⚠️ HRF CBDC ⛓️🪙 alert from HRF for Georgia (12-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 11.9%
One-Sentence Summary:
🇬🇪Georgia is advancing its Central Bank Digital Currency (CBDC) project, despite potential risks to human rights and civil liberties.
✅ 🇬🇪Georgia's National Bank is pushing forward with its pilot project "Digital Lari" on CBDC development in partnership with several fintech companies and financial institutions.
✅ The project was first considered in April 2021 aiming to enhance payment system efficiency and financial inclusion but by May 2022, Governor Koba Gvenetadze realized that it may not be the solution for financial inclusion in Georgia.
✅ Gvenetadze emphasized the potential of CBDCs to make financial services more efficient, cheaper and simpler, even to replace some non-financial sector processes such as property registration.
✅ In 2023, the National Bank has made multiple open calls for private sector collaboration, ultimately selecting Ripple as its tech partner for the CBDC project and initiating live pilot environment testing.
✅ Despite the progress, the introduction of a CBDC in 🇬🇪Georgia has ramifications on freedom of expression, surveillance and corruption due to the country's track record on these issues.
✅ CBDCs could potentially enable government control over every citizen's finances, thus amplifying the risks of political manipulation, surveillance and suppression of dissent.
#HumanRights #DigitalCurrency #CentralBanks #FinancialInclusion #FreeSpeech #CivilLiberties #Georgia 🇬🇪
❓Considering Georgia's current status in freedom of expression, surveillance, and corruption, can CBDCs prove more beneficial or harmful to its citizens? Are there ways to ensure fair utilization and transparency with CBDCs to avert potential threats to human rights and civil liberties?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Russian Federation (12-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2023-08-15
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.69%
One-sentence summary:
🇷🇺 is piloting a Central Bank Digital Currency (CBDC) with concerns over its potential misuse amidst high corruption and suppression of dissent.
✅ The Bank of Russia has initiated the pilot phase for its CBDC on August 15, 2023, involving 13 banks and approximately 600 clients, with expectations of 17 more banks joining soon.
✅ The pilot aims to test account establishment and basic transactions across 30 points of sale in 11 cities.
✅ The Central Bank and the chair of the Duna Committee of the Financial Market Anatoly Aksakov have argued that the digital ruble will provide distinct benefits but will also prevent its misuse through the imposition of 'smart contracts' for intended use.
✅ If the pilot phase goes well, a full issue of the digital ruble to the public is planned for early 2025 backed by customer support facilities organized since January 2024.
✅ However, with a low score of 16 out of 100 on the Freedom House’s 2023 Freedom in the World report, there are concerns around the misuse of the digital currency in Russia due to widespread corruption and oppression of dissidents.
✅ Analysts argue that the political system can be characterized as a 'kleptocracy' and the promise of controlling surveillance, abuse, or other risks associated with CBDCs can be questioned due to this systemic corruption.
✅ With an escalating suppressive stance against protests and dissenting voices, there are concerns that the CBDC could be easily manipulated to control and suppress opposition by freezing and seizing assets.
#HumanRights #DigitalCurrency #CivilLiberties #CBDC
What are the potential safeguards to prevent the abuse of CBDCs in a country riddled with corruption and suppressive measures? How can digital currencies be structured to ensure the democratic rights of individuals are maintained?
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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 the nation's Central Bank Digital Currency (CBDC), the digital tenge, amongst concerns of human rights violations and government corruption; the move set to enhance financial inclusion and promote competition in the payment sector.
Topics:
✅ 🇰🇿 Kazakhstan successfully initiated its Central Bank Digital Currency (CBDC), the digital tenge, on November 15, 2023.
✅ Modeled after China and Russia's, this CBDC, co-developed with Mastercard and Visa, can be utilized via a payment card.
✅ The National Bank aims to expand its CBDC reach by integrating more banks to their platform throughout 2024.
✅ The journey towards the CBDC's development started in May 2021, with a detailed study, collaboration with national and international partners, and comprehensive economic research.
✅ With the help of numerous industry giants, including the World Economic Forum and Accenture, the National Bank launched its first pilot project in June 2021.
✅ One of the fundamental concerns for the success of the CBDC, as shared by the National Bank in February 2023, was the potential cyber threats the platform might face.
✅ December 2023 saw the testing and successful operation of 'CBDC bank cards' in collaboration with Visa and Mastercard.
✅ Kazakhstan's adoption of CBDC has raised concerns given its history of government corruption and the restriction of dissenting voices that could be intensified by the new monetary change.
✅ The potential for abuse of power with the facilitation of direct control over citizens' finances by the government through the use of CBDCs has been a major worry.
Hashtags:
#Kazakhstan #CBDC #DigitalTenge #HumanRights #FinancialInclusion #PaymentIndustry #Privacy #GovernmentCorruption
Question:
In balancing potential economic benefits and privacy concerns, do you think the launch of the digital tenge in 🇰🇿 Kazakhstan might exacerbate or alleviate the current human rights concerns in the country? Let us hear your thoughts!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United States (09-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8%
One-Sentence Summary:
The development of a Central Bank Digital Currency (CBDC) in the 🇺🇸 is advancing through various pilot projects, with the Biden administration ramping up research and policy formation, while concerns regarding human rights and civil liberties, such as financial surveillance and civil asset forfeiture, rise.
✅ The Federal Reserve has been engaged in numerous pilot projects, experiments, and studies over the years on the development of the CBDC in the 🇺🇸.
✅ In addition, President Joe Biden issued Executive Order 14067 in 2022 to intensify research and development efforts on possible design and implementation approaches for a United States CBDC.
✅ The Federal Reserve, alongside the Federal Reserve Bank of Boston and the Federal Reserve Bank of New York, continues to engage in studies and proof-of-concept projects, placing the 🇺🇸 in a pilot phase for a national digital currency.
✅ The concerns about human rights and civil liberties related to CBDCs are based on issues of sweeping financial surveillance and civil asset forfeiture, circumstances that a CBDC might exacerbate.
✅ Despite Constitutional protections for privacy, these do not extend to financial privacy, with banks and other financial institutions required to report millions of customer activities to the government annually.
✅ Law enforcement can access financial records without a warrant, something a CBDC could exploit by defaulting financial records on government databases.
✅ Civil asset forfeiture, described by the Institute for Justice as "one of the gravest abuses of power," could also escalate with the use of a CBDC as it can provide new opportunities for law enforcement to inspect individual finances.
#CentralBankDigitalCurrency #HumanRightsConcerns #FinancialPrivacy
What possibilities do CBDCs have for changing the landscape of financial surveillance in a world where privacy rights are constantly challenged? How can we ensure a balance between the conveniences of digital currency and protecting civil liberties?
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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 - amidst concerns over governmental control and human rights.
✅ 🇰🇿Kazakhstan entered the launch phase of its Central Bank Digital Currency (CBDC), the digital tenge, on November 15, 2023, under the leadership of Binur Zhalenov, chairman of the National Payment Corporation of the National Bank of the Republic of Kazakhstan.
✅ Kazakh's CBDC, made in collaboration with Mastercard and Visa, is an easy-to-use payment option accessible via digital devices and physical wallets, with plans to draw in more customers by connecting more banks in 2024.
✅ The National Bank of the Republic of Kazakhstan, which started developing a CBDC in May 2021, has published a number of reports and conducted various studies on the digital tenge, receiving assistance from esteemed entities like the Bank for International Settlements and the World Economic Forum.
✅ The developmental process of the CBDC extended into 2023, featuring collaborations with Binance, a crypto exchange, and detailing issues such as cybersecurity threats and the importance of private sector involvement.
✅ As of December 2023, Kazakh’s Central Bank reported positive testing results for the CBDC bank cards linked to digital tenge accounts, foreseeing major improvements in speed and accuracy in the transaction process.
✅ This technological advancement, however, comes as Kazakhstan grapples with severe restrictions on freedom, with Freedom House giving the country a meager rating of 23 out of 100 in their Freedom in the World report in 2023.
✅ Amnesty International reports continuous crackdowns on freedom of speech and assembly, predicting further suppression with the adoption of a CBDC, which makes it easier for governments to seize control over citizens' assets.
✅ Widespread government corruption, involving the rarely punished elites, raises questions about the government's promises to limit surveillance, control, and other risks associated with CBDCs.
#CentralBankDigitalCurrency #Kazakhstan #HumanRightsConcerns #GovernmentCorruption
What does the launch of the Central Bank Digital Currency mean for the citizens of 🇰🇿Kazakhstan, given the ongoing concerns over governmental control and human rights? How could the international community intervene for the protection of basic rights in the face of such advancements? Let's hear your thoughts!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United States (09-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8%
One-Sentence Summary:
The U.S. expands research into Central Bank Digital Currencies despite possible threats to financial privacy and fears of increased surveillance.
✅ The U.S.🇺🇲 is in the pilot phase for CBDC development with several initiatives undertaken by the Federal Reserve.
✅ In August 2020, the Federal Reserve ramped up its explorations into digital currencies and other payment innovations.
✅ Several Federal Reserve Banks such as Boston and New York have launched projects to research and develop CBDC designs.
✅ Executive Order 14067, issued by President Biden in March 2022, places high urgency on CBDC efforts, including a treasury-led interagency group to back the Federal Reserve’s initiatives.
✅ The Biden administration has expressed its policy objectives for a CBDC, with a potential technical evaluation in place.
✅ However, there are uncertainties surrounding the Federal Reserve's authority to issue a CBDC.
✅ Regardless of its status as a free nation, the U.S.🇺🇲 faces issues related to financial surveillance and civil asset forfeiture, which could be exacerbated by a CBDC.
✅ Despite constitutional protection of privacy rights, the lack of financial privacy might lead to enhanced surveillance with the adoption of a CBDC.
✅ Concerns also arise from the potential of CBDCs to worsen civil asset forfeiture, often dubbed as "legalized theft."
#CBDC #USA #FederalReserve #MonetaryPolicy #PrivacyRights #CivilLiberties #ExecutiveOrder14067 #DataSurveillance #AssetForfeiture
What are your thoughts on the potential increase of financial surveillance with the implementation of CBDCs? How can we ensure that the development of such technologies respects and maintains individual privacy rights?
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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:
🇰🇿 has entered the launch phase of its Central Bank Digital Currency (CBDC), called the digital tenge, sparking both excitement for technological innovation and concern over human rights and civil liberties impacts.
✅ On November 15, 2023, Binur Zhalenov, chairman of the National Payment Corporation of the National Bank of the Republic of Kazakhstan, initiated the first transaction using the digital tenge, the official CBDC of 🇰🇿.
✅ With the collaboration of Mastercard and Visa, the CBDC can be accessible by consumers via a payment card to be used at retail outlets, online stores and various websites. The expansion plan for the CBDC includes connecting more banks to its platform in 2024.
✅ The National Bank has been researching a CBDC since 2021, initiating the first pilot project in June 2021. Studies to understand the economic and regulatory implications of a CBDC were also carried out, with support from international entities.
✅ The CBDC issuance framework raised key questions about necessity, benefits, and risks related to establishing a CBDC in 🇰🇿.
✅ Focus on financial inclusion, competition, and innovation in the payments industry pushed the development of a CBDC, followed by its strategic phased introduction as planned over three years.
✅ The bank worked with Binance in February 2023 to understand protection of privacy and financial stability, outlining 14 potential cybersecurity threats to its CBDC platform.
✅ A pilot testing CBDC bank cards linked to digital tenge accounts conducted with payment providers and local banks found the cards to be interoperable with other payment options and suggested the use of a CBDC system for school lunch vouchers.
✅ However, concerns over civil liberties and human rights linked with the use of a CBDC have been raised due to the persisting restrictive political environment in 🇰🇿.
Hashtags: #CentralBankDigitalCurrency #DigitalTenge #KazakhstanCBDC #HumanRightsConcerns #CivilLiberties
Question: "Given the innovative technological strides, how can we balance the benefits brought by CBDCs with the potential risks to civil liberties and human rights, particularly in countries with restrictive political environments like 🇰🇿?"
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United States (09-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8%
One-Sentence Summary:
The United States is advancing in its development towards Central Bank Digital Currencies (CBDCs), amidst privacy concerns and potential abuse of power.
✅ The 🇺🇸 is now in the pilot phase of the CBDC development after conducting multiple pilots and studies, with President Joe Biden placing utmost importance on the research and development of American CBDCs.
✅ Since August 2020, the Federal Reserve Board's Technology Lab expanded its experimentation in digital currencies and introduced projects like "Project Hamilton" and "Project Cedar" in Boston and New York respectively to investigate CBDCs, indicating that the 🇺🇸 is now in the pilot phase.
✅ President Biden signed Executive Order 14067 in March 2022 emphasizing the importance of R&D for the potential deployment of a U.S. CBDC. In the same year, the Biden administration conveyed its policy objectives for a U.S. CBDC, reflecting federal government priorities.
✅ The Federal Reserve is unsure about its authority to issue a CBDC. In March 2023, Jerome Powell, Federal Reserve chair, stated it would need congressional authority to issue a retail CBDC, but other forms of CBDCs may not require it.
✅ While 🇺🇸 ranks 83 out of 100 in Freedom House’s 2023 Freedom in the World report, problems related to financial surveillance and civil asset forfeiture could be intensified by a CBDC.
✅ Despite constitutional right to privacy, financial privacy is not covered. Banks had to file over 26 million reports on customer activity in 2022 to the government. This seismic shift towards CBDCs could further endanger privacy by defaulting financial data on government database.
✅ The practice of civil asset forfeiture, where authorities can seize people's money, is seen as a grave abuse of power and a CBDC could potentially increase this practice by allowing further financial surveillance.
#HumanRightsFoundation #FederalReserveBoard #CentralBankDigitalCurrency #CBDC #executiveorder14067 #ProjectHamilton #ProjectCedar #JeromePowell #FinancialPrivacy #CivilAssetForfeiture
Considering the potential implications for privacy and civil liberties, should the pursuit for CBDCs be rapidly pursued or approached with utmost caution? Share 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:
🇰🇿 Kazakhstan collaborates with Mastercard and Visa to launch its Central Bank Digital Currency (CBDC), amidst longstanding concerns over human rights and government corruption.
✅ On Nov 15, 2023, the 🇰🇿 National Bank officially tested its CBDC, the digital tenge, marking its entry into the launch phase already entered by countries like China and Russia.
✅ Mastercard and Visa partnered with 🇰🇿 for its CBDC, allowing it to function via a payment card usable at various points, with plans for expansion in 2024.
✅ Research and development for the CBDC began as early as May 2021 as revealed by the Digital Tenge Public Discussion Report from the 🇰🇿 National Bank.
✅ By December 2021, the central bank acknowledged the need for more research to understand CBDC implications, with the help of international institutions.
✅ The decision-making framework was published by the 🇰🇿 National Bank in July 2022, questioning the necessity, benefits, and risks of a CBDC.
✅ The 🇰🇿 National Bank published a white paper in December 2022 announcing a CBDC phased introduction with main drivers being financial inclusion, competition, and innovation.
✅ Reports shared in 2023 stress the importance of CBDCs' impact on financial stability, privacy, and the need for cooperation with the private sector.
✅ A December 2023 report revealed testing of CBDC bank cards and a school-lunch voucher system revealing the potential effectiveness of CBDCs.
✅🇰🇿's human rights record and corruption issues raise concerns, especially related to the use of CBDCs.
✅ Freedom House and Amnesty International highlight the country's issues with free speech and assemblies. CBDCs potentially worsen these by enabling government intervention in citizen finance.
✅ The pervasive corruption in 🇰🇿 raises questions about the risks and benefits of CBDCs, including potential favoritism through policies.
#CBDCs #Kazakhstan #HumanRights #GovernmentCorruption #FinancialInclusion
How that with the potential risks of state control and corruption, should the widespread adoption of CBDCs be delayed until sufficient checks and balances are in place?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United States (09-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8%
One-Sentence Summary:
The United States' exploration and potential implementation of Central Bank Digital Currencies sparks concerns over implications for privacy and civil liberties.
✅🇺🇸 The Federal Reserve has conducted numerous pilots, experiments, and studies in the development process of CBDCs leading to the country being in the pilot phase. Executive Order 14067 enforced by President Joe Biden reinforces the urgency of these efforts.
✅ August 2020 marked the start of technology experimentation relevant to digital currencies and other payment innovations by the Federal Reserve Board's TechLab, followed by various initiatives like "Project Hamilton" and "Project Cedar" targeting the research and design of a wide-scale purpose CBDC.
✅ President Biden's Executive Order 14067 was issued in March 2022, urging continuous research, experimentation, and evaluation of CBDCs by the Federal Reserve and calling for a Treasury-led interagency working group's creation to support these efforts.
✅ The Biden administration has established policy objectives for a potential US CBDC reflecting federal government priorities and has released a technical evaluation for its production.
✅ There is a lack of clarity regarding the Federal Reserve's authority to issue a CBDC, with Federal Reserve Chair Jerome Powell stating differing requirements for a retail CBDC and other forms in March 2023, raising concerns regarding the proposed intermediated CBDC.
✅ Despite scoring high in Freedom House's 2023 Freedom Report (83 out of 100), US faces civil liberties concerns including sweeping financial surveillance and civil asset forfeiture which may be amplified with the implementation of a CBDC.
✅ The U.S constitution's protection of privacy rights does not extend to financial privacy, leading to significant reporting of customer activity to the government. This raises concerns over the possibility of increased financial surveillance through a CBDC that can potentially enhance government access to financial records.
✅ The process of civil asset forfeiture is another issue. The introduction of CBDC could provide law enforcement new avenues to monitor people's finances, worsening the issue.
#DigitalCurrency #FinancialPrivacy #CivilLiberties #CentralBankDigitalCurrency #FederalReserve #ExecutiveOrder14067
Does the potential convenience of a CBDC outweigh the possible risks to our financial privacy and civil liberties? As advocates for a balanced integration of new technologies, how should we address these concerns?
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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:
🇰🇿 National Bank of the Republic of Kazakhstan has successfully launched its Central Bank Digital Currency (CBDC) despite concerns of expanding government control and rampant corruption.
✅ The first transaction with 🇰🇿's digital tenge (CBDC) was made by the chairman of the National Payment Corporation, Binur Zhalenov, on November 15, 2023. CBDC is available to the public and is considered in the launch phase.
✅ The digital tenge developed in cooperation with Mastercard and Visa can be used through a payment card at different points of sale and stored digitally. The bank plans to connect more banks to its platform by 2024.
✅ 🇰🇿 has been studying CBDC since May 2021, with several reports, discussions, and pilot projects with international partners like the World Economic Forum and Accenture, leading to a decision-making framework in July 2022.
✅ In December 2022, a white paper announced a phased introduction of CBDC over three years to improve financial inclusion, competition, innovation, and competitiveness of 🇰🇿's financial sector.
✅ The bank collaborated with Binance in February 2023 to discuss CBDC's impact on financial stability and privacy protection, acknowledging 14 different potential cybersecurity threats.
✅ A report published in December 2023 revealed results of tests on CBDC bank cards and school-lunch voucher system, finding interoperability with other payment options and efficiency in reducing errors.
✅ However, prevalent government corruption and restrictions on dissenting voices pose risks to CBDC's implementation. This could enable the government to control citizen’s finances and exert political favoritism.
#CBDC #CentralBank #DigitalCurrency #Kazakhstan #Freedom #HumanRights #Corruption
How might the launch of CBDC in Kazakhstan impact the local perception and adoption of other cryptocurrencies, taking into account the country's struggle with civil liberties and government corruption?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United States (09-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8%
One-Sentence Summary:
As the 🇺🇸 continues efforts towards developing a Central Bank Digital Currency, concerns about privacy violations and civil asset forfeiture accompany the potential for increased financial surveillance.
✅ The 🇺🇸 is in the pilot phase of testing Central Bank Digital Currencies (CBDCs), with President Joe Biden placing major emphasis on their development.
✅ The Federal Reserve and Federal Reserve Bank of Boston and New York initiated various CBDC-related projects, including research, tests and proofs-of-concept.
✅ CBDC developments have gained momentum from Executive Order 14067, issued in March 2022, calling for continual research and the creation of a Treasury-led interagency group.
✅ The Biden administration outlined policy objectives for a US CBDC, even publishing a technical evaluation of potential CBDC design.
✅ There remains ambiguity surrounding the Federal Reserve's authority to issue a retail CBDC, indicated by chairman Jerome Powell in March 2023.
✅ Despite an 83/100 rating in the 2023 Freedom in the World report, the 🇺🇸 has areas of concern, especially with regard to financial surveillance and civil asset forfeiture that could be worsened by a CBDC.
✅ In 2022 alone, over 26 million financial activity reports were filed by banks and other institutions, revealing issues with financial privacy in the country.
✅ With a CBDC, surveillance could significantly expand, and the civil asset forfeiture - seen as an abuse of power - could be aggravated.
#HumanRightsFoundation #CBDC #FinancialPrivacy #CivilLiberties #FederalReserve #JoeBiden
How might a US CBDC impact the balance between national security and individual privacy? Are there ways the design of a hypothetical US CBDC could address these concerns? Let's discuss.
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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 has officially launched a publicly accessible Central Bank Digital Currency (CBDC)–the digital tenge in collaboration with Mastercard and Visa, amidst concerns of government corruption and restrictions on dissenting voices.
✅ On Nov 15, 2023, the first transaction with 🇰🇿's digital tenge took place, confirming the official launch of its CBDC made open to the public.
✅ In partnership with Mastercard and Visa, the 🇰🇿 CBDC is developed to be used via a payment card in various vendors and stored in different formats, with plans to connect more banks to its platform by 2024.
✅ The National Bank of 🇰🇿 started the research and development of a CBDC in May 2021 with the support of international institutions such as the Bank for International Settlements, World Economic Forum, and others.
✅ By December 2022, 🇰🇿 published a decision-making framework for issuing CBDC, outlining the benefits, considerations, and risk aspects to guide its design.
✅ February 2023, a collaboration report with Binance highlighted the success of the CBDC relies heavily on its impact on financial stability and data protection, with the document outlining potential cybersecurity threats to the digital tenge platform.
✅ Pilot results using CBDC for transactions and voucher systems in December 2023, showed positive results with faster and more efficient payment processes.
✅ However, Human rights concerns regarding restrictions on voices of dissent and corruption call into question the adoption and management of the CBDC, particularly due to the potential for manipulation and control of citizen finances.
#HumanRights #CentralBankDigitalCurrency #KazakhstanCBDC #FreedomHouse #AmnestyInternational
As Kazakhstan launches its public-accessible CBDC, how should international human rights bodies and activists navigate the potential implications for freedom of expression and financial control in the country?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United States (09-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8%
One-Sentence Summary:
The United States is actively researching and developing Central Bank Digital Currencies (CBDCs), but there are concerns regarding potential infringement on human rights and civil liberties.
✅ The U.S. 🇺🇸 is researching and developing Central Bank Digital Currencies (CBDCs) through various experiments and pilots by the Federal Reserve and directives from President Biden.
✅ The Federal Reserve's TechLab started experimenting with digital currencies in August 2020, with the Fed Banks of Boston and New York conducting studies under "Project Hamilton" and "Project Cedar" respectively.
✅ In March 2022, President Biden directed federal efforts towards CBDC development through the issuance of Executive Order 14067, with further encouragement for the Federal Reserve in September 2022.
✅ The Biden administration has established policy objectives for a potential U.S. CBDC, reflecting federal government priorities, albeit the exact authority of the Federal Reserve to issue CBDCs remains uncertain.
✅ Despite scoring high in Freedom House’s 2023 Freedom in the World report, the U.S. grapples with issues like financial surveillance and civil asset forfeiture, concerns that could be exacerbated by the introduction of a CBDC.
✅ In the American context, concerns that a CBDC could intensify financial surveillance are significant, as law enforcement currently does not require a warrant to access financial records.
✅ Civil asset forfeiture, described by critics as 'legalized theft', is another issue potentially worsened by a CBDC, expanding law enforcement's capacity to monitor personal finances.
#CBDC #FederalReserve #HumanRights #DigitalCurrency #CivilLiberties
How would you balance the advantages of CBDC development with preserving rights to financial privacy? Where should we draw the lines in terms of government surveillance in the digital finance landscape? 🤔 Looking forward to your perspectives!
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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 Digital Tenge, a Central Bank Digital Currency Developed with Mastercard and Visa Amid Human Rights and Civil Liberties Concerns."
✅ On November 15, 2023, 🇰🇿's National Bank launched its Central Bank Digital Currency (CBDC), the digital tenge, marking the first official transaction.
✅ The CBDC was developed in collaboration with Mastercard and Visa, and is user-friendly across a variety of shopping platforms and can be stored on multiple devices.
✅ The National Bank aims to expand the accessibility of its CBDC by connecting more banks to its platform throughout 2024.
✅ The development of the digital tenge started back in May 2021, with plans to conduct a pilot project, study the impact of the digital currency, and host discussions with market participants and international partners.
✅ Following the discussions and studies, the National Bank formulated a plan by outlining necessary factors to consider for issuing a CBDC in 🇰🇿.
✅ By 2023, the Central Bank's plans were clear; a phased issuance of a CBDC over the next three years, believing that CBDCs could improve financial inclusion and boost competition.
✅ Despite this optimism, concerns about financial stability, privacy, and potential cybersecurity threats were highlighted.
✅ A study conducted in December 2023 confirmed that CBDC bank cards were interoperable with other payment options and using it for a voucher system would eliminate mediators, accelerate payments, and reduce errors.
✅ However, given 🇰🇿's low score (23 out of 100) in Freedom House’s 2023 Freedom in the World report, the introduction of a CBDC has raised concerns about increased potential for government curbing dissent voices and engaging in corruption.
✅ Given the context of past governmental control on peaceful assemblies and internet blackouts to restrict media outlet access, there are fears about using a CBDC to usurp control over residents' finances.
✅ Rampant corruption in 🇰🇿, according to Freedom House, fuels doubts about the government's promise to maintain surveillance, control or other CBDC risks.
#HumanRights #CivilLiberties #FinancialInclusivity #CBDC #DigitalCurrency #CentralBanking #Kazakhstan
What impact do you believe the launch of the digital tenge will have on the civilian and economical landscape in Kazakhstan in light of the ongoing human rights concerns? Can this new era of financial digitization exacerbate these issues or provide a path towards resolution and increased financial inclusivity?
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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 developmental plans for a Central Bank Digital Currency (CBDC) have raised concerns over potential misuse for surveillance, oppression, and corruption due to the country's low score in Freedom.
Paragraph Analysis:
✅ 🇪🇬 is in the research phase of developing a Central Bank Digital Currency (CBDC), also dubbed as E-Pound, by 2030.
✅ The Central Bank is joining hands with the Egyptian Credit Bureau to possibly extend savings and lending services to their CBDC platform.
✅ As of the 2024 report in Egypt Today, the specific functionalities and form of the CBDC were still in the research phase.
✅ According to Freedom House's 2023 report, 🇪🇬 scored a meager 18 out of 100 in Freedom, raising concerns about the misuse of this advanced financial technology.
✅ Critical areas of concern include oppression, corruption, surveillance, and possible curtailing of freedoms through the manipulation of citizen's finances via CBDCs.
✅ Activists, opposition parties, and political movements often face harsh repercussions including arrests and violence.
✅ Monitoring of private communications and finances by security agencies is a common occurrence and a CBDC could potentially worsen this situation.
✅ Freedom House cites the pervasiveness of corruption across all levels of government in 🇪🇬, making it a questionable endeavor to employ a CBDC which might increase risks around surveillance, control, introducing targeted restrictions for political gains.
✅ For more insights into human rights violations, surveillance risk, and other concerns related to CBDCs, Freedom House, Amnesty International, and Cato Institute among others offer comprehensive overviews.
Hashtags:
#Egypt #CBDC #CentralBanks #FreedomHouse #DigitalCurrency #FinancialRights #HumanRights
Question:
Considering the low freedom score and corruption rates in Egypt, do you think the introduction of a Central Bank Digital Currency would be harmful or beneficial for its citizens? How can the technology be better leveraged to safeguard human rights and foster financial freedom? Let's discuss!
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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:
🇰🇿 has launched its Central Bank Digital Currency (CBDC) known as the digital tenge, amidst ongoing human rights and civil liberty concerns.
✅ 🇰🇿 has initiated its first CBDC transaction, marking its entry into the CBDC launch phase similar to China and Russia, according to the chairman of the National Payment Corporation of the National Bank on November 15, 2023.
✅ The CBDC, created in conjunction with Mastercard and Visa, is available to use through a payment card at multiple venues and stores, and can be stored within consumers' digital or physical wallets, with plans for further expansion in 2024.
✅ The National Bank began CBDC research and development in May 2021, with a pilot project launched a month later that identified the need for additional studies to understand potential economic and regulatory implications, according to its Digital Tenge Public Discussion Report.
✅ A decision-making framework for CBDC issuance was published in July 2022, evaluating the necessity, benefits, and potential risks of implementing a CBDC in 🇰🇿.
✅ In December 2022, a document detailing the bank's CBDC progress and multi-phase introduction plan over three years was published, highlighting the potential for CBDC's to improve financial inclusion, competition, and innovation in the nation's payments industry.
✅ A report in collaboration with Binance was published in February 2023, covering CBDC's potential impact on financial stability, privacy protection, and the recommended involvement of private sector companies.
✅ A final 2023 report shared the successful results of testing CBDC bank cards and a student meal voucher system in December, reporting a reduction in intermediaries, faster payments, and lower error rates.
✅ Kazakhstan's human rights issues, including restrictions on dissenting voices and pervasive government corruption, pose potential risks related to CBDC use and fair policy design.
Hashtags:
#CentralBankDigitalCurrency #KazakhstanCBDC #DigitalTenge #HumanRights #FinancialInclusion #GovernmentCorruption
Question:
Considering 🇰🇿’s ongoing challenges with human rights and governmental corruption, how do you envision the introduction of a CBDC affecting these issues? Can the widespread use of CBDC technology potentially improve transparency and accountability in countries with corrupt institutions?
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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 explores developing Central Bank Digital Currency (CBDC) amidst fears of exacerbated freedom and corruption issues, aiming for the E-Pound by 2030.
✅ 🇪🇬 Central Bank is researching the implementation of a Central Bank Digital Currency (CBDC), working alongside the Egyptian Credit Bureau, targeting an E-Pound release by 2030.
✅ Freedom House's 2023 report assigns 🇪🇬 an 18/100; concerns about the forthcoming CBDC include potential for enhanced oppression and corruption.
✅ Freedom House flags that activists, opposition parties, and critics of the regime face severe retaliation, and a CBDC could be another tool for silencing dissent via financial control.
✅ Reports highlight the extensive corruption within 🇪🇬's government, questioning the validity of its assurance to limit surveillance, control or risks related to the CBDC.
✅ For an in-depth understanding of human rights and civil liberties violations, check out reports from Amnesty International, Freedom House, and the U.S. Department of State; apparent risks of CBDCs by the Cato Institute.
#Egypt #CBDC #HumanRights #FinancialFreedom #GovernmentCorruption
Given the potential for a CBDC to amplify government control over individual finances, would the benefit of financial innovation outweigh the threats to personal freedom and privacy in countries with questionable human rights standings like 🇪🇬?
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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, ranked 23/100 in Freedom House's 2023 'Freedom in the World' report, has launched its Central Bank Digital Currency (CBDC) amidst human rights and corruption concerns.
✅ The National Bank of the Republic of 🇰🇿 made their first transaction with the country's CBDC, named the digital tenge, on November 15, 2023, essentially launching it to the public.
✅ Developed in partnership with Mastercard and Visa, the digital tenge can be conveniently used via a payment card in various outlets and stored in various devices, with a plan to connect more banks to its platform in 2024.
✅ Since May 2021, the National Bank has been researching and developing a CBDC, with the first pilot project launched in June 2021, with assistance from international entities such as the World Economic Forum and Accenture.
✅
In July 2022, the Bank outlined key decision-making points including necessity, benefits, and risks of the CBDC, and how to design it to meet its goals.
✅ By December 2022, the Bank announced phased introduction of the CBDC over three years, with the key motivation being to improve financial inclusion, innovation in the payments industry, and the competitiveness of Kazakhstan's financial sector.
✅ In the collaboration with Binance in February 2023, the Bank highlighted the pivotal role of CBDC's impact on financial stability and privacy protection, warning against various cybersecurity threats.
✅ The final report of 2023 detailed the interoperability of CBDC bank cards and the effectiveness of a voucher system, reducing intermediaries in transactions and payment errors.
✅ However, according to Freedom House and Amnesty International, 🇰🇿 struggles with human rights infringements and widespread government corruption, indicating that introduction of a CBDC might enable government surveillance and control.
#Kazakhstan #DigitalCurrency #CBDC #HumanRights #GovernmentSurveillance #FinancialInclusion #Mastercard #Visa #Binance #WorldEconomicForum
💭 How can the success of a CBDC in 🇰🇿 be ensured given the prevailing corruption and disregard for human rights in the region? Is there a risk that the government might use the new digital currency to increase control over citizens or restrict their freedoms?
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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 preparing to issue a Central Bank Digital Currency (CBDC) by 2030, but human rights organizations express concerns about potential misuse due to the current political and corruption issues.
✅ According to the Central Bank of Egypt, the country is at an early research phase concerning the development of a CBDC, possibly offering saving and lending services.
✅ Egypt Today reported in 2024 that the Central Bank's goal is to issue a CBDC, labelled the E-Pound, by the year 2030.
✅ The country's Freedom House score in the 2023 Freedom in the World report was drastically low at 18/100, pointing towards considerable concerns including oppression of criticism and prevalent corruption.
✅ A CBDC could potentially intensify these issues as it provides another method of exerting control over citizens and stifling opposition.
✅ Legal political activities are subject to severe punishments, extrajudicial violence and other forms of pressure, as noted by Freedom House.
✅ Freedom House cites CBDCs as potentially exacerbating this by giving the government greater control over citizen's finances.
✅ Corruption is widespread across government levels, resulting in ineffective anti-corruption efforts and an undermining of government promises to limit surveillance, control, and other risks of CBDCs.
✅ The risks associated with CBDCs and the potential for political favoritism skewing policies further cast doubt on the proposed plan.
#Egypt #CBDC #GovernmentSurveillance #PoliticalCorruption #CivilRights #FinancialControl
How can digital currencies remain a liberating tool for citizens and not another means of government control in countries with deeply embedded corruption and oppressive regimes? Your thoughts?
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