and Visa, yet Freedom House and other entities express concern regarding potential violations of civil liberties and corruption in the nation.
✅ On November 15, 2023, Binur Zhalenov of the National Bank of the Republic of 🇰🇿 conducted the first transaction with the nation's Central Bank Digital Currency (CBDC), known as the digital tenge.
✅ The digital tenge was developed in partnership with Visa and Mastercard, aimed for broader consumer use via a payment card, with plans to connect to more banks in 2024.
✅ The Central Bank of 🇰🇿 has been studying and developing its CBDC since May 2021, involving various market participants and international partners in the process.
✅ The country published a CBDC issuance decision-making framework in July 2022, evaluating the necessity, benefits, and risks of its implementation.
✅ In December 2022, a three-year phased roll-out plan was announced, focusing on financial inclusion and competitiveness in the global market.
✅ By February 2023, privacy and financial stability were identified as key factors for the success of CBDCs, alongside the readiness of dealing with potential cybersecurity threats.
✅ In December 2023, the digital tenge pilot project was successfully tested for retail use, with its validity as a voucher system that streamlines transactions also demonstrated.
✅ However, 🇰🇿 scores low on Freedom House’s 2023 Freedom in the World report, with concerns related to government corruption and restrictions on voices of dissent.
✅ Amnesty International reports highlight the government's repressive approach towards peaceful protests, a concern that could be compounded because a CBDC could enable the government to control citizens' finances directly.
✅ Widespread corruption at all government levels is a further concern, making any government promises to limit surveillance, control or other CBDC risks questionable.
#CBDC #Kazakhstan #HumanRights #FinancialInclusion
What measures could 🇰🇿 implement in designing its CBDC to reassure citizens and international observers about its commitment to protecting civil liberties and combating 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:
🇪🇬's Central Bank aims to issue a Central Bank Digital Currency (CBDC) by 2030, amid concerns over activists' oppression and widespread corruption.
✅ 🇪🇬's Central Bank is researching on CBDC, with potential savings and lending services, to be launched by 2030 without specifying its final shape.
✅ Freedom House gave 🇪🇬 an 18/100 on their 2023 Freedom in the World report, hinting concerns on the potential misuse of CBDC for oppression and corruption.
✅ Activists, opposition parties and political movements face substantial oppression, with fears CBDC could be used to amplify these issues.
✅ Liberty-fighters have faced arrests, asset freezing, travel bans, backed by reports of unauthorized seizure of personal property, possible to exacerbate with a CBDC.
✅ Corruption pervades all levels of the 🇪🇬 government, making any government promises on surveillance limits and controls with CBDC dubious.
#HumanRights #FreedomHouseReport #CentralBanks #DigitalCurrency #EgyptCBDCDiscussions #CivilLibertiesViolation #OPPRESSION
Do you think that the Central Bank of Egypt's proposed CBDC can address the existing issues it faces with corruption and oppression, or could it potentially amplify these challenges?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (29-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-11-15
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
🇰🇿 Kazakhstan launches its Central Bank Digital Currency (CBDC), the digital tenge, despite concerns over human rights and government corruption.
✅ On November 15, 2023, Kazakhstan's National Bank chairman conducted the first transaction with the country's CBDC, the digital tenge, marking its launch phase.
✅ Developed in partnership with Mastercard and Visa, the digital tenge can be used anywhere cards are accepted and stored in digital or physical wallets; expansion plans include more banks joining the platform in 2024.
✅ The National Bank of Kazakhstan's exploration of a CBDC started back in May 2021, with pilot projects, regulatory research, and collaboration with international bodies, like the World Economic Forum and Bank for International Settlements.
✅ After evaluating the need and the potential benefits and risks of a CBDC during mid-2022, the banks mapped out a design strategy to maximize its advantages and minimize its risks.
✅ Kazakhstan's phased CBDC implementation was revealed via a whitepaper in late 2022, highlighting potential enhancement of financial inclusion, competition, and innovation.
✅ Reports published in February and December 2023 stressed the impact of CBDCs on financial stability and privacy, highlighting potential cybersecurity threats and the importance of governments working with private sector entities.
✅ Tests of digital tenge linked bank cards and a school lunch voucher system were successfully conducted, with positive results reported in late December 2023.
✅ However, Kazakhstan's poor record on human rights and civil liberties and widespread government corruption may pose potential risks with the use of the CBDC for stifling dissent and exerting political control.
#HumanRights #DigitalCurrency #CentralBanks #Kazakhstan #GovernmentCorruption
As we observe the launch of the digital tenge in 🇰🇿 Kazakhstan, how do you feel the country's human rights challenges could impact its use and adoption? Can other nations planning CBDCs learn any lessons from this scenario? We welcome your insights and debate.
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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 in research phase for implementing a Central Bank Digital Currency (CBDC) by 2030, despite concerns revolving around human rights violations, corruption, and potential misuse of the CBDC.
✅ 🇪🇬 Central Bank is currently researching the possibility of creating a CBDC, potentially offering additional financial services like savings and lending.
✅ In 2024, it was announced in Egypt Today that the bank plans to issue the CBDC, referred to as E-Pound, by 2030.
✅ Despite these advancements, Freedom House in 2023 gave Egypt a low score (18/100) attributing to concerns such as oppression and rampant corruption.
✅ Such elements could potentially raise flags regarding the implementation of a CBDC in the country.
✅ Freedom House states that political opponents and critics face extensive harassment and retaliations, including financial threats, which could be exacerbated by the introduction of a CBDC.
✅ Further concerns are related to pervasive corruption posing significant risks, such as lack of transparency and credibility, for the implementation of a CBDC.
✅ Several human rights and financial organizations like Amnesty International, Financial Tyranny Index, Human Rights Watch, Privacy International, and the U.S. Department of State have raised concerns over violations of human rights and civil liberties in Egypt.
✅ The Cato Institute also discusses the risks revolving around the implementation of CBDCs.
#Egypt #CBDC #Banking #HumanRights #FreedomHouse #DigitalCurrency
Do you believe that the implementation of CBDCs in countries with notable restrictions on freedom and high levels of corruption poses more risks to its citizens than potential economic advantages?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (29-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-11-15
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
🇰🇿Kazakhstan, with prospects of increasing financial inclusion and fostering innovation, launches its Central Bank Digital Currency (CBDC), sparking discussions on rights violations and surveillance fears.
✅ On November 15, 2023, 🇰🇿 Kazakhstan launched the 'digital tenge' as its CBDC, which is open and available to the public.
✅ Developed with Mastercard and Visa, the CBDC can be used through a card at various online and physical outlets, with plans to reach a wider range of consumers in 2024.
✅ Since May 2021, the National Bank of the Republic of Kazakhstan has been researching the feasibility of a CBDC, conducting consultations, and assessing the impact of the digital tenge.
✅ Various organizations, including the World Economic Forum and CBDC Think Tank, assisted the nation in launching its first pilot project in June 2021 and further research into its economic implications.
✅ In 2022, framework discussions arose regarding the necessity, benefits, and risks of implementing the digital tenge in 🇰🇿 Kazakhstan.
✅ A White Paper published in December 2022 detailed the phased implementation of the CBDC over three years, highlighting financial inclusion and competition as key motivations.
✅ In collaboration with the Binance crypto exchange, the National Bank emphasized that CBDC success hinges on its impact on financial stability and protection of privacy.
✅ A December 2023 report outlined positive CBDC pilot results, including improved efficiency through reduced intermediaries and error rates.
✅ However, Amnesty International and Freedom House's unfavourable reports on 🇰🇿Kazakhstan's human rights situation highlight potential CBDC misuse for restricting dissenting voices and enforcing political favoritism.
#DigitalCurrency #Finance #HumanRights #Privacy #KazakhstanCBDC
How can we ensure that CBDCs, such as Kazakhstan's digital tenge, promote financial inclusion and innovation without impinging on users' privacy and freedom?
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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 progresses with CBDC research despite human rights and corruption concerns.
✅ Egypt's Central Bank has announced research into Central Bank Digital Currencies (CBDCs) in partnership with the Egyptian Credit Bureau, aiming to launch the CBDC, or E-Pound, by 2030. 🇪🇬
✅ However, Freedom House's 2023 report, which scored Egypt a poor 18 out of 100, raises issues such as the suppression of criticism and rampant corruption which could intensify with the introduction of a CBDC. 🇪🇬
✅ Activists and political movements that criticize the regime are heavily penalised, such as the Arab Network for Human Rights Information (ANHRI), indicating potential misuse of CBDCs to assert financial control and squash opposition. 🇪🇬
✅ Corruption is widespread in all tiers of the government and, combined with ineffective anti-corruption mechanisms, calls into question the supposed promises of reduced surveillance and control with the implementation of CBDCs. 🇪🇬
✅ Refer to reports from Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State for detailed information on Egypt's human rights violations and civil liberties concerns. 🇪🇬
✅ Further examination of the risks associated with CBDC is available in the report by the Cato Institute, Central Bank Digital Currency: Assessing the Risks and Dispelling the Myths. 🇪🇬
#EgyptCBDC #FreedomHouse #HumanRights #Corruption #FinancialSurveillance
Could the launch of CBDCs in countries with poor human rights and freedom of speech records further magnify the challenges faced by opposition groups and human rights activists? What measures can be implemented to prevent potential CBDC misuse? Share your thoughts below!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Kazakhstan (29-JAN-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-11-15
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.04%
One-Sentence Summary:
🇰🇿 Launches Central Bank Digital Currency Amidst Human Rights Concerns.
✅ The 🇰🇿 National Payment Corporation announced that a CBDC, the 'digital tenge', in collaboration with Visa and Mastercard, is publicly available from November 15, 2023.
✅ This CBDC can be used through a payment card in retail stores, online and on apps. It's planned to be expanded to a wider audience throughout 2024.
✅ The National Bank of the Republic of 🇰🇿 has been researching on a CBDC since May 2021, with plans to assess its effects before fully implementing it.
✅ By June 2021, the National Bank launched its first pilot CBDC project, announcing it still needed more research on its impacts by December 2021.
✅ The bank released a decision-making framework for CBDC issuance in July 2022, addressing key issues related to necessity, benefits and risks.
✅ In December 2022, the National Bank shared its CBDC development progress and plans over three years in a white paper.
✅ The central bank presented a report with Binance in February 2023, discussing the impact of CBDCs on financial stability and privacy.
✅ A report in December 2023, shared the latest results from the CBDC pilot, showing successful integration with existing financial systems.
✅ However, concerns over oppressive practices, such as suppressing dissent and pervasive government corruption, could be exacerbated by the CBDC.
✅ Outcries from Amnesty International and Freedom House point to CBDC's potential to enable further violations of human rights and civil liberties.
#CentralBankDigitalCurrency #HumanRights #FinancialInclusion #KazakhstanCBDC
What safeguards would be necessary to ensure that CBDCs do not exacerbate existing human rights issues in countries such as 🇰🇿?
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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:
The development of a Central Bank Digital Currency (CBDC) in 🇪🇬 draws concern due to the country's history of oppression, surveillance, and corruption, according to a report from the Human Rights Foundation.
✅ The Central Bank of 🇪🇬 announces it is in the early research phase for a CBDC known as the E-Pound, looking at potentially offering savings and lending services associated with it.
✅ Although the final form of the E-Pound remains undecided, it's reported that the goal is to issue this CBDC by 2030.
✅ According to Freedom House, 🇪🇬 scored a regrettable 18 out of 100 on the Freedom in the World report, with red flags raised over the prospect of increased oppression and corruption following the introduction of the CBDC.
✅ Wide-ranging concerns include crackdowns on political dissent and the rampant surveillance of social activists, journalists, and critics of the regime.
✅ The issue becomes significant since a CBDC might be misused to directly control and freeze the transactions of activists, dissenters, and political rivals, undermining opposition.
✅ Persistent corruption within the 🇪🇬 government present worries with respect to how the CBDC could be used for political favoritism, such as through subsidies, price controls, or biased restrictions.
✅ The Human Rights Foundation has recommended various reports and articles for further insight into the implications of CBDCs and the historical human rights violations and corruption issues in 🇪🇬.
#CBDC #Egypt #HumanRights #Oppression #Corruption #FreedomHouse #EPound
What safeguards or protective measures should be put in place to prevent the misuse of CBDCs, especially in countries where governmental transparency and human rights are major concerns?
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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:
🇰🇿 launches pilot phase for Central Bank Digital Currency (CBDC) amidst human rights and corruption concerns, says the Human Rights Foundation report.
✅ In June 2021, National Bank of the 🇰🇿 launched a pilot phase for their new CBDC, known as the "Digital Tenge".
✅ In Dec 2023, report by National Bank of 🇰🇿 revealed the involvement of Visa, Mastercard, Halyk Bank, Altyn Bank, Banker CenterCredit & Eurasian Bank to test CBDC bank cards connected to Digital Tenge accounts.
✅ 🇰🇿 struggles with human rights and civil liberties concerns; scores 23 out of 100 in Freedom House's 2023 report.
✅ Major concerns include political corruption and suppression of dissenting voices which could be worsened with the introduction of the CBDC.
✅ Kazakhstani authorities have denied permits for 154 protests in 2022, frequently conducting preventative arrests of prospective protesters.
✅ The government has been accused of using internet blackouts as a means to restrict media access.
✅ Corruption predominates all levels of government and high-ranking political and business elites are rarely charged unless they go against the leadership.
✅ CBDC might be manipulated to favor political ideology through price control, subsidies or other targeted restrictions.
#Kazakhstan #HumanRightsConcerns #PoliticalCorruption #CBDC #DigitalTenge #MonetaryControl
What are your thoughts on how CBDC initiatives intersect with issues of political corruption and human rights? Could the benefits of such digital currencies potentially outweigh the risks in countries struggling with these issues?
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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 is advancing towards issuing its Central Bank Digital Currency (E-Pound) by 2030, raising potential human rights and corruption concerns.
✅🇪🇬Central Bank is researching the introduction of a CBDC by 2030, aiming to offer savings and lending services in conjunction with the Egyptian Credit Bureau.
✅ Despite a low score of 18 out of 100 on Freedom House’s 2023 Freedom in the World report, Egypt is pushing ahead with CBDC plans, which may further exacerbate issues such as repression and corruption.
✅ Freedom House points out the harsh treatment faced by critics of the regime, with the potential risk of a CBDC being used to freeze and seize funds of activists by giving the government direct control over citizen finances.
✅ Corruption allegation pervades in Egypt, raising legitimate questions over the transparency, impartiality, and credibility of the government, especially regarding promises to limit the surveillance and control risks inherent in CBDCs.
✅ For more insights into human rights violations and CBDC risks, refer to reports by bodies like Amnesty International, Cato Institute, Human Rights Watch, U.S. Department of State, among others.
#HumanRights #CBDCs #Egypt #FinancialFreedom #DigitalCurrency
How do you think a Central Bank Digital Currency in a country with existing human rights concerns, like Egypt, could impact the financial freedom of its citizens? Could it present an opportunity for further surveillance or a step towards financial inclusivity and fairness?
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