⚠️ 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 charts out its course towards a wholesale CBDC, despite persisting concerns over human rights and corruption challenges.
Topics:
✅ In 2022, the Bangko Sentral ng Pilipinas announced that it was piloting a wholesale CBDC, Project CBDCPh, aimed at promoting the stability of the country's payment system.
✅ Their CBDC initiative was primarily designed for large-value financial transactions operating on a 24/7 basis, restricting the use to financial institutions.
✅ Governor Eli Remolona Jr. has indicated a probable issuance of a wholesale CBDC by 2026.
✅ However, governor Benjamin E. Diokno critically noted that CBDCs did not address the root causes of financial exclusion. Instead, existing digital payment systems were found to be more efficient options.
✅ By 2023, a new CBDC pilot, Project Agila, was launched, focusing mainly on improving payment efficiency and stability.
✅ The Project Agila was accomplished with the assistance of International Monetary Fund and the Bank for International Settlements. Several notable financial institutions participated in this initiative.
✅ By 2024, the central bank declared their decision to avoid blockchain technology and retail CBDC, focusing only on a wholesale CBDC.
✅ The Philippines has a declining Freedom score and faces issues like corruption and restrictions on opposing voices, which casts uncertainty over the implementation of CBDCs.
✅ CBDCs, in turn, could potentially exacerbate these issues by potentially providing a tool to suppress opposition and facilitate corruption.
Hashtags:
#PhilippineCBDC #CentralBank #DigitalCurrency #HumanRights #PressFreedom #GovernmentCorruption
Question:
Considering the ongoing human rights issues and corruption in the 🇵🇭 Philippines, how do you think the implementation of a wholesale CBDC could impact the society, specifically in terms of transparency and financial inclusion? We'd love to hear your viewpoints.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for South Africa (21-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 7.04%
One-Sentence Summary:
South Africa's exploration into CBDCs prompts concerns over integrity and accountability given historical corruption issues, despite promising advancements in projects like 'Dunbar' and 'Khokha'.
Content:
✅🇿🇦 in 'pilot' phase, contributing to development of two international CBDC prototypes at Bank for International Settlements.
✅South African Reserve Bank, with 🇦🇺, 🇲🇾, and 🇸🇬 central banks, worked on wholesale CBDC pilot 'Project Dunbar', aimed at improving international interbank transactions.
✅Early hurdles for CBDC include governance, access, regulatory boundaries.
✅South Africa's 'Project Khokha', a proof-of-concept, explores tokenization & distributed ledger for interbank settlement.
✅Governor Lesetja Kganyago indicates skepticism around decentralized markets achieving protected consumer rights, financial stability, safety—crucial to central banks.
✅South African Reserve Bank also exploring retail CBDCs for public, with expectations to potentially improve regulatory reporting, anti-money laundering measures but still preserving user privacy.
✅Deputy governor Kuben Naidoo voices need for crypto regulation to prevent theft, money laundering & undermining monetary policies.
✅South Africa's Freedom House score is 79/100 in 2023 report, however, acknowledged corruption raises concerns over CBDCs surveillance, control, and political favoritism risks.
Hashtags:
#SouthAfricaCBDC #ProjectKhokha #ProjectDunbar #MonetaryPolitics #HumanRights
Question:
Given the historical context of South Africa, how can the growth of CBDC integration help to fortify accountability measures and resist corruption, while still respecting freedom and 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 Philippines' Central Bank is focusing on the development of wholesale Central Bank Digital Currencies (CBDCs) aiming for financial stability and payments efficiency, amidst outcry over potential violation of human rights and civil liberties in the country.
✅ The Central Bank of 🇵🇭 piloted a wholesale CBDC project known as Project CBDCPh in 2022 hoping to enhance the stability of the country's payment system.
✅ Bangko Sentral ng Pilipinas governor Eli Remolona Jr., in 2024, hinted at the launch of the wholesale CBDC by 2026.
✅ The early sentiment behind CBDCs was laced with cautious optimism as it promised to streamline payment efficiency, even though it fell short in addressing financial inclusion.
✅ Governor Diokno in 2022 hinted that CBDCs may require legislative involvement given that they venture beyond the scope of the central bank's charter.
✅ After the early completion of Project CBDCPh, other digital payment systems emerged as favorable options.
✅ In 2023, a new pilot project was launched - Project Agila, focusing on payment efficiency and stability.
✅ Several prominent financial institutions like BDO Unibank, Inc., China Banking Corp., Maya Philippines, Inc., Citibank N. A. Manila, were on board for Project Agila.
✅ The 2024 updates reject the option of a retail CBDC and lean towards a wholesale one, rejecting the use of blockchain technology.
✅ Freedom in the World report raised red flags about the possible misuse of CBDCs by the governmental bodies, enabling easy seizure of citizens' finances and thereby undermining opposition.
✅ Corruption and non-transparent functioning of institutions thus call into question the potential risks of CBDCs, bringing potential for political favoritism and surveillance.
#Philippines #CentralBankDigitalCurrency #HumanRights #FreedomHouse #BankgoSentralngPilipinas #ProjectAgila
As we see both potential and risks in the development of CBDCs in 🇵🇭, what are your thoughts? How can these digital currencies be developed to truly benefit the people and prevent governmental misuse? Let's discuss!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for South Africa (21-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 7.04%
One-Sentence Summary:
South Africa 🇿🇦, undertaking CBDC prototypes, weighs benefits in battling corruption, improving regulation, and transaction efficiency, but brings to light concerns over potential manipulation and privacy issues.
✅ 🇿🇦 participates in two CBDC prototypes with Bank for International Settlements and develops own proof-of-concept.
✅ Central Bank of Malaysia, Reserve Bank of Australia, Monetary Authority of Singapore, and South African Reserve Bank collaborate on Project Dunbar for better cross-border transactions.
✅ Early hurdles include governance issues, access, and regulatory boundaries.
✅ South African Reserve Bank tests tokenization and distributed ledger tech in interbank settlements through Project Khokha.
✅ South African Reserve Bank Governor Lesetja Kganyago highlights potential inadequacies of decentralized markets in upholding public policy objectives.
✅ Retail CBDCs eyed for public, with hopes of improved regulatory reporting and anti-laundering measures but also voicing concerns over undermining central bank authority and crypto-related risks.
✅ South Africa garners 79 out of 100 in 2023 Freedom House’s Freedom report, with corruption notably a persisting problem.
✅ Pervasive corruption may exacerbate concerns over such risks as surveillance, control, and political favoritism with CBDCs' implementation.
✅ Refer to research and reports from various organizations for analysis of human rights, civil liberties, and risks of CBDCs.
#CBDC #HumanRights #SouthAfrica #FreedomReport #BankForInternationalSettlements #MonetaryPolicy #Blockchain
How can we strike a balance between using CBDCs to digitalize transactions and uphold monetary policies while ensuring privacy and fairness in their distribution and usage? Let's discuss.
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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 pilot implementation of Central Bank Digital Currencies by the Bangko Sentral ng Pilipinas raises concerns regarding potential human rights violations and increased government control.
✅ 🇵🇭 initiates pilot phase for a wholesale Central Bank Digital Currency (CBDC) to improve payment system stability, expected native-CBDC issuance by 2026.
✅ Governor Benjamin E. Diokno expresses concern in 2022, cautioning that CBDCs don't solve the root causes of financial exclusion and may need legislation for retail implementation.
✅ The second CBDC pilot, Project Agila, attracted various financial institutions and was supported by the IMF and the Bank for International Settlements to boost payment efficiency.
✅ In 2024, Governor Eli Remolona Jr. rejects the use of blockchain technology and a retail CBDC, aiming to focus on a wholesale CBDC.
✅ Given the 🇵🇭's current standing concerning freedom, a CBDC could amplify governmental control and curb opposition; corruption remains a pertinent concern regarding the promises of CBDC surveillance.
#HumanRights #FinancialControl #CBDC #FreedomHouse #GovernmentCorruption #DigitalCurrency
🔎How can societies ensure the responsible development of Central Bank Digital Currencies that uphold individual privacy and prevent government overreach or misuse? Let's discuss!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for South Africa (21-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 7.04%
One-Sentence Summary:
South Africa's progress in Central Bank Digital Currencies (CBDC) development, despite concerns of corruption, involves work on both wholesale and retail CBDCs, with initial pilot projects and the potential for enhanced regulatory and anti-money laundering measures.
✅🇿🇦 is in the pilot phase of CBDC development after participating in two key CBDC prototypes and creating its own proof-of-concept.
✅ South African Reserve Bank co-developed wholesale CBDC prototypes for international settlements with several international central banks, with challenges related to governance, access, and boundaries.
✅ The South African Reserve Bank's proof-of-concept (Project Khokha) tests tokenisation and distributed ledger technology, though concerns remain about the feasibility of decentralised markets in all instances.
✅ Reserve Bank is considering retail CBDCs for the general public, to improve regulatory reporting, combat money laundering, and protect user privacy, with concerns about potential undermining of monetary policy.
✅ Despite earning a 79 out of 100 in Freedom House’s 2023 Freedom in the World report, 🇿🇦 struggles with systemic corruption, raising questions about government promises on surveillance and control policies regarding CBDCs.
#HumanRights #CBDC #SouthAfrica #BankforInternationalSettlements #AntiMoneyLaundering
How do you balance the potential of CBDCs for improved financial regulation and anti-money laundering with the risks posed by corruption and potential misuse by public officials? Let's get the discussion going!
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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) pilot program sparks concerns from the Human Rights Foundation for its potential in corruption and censorship.
✅ 🇷🇺 The Bank of Russia is now in the testing phase of its CBDC project, allowing public access for 13 banks and an anticipated 600 clients.
✅ Expected to join this pilot soon are another 17 banks, testing basic transactions across 30 retail outlets in 11 cities.
✅ The Bank hopes that their CBDC will improve accessibility, offer consistent rates, function offline, provide a secure platform and better customer service.
✅ Anatoly Aksakov, the chair of the Duna Committee of the Financial Market, assures that measures are in place for the CBDC to be used responsibly and not for "unseemly purposes."
✅ Assuming the pilot launches successfully, the Bank of Russia plans to distribute the CBDC, dubbed the digital ruble, to the general public by 2025.
✅ As of January 2024, resources are being organized to launch phone lines for customer service related to the CBDC rollout.
✅ Nevertheless, concerns have been raised about human rights and civil liberties, as Russia scored only 16 out of 100 in the 2023 Freedom House report.
✅ CBDC's potential in contributing to the already prevalent corruption in the country and oppressing dissenting voices complicates the issue.
✅ Critics argue a CBDC could be used as a tool for the government to exert control, eg. freezing and seizing funds of activists and opponents.
#HumanRightsFoundation #CentralBankDigitalCurrency #FreedomHouseReport
What are your thoughts on how CBDCs could impact civil liberties and corruption in countries like Russia?
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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 Bangko Sentral ng Pilipinas initiates a pilot phase for Wholesale Central Bank Digital Currencies (CBDCs), but human rights organizations warn about potential misuse for political control and corruption.
✅ 🇵🇭 is piloting a wholesale CBDC to enhance the stability of its payment system, with Governor Eli Remolona Jr. indicating a possible rollout by 2026.
✅ Despite initial excitement, Governor Benjamin E. Diokno expressed concerns that CBDCs do not tackle financial exclusion and could require new legislation.
✅ Project Agila, another CBDC pilot launched in 2023, aimed to improve payment efficiency and stability.
✅ By 2024, the central bank decided against using blockchain technology for its CBDC and discarded the idea of a retail CBDC, focusing solely on wholesale.
✅ Freedom House rated the Philippines at 58/100 in its 2023 report, highlighting existing political censorship and corruption as significant concerns for CBDC implementation.
✅ The use of CBDCs could enhance government control over citizens' finances, making it easier to suppress political activists and rivals.
✅ The high level of government corruption in the country raises doubts about the fair implementation and use of CBDCs.
Hashtags:
#HumanRights #CBDCs #FinancialInclusion #FreedomHouse #CentralBanks
Question:
Can the implementation of CBDCs in countries with low freedom scores create more harm than good? Share your thoughts considering privacy, financial inclusion, and the risk of misuse by corrupt governments.
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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) pilot launches amid concerns over corruption, restricted civil liberties and potential misuse for political oppression.
✅ The Bank of Russia has launched a pilot for CBDC, open to the public with 13 banks and expected to grow in numbers. The pilot tests on establishing accounts and carrying out basic transactions in 11 cities.
✅ CBDCs are touted to provide benefits such as uniform rates, better customer service and security. However, there are concerns about its misuse, as reflected in Anatoly Aksakov's comment that the digital ruble can be controlled for its use.
✅ The CBDC, known as the digital ruble, is expected to roll out nationally in early 2025. Customer service resources are already being organized.
✅ However, concerns about human rights abuses and corruption in Russia could hamper the confidence in the CBDC's roll out - surveillance, control, political favoritism through subsidies and price controls potentially being misused.
✅ Furthermore, the ability for the government to freeze and seize CBDCs can be leveraged as an oppressive tool, targeting activists, political rivals and protestors by controlling their finances directly.
#HumanRights #DigitalCurrency #Russia #BankOfRussia #FreedomHouse #CentralBankDigitalCurrency
Thought-provoking question: As Bitcoin enthusiasts and freedom advocates, how can we ensure that systems like CBDCs do not become tools for political oppression and surveillance, especially in countries showing significant causes for concern, like Russia?
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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' 🇵🇭 journey with Central Bank Digital Currencies (CBDCs) is mired in cautious optimism, technical challenges, and significant concerns about potential abuses against human rights and civil liberties.
✅ 🇵🇭 initiated a pilot CBDC in 2022 called Project CBDCPh, aimed at stabilizing payment systems, mainly focusing on extensive financial transactions.
✅ By 2024, Bangko Sentral ng Pilipinas governor predicted the issuance of a wholesale CBDC by 2026, but ruled out a retail CBDC.
✅ Despite initial optimism about the potential for CBDCs to improve payment efficiency, Governor Diokno acknowledged that they fail to address root causes of financial exclusion.
✅ A second pilot CBDC, Project Agila, was rolled out on Hyperledger Fabric in 2023, involving multiple financial institutions, backed by the International Monetary Fund and the Bank for International Settlements.
✅ In 2024, the central bank abandoned blockchain technology for its CBDC and decided to focus only on a wholesale CBDC.
✅ Freedom House only gave 🇵🇭 a score of 58 on 100 in their 2023 report, raising concerns about government corruption and restrictions on opposition voices.
✅ Amnesty International warned about risks like using a CBDC to freeze/seize assets of activists and political opponents, as well as a lack of protection against surveillance with a CBDC.
✅ Widespread corruption raises concerns about potential abuse of CBDC policies to exert political favoritism and other targeted restrictions.
#DigitalCurrency #PhilippinesCBDC #HumanRightsProtection
How can we ensure that the implementation of CBDCs won't become tools for government overreach and violation of human rights while maximizing their potential benefits in improving payment systems and financial inclusion? 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:
The Bank of 🇷🇺Russia's move towards publicly testing a Central Bank Digital Currency (CBDC) raises concerns amid potential misuse and human rights violations.
Content:
✅ Russia's CBDC is moving into the public testing phase, with the Bank of 🇷🇺Russia starting pilot testing from August 15, 2023.
✅ Just like in China and India, the CBDC pilot in 🇷🇺Russia involves the general public.
✅ 13 banks and estimated 600 clients are currently part of the pilot. Approximately 17 more banks are expected to join soon.
✅ The pilot is aimed at testing basic transactions and establishing accounts in 30 points of sale across 11 cities.
✅ The Bank of 🇷🇺Russia believes that the implementation of CBDCs would bring certain benefits, including access through convectional banks, offline usage, security, and better customer service.
✅ Anatoly Aksakov, chair of the Duna Committee of the Financial Market, stated that smart contracts will ensure funds are used as intended.
✅ Assuming the successful implementation of the pilot program, the Bank of 🇷🇺Russia plans to issue its digital ruble to the whole public by early 2025.
✅ However, human rights and civil liberties concerns in 🇷🇺Russia raise suspicion over the introduction of the CBDC. Corruption is rampant and any promises limiting surveillance or control hold a questionable future.
✅ Another concern is the potential misuse of CBDCs as a tool to quell dissenting voices and control activists by seizing their finances.
Hashtags:
#CentralBankDigitalCurrency #HumanRights #FinancialFreedom #Transparency #Accountability #FinancialRisks
Thought-provoking Question:
Would the implementation of Central Bank Digital Currencies potentially compromise individual financial freedom and amplify state surveillance, given the existing state of affairs in particular countries, like 🇷🇺Russia?
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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 Bangko Sentral ng Pilipinas gears for the launch of a wholesale Central Bank Digital Currency by 2026, amid concerns over financial inclusion and potential exploitation for political control and violation of civil liberties.
✅ The 🇵🇭 is testing a wholesale Central Bank Digital Currency (CBDC), announced by Bangko Sentral ng Pilipinas (BSP) in 2022, aiming for stability in the country's payment system.
✅ Governor Eli Remolona Jr. expects the CBDC named Project CBDCPh to be launched by 2026; it's particularly designed for large-value financial transactions.
✅ Governor Benjamin E. Diokno expressed in 2022 that although a CBDC could improve payment efficiency, it doesn't solve the problem of financial exclusion.
✅ Diokno also highlighted legislative requirements for a retail CBDC launch, referencing that current BSP charter only permits a wholesale CBDC.
✅ Post Project CBDCPh in 2022, Diokno identified existing digital payment systems as more feasible options.
✅ A new pilot, Project Agila, launched in 2023 on Hyperledger Fabric, again seeks to enhance payments efficiency and stability, aided by IMF and Bank for International Settlements.
✅ Ten significant financial institutions will test the CBDC in a closed experimental environment within Project Agila.
✅ Governor Remolona Jr. in 2024 ruled out the use of blockchain technology for CBDC and revealed that BSP would focus only on a wholesale CBDC, excluding a retail version.
✅ The Human Rights Foundation voiced concerns due to censorship and corruption in 🇵🇭 that could potentially exploit a CBDC to control opposition and favor political allies.
✅ Reports from Amnesty International & Freedom House warn that a CBDC could be another method to seize money from activists and political opponents, and promote further corruption.
Hashtags:
#CentralBankDigitalCurrency #HumanRights #FinancialInclusion #Philippines #FreedomInFinance
Question:
Do you think the creation of a CBDC in the Philippines could indeed be a tool for potential government control and corruption, or will it truly aid in achieving financial stability? Share your thoughts and let's get a conversation started.
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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:
🇷🇺 gears up for public pilot of its Central Bank Digital Currency amidst human rights concerns and rampant corruption.
✅ Announced by the Bank of Russia, a public CBDC pilot is in operation involving 13 banks and approximately 600 clients, with 17 more banks expected to join the initiative soon.
✅ Despite corruption concerns, the Bank of Russia argues that digital currency will bring numerous benefits for citizens including uniform rates, offline usage, and improved security.
✅ Anatoly Aksakov, chair of the Financial Market Duna Committee, outlined that the use of the digital ruble will be regulated strictly through smart contracts to hinder misuse.
✅ With a successful pilot, the Bank of Russia plans to issue a digital ruble, the national digital currency, to the public in early 2025.
✅ Initiatives such as customer service telephone support lines are being established by the Bank of Russia to support users of the digital ruble.
✅ But 🇷🇺 stands tarnished in global human rights evaluations with concerns of corruption, misuse of public wealth, and silencing opposition voices casting doubts on the effective use of CBDCs in the nation.
✅ The potential misuse of CBDCs, like using it to freeze assets of activists or opposition members, becomes a significant concern in light of the government's oppressive actions.
✅ Several international organizations and reports outline the risks and issues concerning the implementation of CBDCs in a corrupt and oppressive environment such as 🇷🇺.
#CBDC #DigitalCurrency #HumanRights #Corruption #CivilLiberties
As digital currency enthusiasts, what safeguards can be put in place to prevent the misuse of CBDCs in countries with concerns of corruption and human rights violations? How can the global community ensure that digital currencies advance financial freedom rather than governmental control?
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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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 Bangko Sentral ng Pilipinas continues to advance the development of a wholesale Central Bank Digital Currency (CBDC), amidst concerns of potential uses in violation of human rights and financial exclusion.
Content:
✅ Discovered in 2022, the Bangko Sentral ng Pilipinas 🇵🇭 is piloting a wholesale CBDC referred to as Project CBDCPh, testing this platform on large-value financial transactions.
✅ Governor Eli Remolona Jr., hinted at a potential official issuance of this wholesale CBDC by 2026.
✅ In 2022, former Governor Benjamin E. Diokno expressed cautious optimism regarding the efficiency of CBDCs but highlighted the inability of these digital currencies to address financial exclusion.
✅ Following the conclusion of Project CBDCPh, the Bangko Sentral ng Pilipinas introduced Project Agila in 2023, a new CBDC pilot with a host of participating financial institutions and operating on Hyperledger Fabric.
✅ Governor Remolona Jr., updated in 2024 that blockchain technology was not a fit for their plans and that the focus would remain on the wholesale CBDC, abandoning the idea of a retail CBDC.
✅ As per the Freedom House’s 2023 Freedom in the World report, the Philippines scored 58 out of 100, highlighting concerns of government restriction and corruption that could be exacerbated by the introduction of a CBDC.
✅ CBDCs could further enable government control over citizen’s finances, giving way to a potential disconnect and infringement of human rights and civil liberties.
Hashtags:
#Philippines #CBDCs #FinancialExclusion #LocalCurrency #FreedomIndex2023
Question:
As we continue to monitor the evolution of CBDCs in the Philippines🇵🇭, what are your thoughts on how these digital currencies could either help or harm financial inclusivity and human rights in the country?
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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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 pilots CBDC with strict use-case restrictions, incites concerns for human rights and potential for government control amidst corruption and oppression.
✅ The Bank of Russia began a public CBDC pilot on August 15, 2023 involving 13 banks and approximately 600 clients, and aims to test basic transactions across 30 points of sale in 11 cities.
✅ The CBDC is claimed by the Bank of Russia to offer numerous benefits to citizens, but concerns about the strict control of the currency's use, as mentioned by financial market committee chair Anatoly Aksakov, are raised.
✅ The Bank of Russia plans to issue the digital ruble to the public in early 2025, and it started organizing resources to launch phone support for customer service in January 2024.
✅ 🇷🇺 Russia's corruption and oppression of dissenting voices cause concerns for the use of CBDCs, with analysts fearing the introduction of CBDCs could enable the regime to further plunder public wealth and exert political favoritism.
✅ Alongside existing oppression tactics, the potential of CBDCs might provide another tool for governments to control their citizens by seizing and freezing the funds of dissenters and opposition forces.
#Russia #HumanRights #Freedom #CBDC #BankOfRussia
Considering the potential control governments would have with the introduction of CBDCs, what measures can be taken to ensure that digital currencies don't become another tool for oppression in societies already battling widespread corruption and a lack of freedom?
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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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:
🇵🇭 central bank eyes wholesale CBDC by 2026 amid concerns over human rights, payment efficiency, and potential misuse.
✅ The 🇵🇭 begins testing a wholesale CBDC known as Project CBDCPh in 2022 to promote stable payments but excludes plans for a retail version.
✅ Governor Eli Remolona Jr. sets 2026 as the tentative launch date while questioning the need for a retail CBDC.
✅ Benjamin E. Diokno, the initial supporting governor in 2022, is cautious, highlighting that CBDCs don't address key financial inclusion issues.
✅ After Project CBDCPh, Diokno leans toward existing digital payment systems rather than a CBDC.
✅ A new pilot termed Project Agila, aided by the IMF and Bank for International Settlements, is announced in 2023 without utilizing blockchain technology.
✅ Despite past trials with retail CBDCs, Remolona in 2024 reiterates that only a wholesale CBDC aligns with the central bank’s strategy.
✅ The 🇵🇭 scores a measly 58 out of 100 in Freedom House's 2023 report, raising concerns over increasing government control with a CBDC.
✅ Amnesty International reports of a hostile environment for journalists and opponent voices— A CBDC could amplify these issues.
✅ Persistent government corruption raises fears that CBDC policies might favor certain political classes or lead to misuse.
#Philippines #CentralBankDigitalCurrency #HumanRights #DigitalCurrency #FinancialInclusion
What do you think a CBDC in the 🇵🇭 means for the country's approach to human rights and financial inclusion? Can we rely on current digital payment systems or do we need to push for a more holistic solution?
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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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:
🇷🇺 progresses on CBDC pilot program amidst potential concerns over corruption and government control of citizens' financial transactions.
Analysis:
✅ 🇷🇺 has initiated the piloting phase for its CBDC, following similar models as 🇨🇳 and 🇮🇳, testing it across 11 cities.
✅ The pilot currently includes 13 participating banks and about 600 of their clients, expecting to include an additional 17 banks soon.
✅ 🇷🇺’s CBDC, also referred to as the digital ruble, expected to launch nationwide by early 2025.
✅ Chair of the Duna Committee of the Financial Market, Anatoly Aksakov, indicates the use of smart contracts to inflexibly direct funds, raising concerns over privacy and control.
✅ Concerns arise on the backdrop of Freedom House's 2023 report giving 🇷🇺 a mere 16 out of 100 for human rights, freedoms and pervasive corruption.
✅ The Bank of Russia aims to deliver promised benefits to citizens such as access, uniform rates, offline use, security, and improved customer service.
✅ The release of a CBDC could potentially exacerbate existing issues by allowing the government to seize or freeze assets of protestors and political rivals easily.
Hashtags:
#HumanRights #FinancialFreedom #CBDC #Russia #BankofRussia #DigitalRuble #FreedomHouse
Question:
As the digital age encroaches on our financial lives, do you think the potential benefits of CBDCs offset the risk of government control and misuse? To what extent should governments have control over how individuals use their money? Let us hear your thoughts.
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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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 Bangko Sentral ng Pilipinas proceeds with its second pilot for a Central Bank Digital Currency (CBDC), despite concerns over potential human rights violations and risks associated with overall government corruption in the Philippines.
**Topics:**
✅🇵🇭 Bangko Sentral ng Pilipinas revealed in 2022 plans to pilot a wholesale CBDC in an attempt to stabilize the nation's payment system.
✅ In 2024, the target issuance of this wholesale CBDC was announced by Governor Eli Remolona Jr.
✅ Governor Benjamin E. Diokno held cautious optimism in 2022 despite acknowledging that CBDCs couldn't solve financial exclusion.
✅ Post the conclusion of Project CBDCPh, Diokno emphasized existing digital payment modes as superior alternatives.
✅ Another CBDC pilot, Project Agila, launched in 2023 to offer efficiency and stability in payments involving key financial institutions and brokerages, with support from the IMF and BIS.
✅ Governor Eli Remolona Jr. in 2024 refuted the use of blockchain technology for CBDCs and confirmed the focus would remain on a wholesale CBDC.
✅ Amidst continuing scrutiny on human rights and corruption, the Philippines scored 58/100 in Freedom House’s 2023 Freedom report, raising questions on the potentially harmful use of CBDCs by the government.
✅ Concerns surround misuse of CBDCs to suppress opposition, amplify corrupt practices, and surveillance risks.
**Hashtags:**
#HumanRights #FinancialInclusion #GovernmentCorruption #CentralBank #Philippines #DigitalCurrency
**Question:**
In light of potential benefits but looming risks associated with CBDCs in a state like 🇵🇭, do you believe that it's prudent to proceed with their introduction in areas where government corruption is rampant? Could this development aid financial inclusion or conversely contribute to increased control and potential abuse of power? Let's hear your thoughts.
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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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 CBDC project is on full throttle as its Central Bank Gazettes plans for public pilot testing, but concerns around restrictions to human rights and rampant corruption paint a troubling picture.
✅ Russia's Central Bank announced pilot testing of its CBDC on August 15, 2023, which involves public participation, making 🇷🇺 to be considered in the launched phase for CBDC adoption.
✅ These tests are currently being run by 13 banks for around 600 clients, with an additional 17 banks expected to join soon.
✅ The immediate aim of the pilot is to examine the process of account establishment and carry out basic transactions across 30 sale points in 11 cities.
✅ The Bank of Russia believes their CBDC will offer benefits such as easier access, uniform rates, offline use, better security, and improved customer service.
✅ Anatoly Aksakov, chair of the Duna Committee of the Financial Market, clarifies that the digital ruble will have defined purposes, preventing its misuse and promoting the efficient usage of public funds.
✅ If the pilot succeeds, the Bank of Russia plans to issue CBDCs to the general public by early 2025, confirmed by Olga Skorobogatova, the first deputy governor of the Bank of Russia.
✅ However, concerns stem from Russia's record on human rights and freedom, scoring a low 16 out of 100 in Freedom House's 2023 report.
✅ Red flags include prevalent governmental and commercial corruption, eliciting fear regarding the potential misuse of the CBDC and questioning its supposed benefits as mere promises.
✅ The country's suppression of dissenting voices and protest, articulated by incidents such as the criminalizing of antiwar demonstrations and arrest of thousands during political rallies, magnify the concerns as CBDC could further empower the government to control citizens' finances.
#CBDC #DigitalCurrency #BankofRussia #Censorship #HumanRights #FinancialFreedom #FreedomHouse #GovernmentSurveillance
💭 What will be the implications of Russia's CBDC on personal freedom and its potential abuse by a government with a concerning track record in human rights? How do we mitigate the risks associated with state-controlled digital currencies in such contexts?
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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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:
🇵🇭 Central Bank Digital Currencies (CBDCs) development carries forward amidst human rights and corruption concerns.
✅ In a move towards financial stability, the 🇵🇭 Central Bank, Bangko Sentral ng Pilipinas, initiated a pilot CBDC in 2022 for use by financial institutions, set to likely issue a wholesale CBDC in 2026, as stated by Governor Eli Remolona Jr.
✅ While Governor Benjamin E. Diokno viewed CBDCs as a solution to payment efficiency issues in his 2022 speech, he believed they could not address financial exclusion's root causes and argued that existing digital payment methods were better options.
✅ In 2023, a new CBDC pilot, Project Agila, was launched to focus on improving payment efficiency and stability, supported by a group of financial institutions, with assistance from the International Monetary Fund and Bank for International Settlements.
✅ Governor Eli Remolona Jr. shared two updates in 2024, confirming that the central bank would not be using blockchain technology and would not explore a retail CBDC, focusing only on wholesale CBDC.
✅ A 2023 Freedom House report gave 🇵🇭 a 58 out of 100 points regarding freedom, raising concerns about how the implementation of a CBDC might exacerbate existing issues like government corruption and restrictions on free speech.
✅ Concerns arose that a CBDC could become a tool for government control, allowing for freezing and seizing activists, political rivals, and protestors' money, effectively undermining opposition.
✅ Deep-seated government corruption in 🇵🇭 raises doubts about assurances to limit CBDC-related surveillance, control, or risks, and worries about the potential use of CBDC policies to manipulate political favoritism.
#HumanRights #FinancialInclusion #CBDC #PhilippinesCentralBank #FreedomIndex #GovernmentCorruption
What does the development of a CBDC say about the state of freedom and human rights in the 🇵🇭? How could a CBDC give rise to potential misuse or corruption, and what measures can be taken to counteract this?
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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