⚠️ 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:
🇷🇺Russia's roll out of Central Bank Digital Currency faces human rights concerns, amid promises of benefits such as access, security, and improved customer service, the development continues to raise alarm due to rampant corruption and oppression of dissent.
Topics:
✅ The Bank of 🇷🇺Russia has launched a pilot of a Central Bank Digital Currency as of August 15, 2023, with public participation similar to models in China and India.
✅ The pilot currently involves 13 banks and approximately 600 of their clients with an additional 17 banks expected to join.
✅ Although pitched as a tool to provide access, ensure uniform rates, enable offline use, offer security and improve customer service, the actual use of the digital ruble is severely restricted according to Anatoly Aksakov, chair of the Duna Committee of the Financial Market.
✅ If the pilot goes well, the digital ruble will be issued to the public in early 2025, according to Bank of Russia's first deputy governor Olga Skorobogatova.
✅ 🇷🇺Russia's corrupt and oppressive regime casts a shadow on the promise of the CBDC, as the government's lack of accountability opens the risk of the CBDC being used for political favoritism, fundraising, and control over the financial activities of citizens.
✅ A potential abuse could involve freezing and seizing of assets from political dissidents, a tactic often used by governments to stifle opposition.
Hashtags:
#HumanRights #CBDC #FinancialFreedom #GovernmentControl #DigitalCurrency
Question:
Considering the scenario in 🇷🇺Russia, how can the global community counteract the potential use of Central Bank Digital Currencies (CBDCs) as tools for government surveillance and control, especially in regimes known for oppressing dissent and violating human rights? Let's share thoughts and solutions.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
🇵🇭 Philippines central bank advances cautiously with Central Bank Digital Currency (CBDC) development amidst concerns over human rights and government corruption.
Topics:
✅ In 2022, the Bangko Sentral ng Pilipinas announces a pilot wholesale CBDC project, limited to financial institutions, aiming at promoting stability.
✅ The central bank governor, Benjamin E. Diokno, shares doubts in 2022, noting that while a wholesale CBDC is legally permissible, a retail one may require legislation.
✅ Project Agila, another CBDC pilot, kicks off in 2023 with the help of International Monetary Fund and Bank for International Settlements.
✅ In 2024, the central bank decides to steer clear of blockchain technology and focuses solely on a wholesale CBDC.
✅ Freedom House’s 2023 report places the Philippines at 58 out of 100, highlighting the prevalence of government corruption and restrictions on opposition voices.
✅ Amnesty International fears a CBDC can become a tool for governments to control citizens’ finances, thus raising pressing human rights issues.
Hashtags:
#HumanRightsConcerns #CBDCs #FreedomInFinance #GovernmentCorruption #PhilippinesCentralBank #DigitalCurrencyFuture
Question:
Considering the concerns raised, do you believe the potential efficiency and stability benefits outweigh the risks of implementing a wholesale CBDC in a country with human rights and corruption concerns like the Philippines?
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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:
🇷🇺 Russia's Central Bank Digital Currency (CBDC) test run fuels both enthusiasm for improved financial access and apprehensions over potential government surveillance and control.
Analyzing the Content:
✅ The Bank of Russia has initiated a public pilot for their CBDC as of August 15, 2023, placing 🇷🇺Russia in the launched phase like China and India.
✅ Currently, the pilot involves 13 banks and an estimated 600 clients with plans to extend to 17 more banks.
✅ The goals for the first phase are to test basic transactions across 30 sales points in 11 cities.
✅ According to the Bank of Russia, CBDCs offer several benefits including accessibility, uniform rates, offline use, improved security and customer service.
✅ Usage of CBDCs will be regulated via smart contracts to ensure the funds are used as allocated.
✅ A full-fledged CBDC called digital ruble will be issued to the public by early 2025 if the pilot is successful.
✅ However, 🇷🇺Russia's low score of 16/100 on Freedom House’s 2023 report raises concerns about the misuse of CBDCs in a country riddled with governmental corruption and oppressive tactics.
✅ Freedom House's report points out corruption and kleptocracy as defining characteristics of the political system in 🇷🇺Russia, leaving room to question the government's promises to limit surveillance and control with CBDCs.
✅ The Russian government's well-documented suppression of dissent adds to concerns about CBDCs being used to weaken opposition further by controlling finances.
Relevant Hashtags:
#HumanRights #DigitalCurrency #MonetaryPolicy #Russia #CBDCs #FinancialFreedom
Thought-Provoking Question:
Considering the potential benefits and risks, how might the introduction of a CBDC in Russia affect not only its financial structure but also the politico-social dynamics? How can the potential misuse be mitigated while harnessing CBDC's promises of improved financial access?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
The Philippines' central bank, Bangko Sentral ng Pilipinas, is piloting a wholesale CBDC to enhance stability in the payment system, despite concerns related to financial exclusion, corruption, and potential surveillance.
Topics:
✅ The Bangko Sentral ng Pilipinas in 🇵🇭 embarked on piloting a Central Bank Digital Currency (CBDC) in 2022 to enhance payment system stability.
✅ The CBDC pilot, called Project CBDCPh, focused on testing large-value transactions and is aimed at the financial institutions in the country.
✅ By 2026, the governor anticipates issuance of a wholesale CBDC.
✅ In 2022, an optimistic yet cautious stance was adopted by the then-governor Benjamin Diokno, who acknowledged that CBDCs specifically won't address financial exclusion.
✅ Post conclusion of Project CBDCPh, existing digital payment systems were deemed as better solutions.
✅ A new CBDC pilot, Project Agila, was announced in 2023 with participants announced from various financial institutions.
✅ The central bank disconfirmed using blockchain for CBDCs and will not pursue a retail CBDC.
✅ The Philippines' score in Freedom in the World report raised concerns about potential misuse of CBDCs, particularly as tools for silencing opposition and perpetuating corruption.
✅ The potential risks of CBDCs include undermining the opposition, facilitating government control over citizens' finances, and fostering political favoritism.
Hashtags:
#HumanRights #CBDC #FinancialInclusion #Philippines #MonetaryPolicy #Banking #GovernmentCorruption
Question:
What measures can be put in place to ensure the development of CBDCs in the Philippines and other similar countries respects human rights, promotes financial inclusion and counters corruption? We welcome your thoughts and perspectives. Let's discuss!
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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 plans to issue it to the public in 2025, amidst concerns of potential misuse due to rampant corruption and restrictions on civil liberties.
Analysis:
✅ The Bank of Russia has launched a pilot of a CBDC in 🇷🇺, with 13 banks and 600 of their clients currently participating in this public exercise.
✅ Additional 17 banks are expected to join the pilot project soon, which initially aims to test account creation and execution of basic transactions.
✅ Per the Bank of Russia, the anticipated benefits of a CBDC include uniform rates, ease of access, offline functionality, security, and enhanced customer service.
✅ Aim for the CBDC usage emphasizes administrative control, such as limiting children's spending based on parents' directives or controlling allocation of government funds for specific purposes.
✅ The bank anticipates further implementation of the CBDC for the entire public in early 2025.
✅ 🇷🇺 has planned to provide appropriate customer service support via telephone lines for the public engaged with this digital initiative by January 2024.
✅ Given the rampant corruption and prevalence of government-led oppression in the country, critics express concerns around the possible misuse of this new form of currency.
✅ Additionally, the existence of widespread corruption raises questions about the potential for political favoritism through subsidies, price controls, or other targeted restrictions related to the CBDC.
✅ Freedom House’s 2023 reports depict a crackdown on anti-war protests, freezing and seizing assets of political rivals, which could potentially be exacerbated with CBDC's direct control over citizen's finances.
Hashtags:
#FreedomHouse #HumanRights #CBDCs #BankOfRussia #DigitalCurrency
Question:
Considering the potential misuse of CBDCs in a country riddled with corruption and civil liberty concerns, how can the use of CBDCs be regulated to protect citizens and ensure the right to financial privacy?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
The Human Rights Foundation raises concerns about the potential misuse of Central Bank Digital Currencies (CBDCs) being piloted in the 🇵🇭 Philippines, amidst existing issues of government corruption and constraints on freedom of expression.
Topics:
✅ The 🇵🇭 Philippines' central bank, Bangko Sentral ng Pilipinas, conducted a pilot test for a wholesale CBDC, termed 'Project CBDCPh', in 2022 aiming to enhance the stability of the country's payment system.
✅ The central bank's governor, Benjamin E. Diokno, signaled a cautious approach towards the Project CBDCPh in 2022. Ultimately, other digital payment systems were deemed to be better options.
✅ By 2023, a new CBDC pilot, 'Project Agila', operating on Hyperledger Fabric was launched, with a similar aim of improving payments efficiency and stability, and included participation from various financial institutions.
✅ Current governor, Eli Remolona Jr., confirmed in 2024 that the central bank will not use blockchain technology or pursue a retail CBDC but maintain its focus on wholesale CBDC.
✅ The prospective use of CBDCs in the 🇵🇭 Philippines has brought up concerns over human rights and civil liberties, considering the country's history of government corruption and limitations on freedom of speech.
✅ CBDCs could potentially be exploited as tools for suppressing opposing voices by controlling citizens' finances and exacerbating corruption and political favoritism.
Hashtags:
#HumanRights #CBDCs #FinancialFreedom #Philippines #CentralBank #PoliticalCorruption
Question:
Considering the concerns raised by the Human Rights Foundation, how do you think a balance can be struck between the practical benefits of CBDCs and the potential misuse of such digital currencies by governmental authorities? Share your thoughts and let's foster a healthy discussion on this important issue!
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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
🇷🇺 Russia's public digital ruble pilot has launched as a step towards its release in early 2025, but concerns loom about its potential misuse in an environment plagued with oppression of dissenting voices and pervasive corruption.
✅ The Bank of Russia began its public pilot for a Central Bank Digital Currency (CBDC), similar to those in 🇨🇳 China and 🇮🇳 India, on 15th August 2023, involving 13 banks and their estimated 600 clients.
✅ The aim of the pilot, expected to be joined by another 17 banks, is to test setting up accounts and conducting basic transactions across 11 cities.
✅ The Bank of Russia believes that a CBDC will offer benefits like access via current banks, improved customer service, security, uniform rates, and offline use.
✅ Counter to these benefits are limitations set up in the form of smart contracts that will ensure the use of the digital currency for "intended purposes", which may trigger concerns about use restrictions.
✅ Assuming successful pilot, the Bank of Russia plans to release the digital ruble for public use in early 2025, while also planning to arrange telephone support lines for customer service by January 2024.
✅ Freedom House rated Russia a 16 out of 100 in its 2023 Freedom in the World report due to concerns of corruption and oppression of dissenting voices, scan issues that could be worsened with the introduction of CBDCs.
✅ The lack of governmental accountability in Russia was underscored, leading to concerns about possible surveillance, control, or risk enhancement through CBDCs policies.
✅ In addition to corruption, Russia's attempts to quell protests and the targeting political rivals further bring into question the potential for misuse of the state-controlled digital currency to undermine the opposition.
#Russia #DigitalRuble #CBDCs #HumanRights #Censorship #PublicPilot #BankofRussia #FinancialFreedom
How might digital currencies, like the ruble, be designed to protect individual liberties and guard against potential abuses in countries with pervasive government control, especially where corruption is rampant?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
The development of Central Bank Digital Currencies in the 🇵🇭 Philippines raises optimism for payment efficiency but concerns about amplifying government corruption and curtailing civil liberties.
✅ 🇵🇭 announced in 2022 a pilot of wholesale CBDC, called Project CBDCPh, to promote payment system stability.
✅ The central bank of 🇵🇭 anticipates issuing a wholesale CBDC by 2026 but dismisses the need for a retail version.
✅ Despite perceived payment efficiency of CBDCs, they do not tackle the root causes of financial exclusion, according to the 2022 Governors' speeches.
✅ The 2023 CBDC pilot, Project Agila, aims for payment efficiency and stability with the support of IMF and the Bank for International Settlements.
✅ The 2024 update explains the central bank’s decision to not use blockchain technology and not pursue a retail CBDC.
✅ The 🇵🇭 receives a mediocre score (58/100) on the Freedom in the World 2023 report, pointing to restrictions on free speech and continued government corruption.
✅ A CBDC in the 🇵🇭 might escalate these issues by enabling the government to tightly control citizens' finances.
✅ Governments across the world have exploited freezing and seizing assets as a tactic against opposition, and the introduction of CBDCs can exacerbate this.
✅ CBDC policies may facilitate politically-motivated actions like subsidies, price controls, or targeted restrictions due to the corruption that exists in the government.
#HumanRights #FinancialInclusion #FreedomHouse #AmnestyInternational #CentralBankDigitalCurrency #GovernmentCorruption
Do you think CBDCs amplify intrinsic government corruption or they can be shaped towards becoming tools for financial inclusion despite the corruption? Let's have a respectful discussion.
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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:
🇷🇺 banks are piloting public-central bank digital currency (CBDC), with concerns of human rights and civil liberty violations raised by The Human Rights Foundation.
✅ The Bank of Russia 🏦 announced on August 15, 2023, the commencement of their public-CBDC pilot involving 13 banks and 600 clients, making 🇷🇺 in the launched phase like China and India, with 17 additional banks to join the pilot.
✅ The CBDC, according to the Bank of Russia, aims to benefit citizens through access via existing banks, uniform rates, offline use, improved security, and better service.
✅ The Duna Committee Chair, Anatoly Aksakov, assures that CBDC will be spent as specified in a smart contract, thus increasing efficiency in fund circulation and reducing misuse.
✅ The Bank of Russia, if the pilot goes as expected, plans to issue a CBDC (digital ruble) to the entire public in early 2025, with added telephone support lines in January 2024.
✅ Freedom House’s 2023 report scores 🇷🇺16 out of 100 in freedom, sighting concerns related to CBDC use, which includes corruption and oppression of dissenting voices.
✅ Prevalence corruption and kleptocracy in 🇷🇺 raises questions on their promises to limit surveillance, control or risks of CBDCs and the possibilities of exerting political favoritism.
✅ The Human Rights Foundation also raises concerns about common efforts to restriction on protests and restrictions on dissident voices in 🇷🇺, fearing CBDCs could enable governments to freeze and seize the money of activists, rivals, and protestors.
#HumanRights #FinancialFreedom #DigitalCurrency #CBDC
Do you think the launch of CBDCs in countries like 🇷🇺 can safeguard individual financial freedom and maintain transparency or are these concerns justified and a cause for alarm?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-sentence summary: The 🇵🇭 inches towards its Central Bank Digital Currency (CBDC), with concerns on human rights and freedom looming.
✅ In 2022, the Bangko Sentral ng Pilipinas announced its pilot wholesale CBDC, in a bid to stabilize the payment system operating 24/7 for financial institutions, with an aim of official issuing by 2026.
✅ Governor Benjamin E. Diokno expressed the promise of efficiency that CBDCs might bring, but also highlighted their limitation in addressing financial exclusion. Post pilot project, Diokno acknowledged existing digital payment systems as better alternatives.
✅ 2023 witnessed another CBDC pilot Project Agila's initiation powered by Hyperledger Fabric. Major banks and financial institutions collaborated in this project that focused again on payments efficiency and stability.
✅ By 2024, the focus of the central bank shifted solely towards developing a wholesale CBDC, steering clear of the retail CBDC, and blockchain technology.
✅ The CBDC poses fresh threats to human rights and freedom with possibilities of government misuse to silence opposition, and enforce corruption, thereby putting accountability into question.
#📢VoiceOfPeople #🎗HumanRights #🏦BankingRevolution #Freewill #🇵🇭
How do you think the emergence of the Wholesale CBDC in 🇵🇭 could tip the balance between technological advantage and preserving human freedom and rights? Let the voice of the people shape the currency of the future.🔊🌐
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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:
The Bank of 🇷🇺 is piloting a Central Bank Digital Currency (CBDC) amidst concerns of misuse, corruption, and potential threats to human rights and civil liberties.
✅ The Bank of 🇷🇺 has initiated a public pilot of a CBDC on August 15, 2023, involving 13 banks and estimated 600 clients with more expected to join.
✅ The pilot's first phase involves testing basic transactions across 30 sale points in 11 cities.
✅ Bank of 🇷🇺 maintains that a CBDC will bring benefits such as improved access, better rates, offline usage, enhanced security, and customer service.
✅ Anatoly Aksakov, Chair of the Duna Financial Market Committee, insists that the CBDC will have specific uses defined in smart contracts to prevent misuse.
✅ The launch of the Digital Ruble for public use, pending successful pilot operation, is expected in early 2025 as per Bank of 🇷🇺 first deputy governor Olga Skorobogatova.
✅ The bank is planning customer support strategies for the CBDC, including telephone lines.
✅ There are considerable concerns about corruption and oppression of dissent in 🇷🇺, earning it a dismal 16 out of 100 on Freedom House’s 2023 Freedom in the World Report.
✅ The potential use of CBDCs to exert political favoritism, control, and surveillance is a main worry, given the pervasive corruption in the government.
✅ CBDCs could potentially be used as a tool to seize activist, political rivals, and protesters' funds, and thereby undermine opposition.
#BankOfRussia #DigitalRuble #CBDC #HumanRights #Corruption
How can the potential risks of a Central Bank Digital Currency be mitigated to uphold freedom and fairness and prevent misuse in light of the civil liberties concerns in 🇷🇺? Looking forward to hearing your thoughts!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
The 🇵🇭 government's ambitious venture into Central Bank Digital Currencies (CBDCs) sparks concerns regarding payments efficiency, financial exclusion, and potential misuse amid persisting government corruption and human rights violations.
For each paragraph/A list critically analyzing the content:
✅ The Philippines' central bank, Bangko Sentral ng Pilipinas, announced a wholesale CBDC pilot project in 2022, specifically designed to enhance the payment system by facilitating large-value transactions around the clock.
✅ Project CBDCPh, according to the bank's governor Eli Remolona Jr., should see the light of day by 2026 – but, curiously, he doesn't see a need for a retail CBDC.
✅ Governor Benjamin E. Diokno expressed optimism for the CBDC project in 2022, although he pointed out that it doesn't address financial exclusion's root causes.
✅ Following the conclusion of Project CBDCPh, the governor reportedly said that existing digital payment systems were more advantageous.
✅ In 2023, the central bank launched another CBDC pilot named Project Agila with the support of several powerhouse financial institutions.
✅ This project, mentored by the International Monetary Fund and Bank for International Settlements, would operate in a closed experimental environment.
✅ By 2024, Remolona Jr. openly dismissed the idea of using blockchain technology for CBDC and the possibility of pushing a retail CBDC, limiting the focus to a wholesale version.
✅ The country's questionable score in Freedom House's 2023 Freedom report, along with documented harassment of the press and government corruption, raises concerns about CBDC's potential misuse to; control citizens' finances, freeze and seize assets, and potentially facilitate dangerous political favouritism.
✅ Resources like Amnesty International, Freedom House, and the Cato Institute offer valuable insights into the risks and drawbacks associated with CBDCs in the context of human rights and civil liberties.
Hashtags:
#HumanRights #FinancialFreedom #CBDC #PhilippinesCBDC #FinancialInclusion
Thought-Provoking Question:
Considering the potential risks and rewards of CBDCs, do you think they can function effectively and ethically in a context where government corruption and human rights abuses persist? Share your thoughts and perspectives.
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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 in the quest to mainstream Central Bank Digital Currency (CBDC) by early 2025 despite rampant corruption, civil liberties, and human rights concerns.
🇷🇺 CBDC & Development:
✅ Bank of Russia launched a public pilot for a CBDC on August 15, 2023, involving 13 banks and 600 clients, while 17 more banks expected to join soon.
✅ Aim is to provide CBDC benefits like uniform rates, offline use, security, improved customer service, and controlling funds usages with smart contracts.
✅ Bank of Russia plans to introduce a digital ruble following the successful pilot by early 2025.
✅ To enhance customer service, telephone support lines are being implemented in 2024.
Human Rights & Civil Liberties Concerns:
✅ Freedom House's 2023 report ranks 🇷🇺 at a low 16 out of 100, indicating concerns related to CBDCs including corruption and oppression of dissent.
✅ Rampant corruption and a lack of accountability are next major obstacles to CBDC's implementation.
✅ Potential use of CBDCs to increase oppression and restrict protests is also a looming concern.
✅ Reports by Amnesty International, Freedom House, and others highlight these human rights and civil liberties violations.
#CryptoCurrency #CentralBankDigitalCurrency #DigitalRuble #BankOfRussia #FinanceReform #HumanRights #CivilLiberties
How might the digitization of currency in Russia affect basic civil liberties, given the current concerns with corruption and human rights abuses? Let's hear your thoughts.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
The Philippines' Central Bank is advancing its prediction from pilot phase to potential issuance of a wholesale Central Bank Digital Currency by 2026, amidst concerns around financial inclusivity, efficacy over existing payment systems, and risk to human rights due to government corruption and surveillance.
✅ In 2022, the 🇵🇭 Central Bank proposed a wholesale CBDC as Project CBDCPh aimed at ensuring stability in the payment system, with expectations to issue by 2026.
✅ The focus of Project CBDCPh was majorly on large-value financial transactions intended to operate round the clock.
✅ Governor Benjamin E. Diokno observed 'cautious optimism' about Project CBDCPh but questioned its capacity to resolve financial exclusion and the necessity for legislation for a retail CBDC.
✅ After the conclusion of Project CBDCPh in 2022, existing digital payment systems were deemed more effective options.
✅ In 2023, the 🇵🇭 Central Bank launched Project Agila, a new CBDC pilot focusing on payment efficiency and stability while being run on Hyperledger Fabric.
✅ Project Agila included participation from financial institutions like BDO Unibank, Inc., China Banking Corp., Land Bank of the Philippines, among others in a closed experimental environment.
✅ In 2024, Governor Eli Remolona Jr announced that no retail CBDC would be pursued and the benefits of blockchain technology were doubtful based on experiences of other central banks.
✅ The introduction of the CBDC raises severe concerns regarding freedom and civil liberties due to Philippines’ score of 58/100 in Freedom House's 2023 Freedom in the World report.
✅ Since governments are known for freezing and seizing funds to undermine opposers, the CBDC could become another tool for such actions
✅ As corruption remains a key issue in the Philippines, it raises doubts about the government’s promise to limit surveillance, control, or other risks associated with CBDCs.
#centralbank #financialinclusion #paymentefficiency #CBDC #humanrights #corruption
What are your thoughts on how the rollout of a CBDC might influence the state of financial inclusion, freedom, and civil liberties in the Philippines?
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⚠️ 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's Central Bank Digital Currency project navigates shaky terrain amid concerns over human rights violations, government corruption, and potential misuse of digital currency.
✅ 🇬🇪 The National Bank of Georgia is pushing ahead with the pilot phase of its Central Bank Digital Currency (CBDC), the "Digital Lari project".
✅ April 2021 marked the beginning of Georgia's interest in launching a public CBDC, aiming to enhance payment efficiencies and financial inclusion. The private sector was also invited for partnerships.
✅ In May 2022, National Bank of George governor Koba Gvenetadze expressed that CBDC's value lies in better and cheaper financial services. By September 2022, he agreed that having a CBDC could be beneficial to monetary policies.
✅ By January 2023, the National Bank of Georgia was actively seeking private-sector collaboration on its CBDC project.
✅ In September 2023, the bank moved forward with the project and began testing. Ripple was ultimately chosen as the technological partner.
✅ National Bank of Georgia acting governor, Natia Turnava, announced a partnership with the U.S. Agency for International Development’s Economic Security program and Mastercard Europe in December 2023.
✅ Amnesty International and Freedom House have raised concerns about the potential misuse of CBDCs in light of existing violations of human rights and civil liberties, potential expansion of surveillance, and residual government corruption in Georgia.
Hashtags:
#CentralBankDigitalCurrency #HumanRights #FreedomOfExpression #FinancialInclusion #PrivateSectorPartnerships #GovernmentCorruption #DigitalCurrencyEthics
Question:
With the evolving landscape of Central Bank Digital Currencies worldwide, how can we ensure that these developments don't empower government control and corruption, but rather enhance financial inclusion and efficiency? Discussion open to your thoughts and perspectives.
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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:
"🇷🇺's Central Bank Digital Currency (CBDC) moves into the public pilot phase amid concerns about potential misuse and civil rights violations."
Pilot Launch:
✅ The Bank of Russia rolls out CBDC's public pilot, involving 13 banks and an estimated 600 clients, with 17 more banks slated to join.
✅ Aiming to test account setups and basic transactions across 30 sales points in 11 cities.
CBDC Benefits and Regulations:
✅ As per the Bank of Russia, CBDC will offer access through existing banks, uniform rates, offline use, security, and better customer service.
✅ Aksakov states that safeguards are in place to prevent misuse of digital ruble, with stipulations laid out via smart contracts.
Future Plans:
✅ Bank of Russia looks forward to issuing the digital ruble to public in early 2025, given the pilot succeeds.
✅ Customer service lines are set up in January 2024 to assist users.
Human Rights and Civil Liberties Concerns:
✅ Russia received a low score of 16/100 in Freedom House’s 2023 report, raising concerns about corruption and oppression related to CBDC use.
✅ Concerns include potential misuse of CBDC for furthering political favouritism, controlling subsidies, and enforcing targeted restrictions.
✅ Fears about crackdowns on dissent and potential abuse of CBDC for such control efforts.
#CentralBank #DigitalCurrency #HumanRights #CivilRights #FinancialInnovation
Question: Do you think Central Bank Digital Currencies in countries like 🇷🇺 can manage to align the convenience of digital innovation and user privacy? How would you balance the ease of transaction with potential surveillance concerns?
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⚠️ 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's National Bank trials its Central Bank Digital Currency (CBDC), "Digital Lari Project", amidst human rights and surveillance concerns.
Topics:
✅ The National Bank of Georgia (NBG) announces it's in the pilot phase for a CBDC called "Digital Lari Project". #DigitalLari
✅ NBG in April 2021 began considering a public CBDC to enhance the payment system and financial inclusivity.
✅ NBG governor Koba Gvenetadze in May 2022 admits a CBDC may not enhance financial inclusion but is valuable for modernizing financial services. He later asserts in September that CBDC could bolster monetary policy control.
✅ The bank calls upon private-sector collaboration for its CBDC project in January 2023 and again in September.
✅ In December 2023, acting governor Natia Turnava links the project with Mastercard Europe and the U.S. Agency for International Development's Economic Security Program to raise awareness and confidence for e-commerce.
✅ Freedom House’s 2023 report reveals a low freedom score of 58 out of 100 for Georgia. Restrictions on freedom of expression, indefinite surveillance, and government corruption persist, which a CBDC could further exacerbate.
✅ The potential use of CBDC for silencing opposition, by freezing and seizing activists' finances directly, is a worrying prospect.
✅ Amnesty International reports that a new law in Georgia has granted law enforcement increased covert surveillance powers, a practice that could be magnified with a government-controlled CBDC.
✅ Corruption in the form of nepotism and cronyism unsettles public trust in government promises to limit CBDC-related risks.
Hashtags: #HumanRights #FinancialLiberty #GeorgiaCBDC #FreedomInFinance
Question:
What potential safeguards could be implemented to ensure Central Bank Digital Currencies don't become another tool for government surveillance and corruption in countries like 🇬🇪 Georgia, without compromising their potential benefits in modernizing financial services? We’d love to hear your thoughts!
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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 testing and preparing to launch a Central Bank Digital Currency (CBDC) by 2025, amidst widespread concerns over human rights, civil liberties, and corruption issues.
Paragraph Analysis:
✅The Bank of Russia has announced public trials of a Central Bank Digital Currency (CBDC) involving 13 banks and an estimated 600 clients as of August 15, 2023, with more participants expected soon.
✅This pilot is currently testing basic transactions and account establishment across 11 cities.
✅According to the Bank of Russia, CBDC can greatly improve access, uniform rates, security and customer service for citizens.
✅However, Anatoly Aksakov, the chair of the Financial Market Duna Committee, stressed that the digital ruble's use would be strictly controlled to avoid misuse.
✅Assuming the pilot is successful, the CBDC, known as the digital ruble, is expected to be introduced to the public in early 2025.
✅The Bank of Russia was reported preparing for the launch by organizing resources such as customer service telephone lines in January 2024.
✅Concerns are rising as the Freedom in the World report scores Russia's freedom at a mere 16 out of 100, especially considering issues of corruption and oppression.
✅The existence of widespread corruption can potentially undermine the promises of the government to limit control and surveillance risks associated with the CBDC.
✅Authorities' efforts to stifle dissenting voices raise concerns that the CBDC might be used as a tool to seize assets and exert political favoritism.
✅For more detailed information on these concerns and risks, a list of reliable sources is provided for further reading.
Hashtags:
#HumanRights #CivilLiberties #CBDC #BankofRussia #FinancialFreedom
Question:
Considering the pressing issues of corruption and civil liberty concerns in Russia, how do you see the implementation of CBDCs potentially affecting these aspects? Could this be an opportunity for greater financial transparency or a further tool for oppression?
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⚠️ 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:
The National Bank of Georgia is progressing with piloting its Central Bank Digital Currency, despite potential threats it might pose to human rights and civil liberties.
✅🇬🇪 is in the testing stages of creating its own Central Bank Digital Currency (CBDC) and promotes this project as a way to increase efficiency and economic stability.
✅In April 2021, the National Bank of Georgia began exploring a publicly available CBDC to improve payments and financial inclusion systems.
✅Governor Gvenetadze initially suggested that a CBDC wouldn't aid financial inclusion but later acknowledged its potential in modernizing financial services and executing monetary policies.
✅By January 2023, Georgia's central bank was actively seeking cooperation from the private sector to advance its CBDC venture.
✅The central bank shortlisted several companies as potential collaborators in September 2023, eventually choosing Ripple as its main technology partner.
✅In December 2023, acting governor Natia Turnava formalized a partnership with Mastercard Europe to promote electronic commerce and support the development of Smart Contracts, a CBDC assistance tool.
✅Unfortunately, Georgia's advancement in CBDC could negatively affect freedom of expression, potentially enabling the government to manipulate financial resources of its citizens.
✅The CBDC could also exacerbate issues of government surveillance, as financial transactions could be more accessible to the authorities.
✅With underlying corruption issues, the unbiased use and management of CBDCs in Georgia becomes questionable.
#Georgia #CBDCs #CentralBankDigitalCurrency #HumanRights #CivilLiberties
As a bitcoin enthusiast, do you think decentralization can safeguard financial freedom and privacy in countries like Georgia, where potential misuse of CBDCs is a concern due to political uncertainties and human rights issues?
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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:
🇷🇺 Sees CBDC Launch: Human Rights Foundation raises serious concerns about the impact on civil liberties
- 🇷🇺's Bank of Russia announces the public piloting of Central Bank Digital Currency (CBDC) on August 15, 2023, involving 13 banks and an estimated 600 clients, expanding soon.
- The Bank asserts that CBDC will benefit citizens with uniform rates, offline usage, security, and improved customer service.
- Financial Market chair, Anatoly Aksakov, highlights the potential for CBDCs to ensure intended use of funds, citing specific scenarios of parental control and government funds allocation.
- The CBDC, also referred to as the digital ruble, is expected to be accessible to the public by 2025 if the pilot goes well.
- As part of its customer service strategy, the Bank of Russia reportedly prepares to launch support lines by January 2024.
- However, concerns arise on the backdrop of 🇷🇺's low score of 16 out of 100 in the 2023 Freedom House’s Freedom in the World report, regarding corruption and oppression of dissenting voices.
- The systemic corruption in government and business, alongside a lack of accountability, raises questions about CBDC governance and potential political favoritism through subsidies, price control, and targeted restrictions.
- The political climate, characterized by cracked down protests, anti-war demonstrations, arrests, and administrative harassment targeting opposition, may pose a risk of CBDC-enabled freezing and seizing of opposition finances.
#Russia #CBDCs #FreedomHouse #FinancialRights
What other measures should be in place to ensure that the introduction of a Central Bank Digital Currency doesn't facilitate further corruption or the oppression of dissenting voices in 🇷🇺? How can the global community help protect financial freedoms in such situations?
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