⚠️ HRF CBDC ⛓️🪙 alert from HRF for Ghana (27-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 31.26%
One-Sentence Summary:
Ghana's imminent launch of CBDC, the e-Cedi, raises pressing concerns about human rights and civil liberties in light of the country's history of corruption and censorship.
- ✅ 🇬🇭 is set to introduce the e-Cedi, its Central Bank Digital Currency (CBDC), though economic instability forces delays in the launch.
- ✅ The concept of a CBDC was endorsed by Vice President Mahamudu Bawumia in 2021, who urged African governments to adopt digital currencies while subtly distinguishing CBDCs from cryptocurrency.
- ✅ 🇬🇭's CBDC launch, initially planned for 2022, was postponed in response to high inflation rates, as stated by the Bank governor, Ernest Addison.
- ✅ The Bank of Ghana published a report detailing the motivators behind the CBDC, which include countering the rise of cryptocurrency, digitizing the economy, promoting financial inclusion, and preparing for future regulations.
- ✅ News surfaced in 2023 that the Bank of Ghana had completed its CBDC pilot but further delays ensued due to ongoing economic instability.
- ✅ Vice President Bawumia unveiled new plans to launch a CBDC in 2024, stating potential benefits such as combating corruption, enabling transparency, easing tax collection, and deterring money laundering.
- ✅ Despite 🇬🇭 scoring 80 out of 100 on Freedom House's 2023 report, the country suffered attacks on freedom of expression and significant corruption which a CBDC could further aggravate.
- ✅ Freedom House and the U.S. Department of State reported increasing attacks on journalists in 2022, raising concerns that a CBDC could be used to financially isolate journalists critical of the government.
- ✅ Alarmingly, widespread corruption in 🇬🇭 resulted in more than $346 million of financial mismanagement in 2022. The prevalence of corruption casts doubt on government promises to limit CBDC surveillance, control or other risks, and raises suspicions about political favoritism in CBDC policies.
#Ghana #CBDC #BankOfGhana #HumanRights #FreedomOfSpeech #Corruption #EconomicInstability #DigitalCurrency #ECedi
Given the intertwined relationship between CBDCs and civil liberties, how can nations ensure that the advancement of digital currencies does not compromise the fundamental freedoms and rights of its citizens? Please share your thoughts and perspectives on this topic.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Japan (26-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 2.5%
One-Sentence Summary:
Despite contravening the traditional idea of banking, 🇯🇵 Japan's central bank pushes forward with trials for a Central Bank Digital Currency.
🇯🇵| On the cusp of digital currency innovation
✅ The Bank of Japan has been spearheading pilot and experimental projects on CBDCs for some years now.
✅ There's a hint of a possible CBDC roll-out in 🇯🇵 by the end of 2024, according to NHK reports.
The 🇯🇵 CBDC Journey: A Timeline
✅ April 2021: Bank of Japan kicks off a proof-of-concept to explore CBDC issuance, distribution, and redemption in a controlled environment.
✅ March 2022: First phase of testing rounds up.
✅ May 2022: Findings are published, stating the bank "currently has no plans to issue central bank digital currency."
✅ April 2022: A second phase begins, allowing for exploration of "various additional functionalities."
✅ March 2023: Second phase completes, followed by a published report in May 2023.
✅ April 2023: Bank of Japan formally begins its pilot program on CBDC.
✅ January 2024: Government figures and Bank of Japan congregate to hash out legal and system design aspects for the Japanese CBDC. Aim to finalize legislation by spring of 2024.
🇯🇵| Balancing Privacy Concerns for Human Rights
✅ Japan scores well on most measures of Freedom House.
✅ Yet, the development of a CBDC raises questions about risks to financial privacy and freedom that could come knocking at Japan's door.
#Japan #CBDC #BankOfJapan #DigitalCurrency #FinancialFreedom #HumanRights #PrivacyConcerns
Thought-provoking question:
Do you think that central bank digital currencies could potentially erode financial freedom and privacy, or are they just a necessary product of technological evolution? Keen to hear your thoughts!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Ghana (27-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 31.26%
One-sentence summary:
Economic instability and concerns over human rights abuses delay Ghana's Central Bank Digital Currency deployment.
✅ 🇬🇭 is amidst its ongoing CBDC development with the Bank of Ghana at the helm, but has hit a roadblock due to economic fluctuations, causing the schedule for the e-Cedi launch to remain uncertain.
CBDC History and Development:
✅ In 2021, Ghana's Vice President, Mahamudu Bawumia, advocated for Africa to adopt digital currencies for trade facilitation, however, emphasizing the need for CBDCs instead of cryptocurrencies.
✅ Backed by technical aid from Giesecke+Devrient, the Bank of Ghana began piloting a retail CBDC.
✅ In 2022, the roll-out of Ghana's CBDC was deferred due to high inflation rates. The central bank shifted its attention towards stabilizing macroeconomic fluctuations.
✅ Concurrently, the Bank of Ghana disclosed its motives for a national CBDC, encompassing digitizing the economy, promoting financial inclusion, countering the rise of cryptocurrencies, and proactively setting regulatory alignments.
✅ Reports from 2023 suggested that the Bank of Ghana had completed its CBDC pilot despite further delays due to economic instability.
✅ 2024 headlines share the news of the Vice President revealing new schemes about CBDC aimed at combatting corruption, enhancing transparency, improving tax collection, and hindering money laundering.
Human Rights and Civil Liberties Concerns:
✅Despite Ghana's reasonably high score in Freedom House’s 2023 Freedom in the World report, the country faces ongoing challenges regarding freedom of speech and corruption.
✅ The adoption of a CBDC in a climate of civil liberty restrictions, attacks on journalists, and corruption could worsen these issues by giving more control to the government.
✅ If implemented, a CBDC could allow the government to seize financial activities of critical journalists, activists, and political dissenters, thereby curtailing their civil power.
✅ Corruption, another major problem in Ghana, may influence the operational policy of a CBDC system, potentially leading to misuse and infraction of rights.
#Ghana #CBDC #EconomicInstability #HumanRights #FreedomHouse #BankOfGhana #ecedi
How do you think the adoption of a CBDC in a country with ongoing civil liberty issues like Ghana could influence the balance of power and individual freedoms?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (25-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
"🇮🇳 Reserve Bank takes several leaps forward with its Central Bank Digital Currency (CBDC) as it explores offline transactions and enhanced programmability, amidst concerns about the potential misuse of CBDCs for repression and control."
✅ 🇮🇳 accelerates the launch phase of its retail CBDC - the Digital Rupee, initiated in November 2022, boasting an astounding 1.46 million users and 310,000 merchants.
✅ The Reserve Bank of India's journey with CBDCs dates back to its 2017 interest in creating its own cryptocurrency, resulting in the launch of a CBDC pilot in 2022.
✅ The bank's adoption of CBDCs has always revolved around the belief that it would lead to a more efficient currency management system as noted by Finance Minister Nirmala Sitharaman in 2022.
✅ The Reserve Bank's 2023 aspirations consist of reaching 1 million transactions per day with their CBDC, currently averaging about 18,000 transactions per day.
✅ Access to retail CBDCs requires users to open an account with one of the 13 banks selected for the Digital Rupee Pilot Program and download the relevant mobile app.
✅ In response to the internet accessibility challenges in 🇮🇳 (only about 50% of the population have internet access), the Reserve Bank has planned to provide offline CBDC transactions and enhanced programmability in 2024.
✅ Although 🇮🇳 has a moderately good Freedom in the World report score, Freedom House and Amnesty International report worrying signs of government power abuse, particularly towards political opponents - a concern that could be heightened by the implementation of CBDCs.
#India #CBDCs #DigitalRupee #HumanRights #FinancialFreedom #CentralBanks
Question:
As Bitcoin enthusiasts and advocates for financial freedom, how do you view the balance between technological advancement like CBDCs and the potential risks these pose to personal freedoms and privacy? Could the future implementation of Bitcoin or similar cryptocurrencies offer solutions to these concerns?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Japan (26-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 2.5%
One-Sentence Summary:
The Bank of Japan's development of a Central Bank Digital Currency (CBDC) is underway with a possible launch by end of 2024, despite earlier denials and amidst concerns for potential risks to financial privacy and freedom.
✅ Despite previous experiments and studies, the 🇯🇵 Bank of Japan clarified in May 2022 that it has "no plans to issue central bank digital currency."
✅ The Bank launched a second phase of CBDC proof of concept in April 2022, looking into various additional functions and ended in March 2023.
✅ In April 2023, the 🇯🇵 Bank of Japan started testing how citizens will use CBDCs via intermediaries like banks in its CBDC pilot program.
✅ In January 2024, government officials and the Bank of Japan discussed legalities and system designs for a potential Japanese CBDC with plans to finalize legislation by spring 2024.
✅ Despite high rankings on various metrics, 🇯🇵 Japan faces concerns over potential risks to financial privacy and freedom arising from CBDC implementation.
#BankofJapan #DigitalCurrency #HumanRightsFoundation #CBDC #MonetaryPolicy
➡️ How do you think CBDCs could impact financial privacy and freedom, and how should these potential risks be addressed?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (25-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
India's Central Bank Digital Currency (CBDC), also known as the 'digital rupee', is scaling up its operations amidst concerns over potential misuse of the technology to suppress human rights and civil liberties.
✅ India 🇮🇳 is set to become the next big player in the Central Bank Digital Currency (CBDC) arena, with around 10% of the population reportedly having access to the CBDC as it moves from pilot phase to full-scale launch.
✅ The Reserve Bank of India has been mulling over launching its own cryptocurrency since 2017, only to propose a bill in 2021 that aimed to ban cryptocurrency in India while simultaneously launching a CBDC.
✅ The CBDC was seen as a means for a more efficient and cheaper currency management system, which is why another bill sought to give the Reserve Bank the authority to issue a CBDC.
✅ The Reserve Bank of India anticipates over a million transactions per day by the end of 2023, with the public expected to create a Digital Rupee account via selected banks for access.
✅ In 2024, the bank announced that it was considering offering offline CBDC transactions and enhanced programmability, considering that only about 50% of the population has internet access.
✅ However, India's CBDC has been met with scrutiny due to its potential to empower the government in suppressing human rights and civil liberties, especially as concerns increase regarding misuse of powers to target political opponents.
#India #CBDC #DigitalRupee #ReserveBankofIndia #HumanRights #CivilLiberties #DigitalCurrency
Do you believe that the progression of Central Bank Digital Currencies, like the digital rupee in India, can coexist or even enhance human rights and civil liberties in a world that's becoming increasingly digital, or would it usher in an era of heightened state surveillance and control? Share your thoughts below.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Japan (26-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 2.5%
One-sentence summary:
🇯🇵 Bank of Japan is reportedly preparing to launch a Central Bank Digital Currency (CBDC) by the end of 2024, amid concerns about potential impacts on financial privacy and freedom.
✅ 🇯🇵 Bank of Japan has been conducting experimental Central Bank Digital Currency (CBDC) projects and might launch its CBDC by the end of 2024.
✅ The first CBDC proof-of-concept was completed in March 2022, with findings published in May the same year that showed the bank had no plans to issue a CBDC.
✅ The Bank launched a second CBDC proof-of-concept in April 2022 that concluded in March 2023.
✅ The pilot program was launched in April 2023 to explore how citizens will access and use the CBDC via intermediaries like banks and financial institutions.
✅ In January 2024, the Japanese government and the Bank of Japan discussed potential legal considerations, system designs, and issues for a Japanese CBDC with plans to have legislation ready by spring 2024.
✅ Despite 🇯🇵 Japan boasting high scores on most metrics by Freedom House, concerns arise over risks to financial privacy and liberty with the creation of a CBDC.
#CentralBankDigitalCurrency #Japan #BoJ #FinancialPrivacy #HumanRights
How might the development of a CBDC in nations like 🇯🇵 Japan influence financial privacy and freedom across the globe? Share your thoughts.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (25-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-sentence summary:
India's central bank digital currency pilot gathers steam, hitting 1.46 million users and raising human rights concerns.
Topics:
✅ 🇮🇳 is currently trialling its own central bank digital currency (CBDC), known as the digital rupee.
✅ The CBDC pilot, initiated by the Reserve Bank of India in October 2022, has now expanded to reach an estimated 10% of the population, involving 1,460,000 users and 310,000 merchants.
✅ The Reserve Bank of India is outlining goals to push daily CBDC transactions up to 1 million by the end of 2023, currently sitting at around 18,000.
✅ Although CBDCs are seen as an efficient and low-cost currency management option, human rights concerns are rising fast due to the potential for government misuse.
✅ Increasing reports of harassment and repression of journalists, NGOs, and other critics in the country have raised red flags about this prospective ease of access to civilian finances.
Hashtags:
#CentralBankDigitalCurrency #HumanRights #DigitalRupee #India #FinancialFreedom #PrivacyConcerns
Question:
While technology promises efficient solutions, it also opens avenues for misuse. In the case of CBDCs like India's Digital Rupee, is the trade-off between efficiency and potential threats to human rights acceptable? Share your thoughts.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Japan (26-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 2.5%
One-Sentence Summary:
Despite earlier statements, 🇯🇵 Bank of Japan may launch its CBDC by end of 2024 after multiple pilot and experimental projects.
✅ Over the past years, the 🇯🇵 Bank of Japan has conducted numerous concepts and experimental projects related to CBDCs.
✅ Based on news from NHK, there might be a possibility of 🇯🇵 launching a CBDC by the end of 2024.
✅ A closed-environment CBDC proof-of-concept was launched by the bank in April 2021, which concluded in March 2022.
✅ In May 2022, the bank published its findings, stating it had no current plans to issue digital currency.
✅ In April 2022, the second phase of the CBDC proof-of-concept was initiated to test additional functions, and its findings were published in May 2023.
✅ This phase involved testing restrictions on holdings and transactions, paying interest, and other functions.
✅ 🇯🇵 Bank of Japan rolled out its official CBDC pilot program in April 2023, aiming to test citizen access and use via financial intermediaries.
✅ Members of the 🇯🇵 government and the bank convened in January 2024 to discuss potential issues, legal considerations, and design systems for a Japanese CBDC.
✅ Despite 🇯🇵's high rank in Freedom House metrics, launch of a CBDC might open doors for threats to financial privacy and freedom.
✅ The Cato Institute, among other entities, has released information and reports addressing concerns regarding potential human rights and civil liberties violations due to CBDCs.
Hashtags:
#BankOfJapan #CBDCs #HumanRights #FinancialPrivacy
Question to Audience:
Could the development of a CBDC in 🇯🇵 pose a threat to financial freedom and privacy? What measures should be in place to ensure this digital transition respects human rights and civil liberties?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (25-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-sentence summary:
🇮🇳 has taken giant strides in the realm of Central Bank Digital Currencies (CBDCs), but concerns around human rights indicate a potential misuse of power.
✅🇮🇳 took its first steps into CBDCs with a pilot program involving nine banks in October 2022, gradually expanding its efforts to a much larger audience.
✅ Reports indicate that around 10% of the Indian population has access to the CBDC, marking it as being in the 'launch phase'.
✅ The Reserve Bank of India, way back in 2017, had considered the potential of its own cryptocurrency, later culminating in a bill proposing a ban on cryptocurrencies and the launch of a CBDC in 2021.
✅ CBDCs were seen as a means to promote non-anonymity at individual levels and the ease of managing 'helicopter money' by the central bank.
✅ As of September 2023, nearly 18,000 transactions per day took place through CBDCs, with the central bank hoping to scale this up to 1 million transactions per day by the end of 2023.
✅ For accessing the retail CBDC pilot, citizens needed to create a bank account with one of the selected banks and download a mobile app to manage their wallets.
✅ In 2024, the Reserve Bank of India has signaled its intent to explore offline CBDC transactions and enhanced programmability, possibly in response to the fact that only approximately half the population has internet access.
✅ Despite these developments, the Freedom House's 2023 report gave 🇮🇳 a score of 66 out of 100, with rising worries about human rights infringement and civil liberties abuse.
✅ Numerous cases of government misuse of power against political rivals and activists have left many worried about the potential misuse of the CBDC system for the same.
#CBDCs #India #Finance #HumanRights #CentralBank #DigitalCurrency
What safeguards would you propose to ensure the use of CBDCs can't be manipulated towards silencing the voice of dissent in a democracy? Let's discuss!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Turkey (23-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 72.31%
One-sentence summary:
Turkey 🇹🇷 is testing its Central Bank Digital Currency (CBDC), the digital lira, amidst concerns of potential misuse for financial crime enforcement and governmental corruption.
✅ Turkey's 🇹🇷 Central Bank is currently running closed-circuit pilot tests for its CBDC (the 'digital lira').
✅ The Bank plans to publish an evaluation report once the pilot test is complete and then launch further advanced phases to include a wider range of financial institutions.
✅ The Central Bank Digital Turkish Lira Research and Development Project began in 2020 to understand the workings of a CBDC.
✅ In 2021, a Digital Turkish Lira Collaboration Platform was established for capacity measurements and architectural setups of different technological alternatives.
✅ The first phase of the CBDC pilot was launched in 2022, and by 2023, the first phase, which included testing transactions and security measures, was completed.
✅ However, Freedom House's 2023 report ranked Turkey a 32 out of 100, raising concerns over the misuse of financial crime enforcement tools and widespread government corruption.
✅ Amnesty International and Freedom House have cited Turkey's past of using financial tools to facilitate political repression and harass NGOs under the guise of anti-terrorism measures.
✅ With a documented history of corruption, there are concerns whether CBDC policies might be designed to exert political favoritism or enable further financial control over citizens.
#Turkey #CentralBankDigitalCurrency #DigitalLira #HumanRights #Transparency #FinancialControl
What can be done to ensure that Turkey's digital lira doesn't become another instrument for financial harassment or political favoritism, given the country's track record? How might this shape the global ramifications of CBDC development and adoption?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (25-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
🇮🇳 launches Central Bank Digital Currency amid concerns over human rights and civil liberties infringement.
✅ The Reserve Bank of India (RBI) has launched a Central Bank Digital Currency, piloted since November 2022, now reaching around 10% of India's population.
✅ The journey to a CBDC in India started in 2017 when RBI considered issuing its own cryptocurrency and, by 2022, finance minister Nirmala Sitharaman emphasized the efficiency of a CBDC.
✅ RBI claim it could monitor transactions and disperse 'helicopter money', stating the central bank would have complete knowledge of account balances.
✅ Though by September 2023 only around 18,000 transactions were being made daily, the aim was for 1,000,000 transactions by year-end.
✅ In 2024, RBI aimed to offer offline transactions for those without internet access (roughly 50% of India's population).
✅ However, India's move towards a CBDC has raised concerns regarding human rights and civil liberties, especially with the potential power to target political opponents.
✅ Freedom House's 2023 report scores India 66/100 and cites increasing harassment of government critics.
✅ CBDCs could potentially enable government control over each citizen's finances, exacerbating the abuse of powers to repress civil society and limit dissent.
#India #CBDC #HumanRights #CentralBank #DigitalCurrency #FreedomHouse #BharatiyaJanataParty
How might the development of CBDCs be controlled to prevent potential abuse in violation of human rights and civil liberties? Consider the case of India - what measures could guarantee the liberty of individuals while maintaining the projected efficiency benefits of CBDCs?
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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:
🇿🇦 is at the forefront of CBDC exploration with a potential retail CBDC, despite looming hurdles of corruption and a lack of accountability.
✅ The Bank for International Settlements counts 🇿🇦 as a key contributor in the development of two CBDC prototypes, placing the country firmly in the pilot phase.
✅ Alongside prominent international banks, the South African Reserve Bank played a crucial role in facilitating Project Dunbar, a wholesale CBDC pilot aimed at enhancing cross-border transactions.
✅ The South African Reserve Bank has also pioneered its own proof-of-concept, Project Khokha, researching the potential of tokenization and distributed ledger technology in interbank settlement.
✅ The 🇿🇦 Reserve Bank governor, Lesetja Kganyago, casts doubt on the suitability and efficacy of decentralized markets in achieving public policy objectives.
✅ The South African Reserve Bank is exploring the feasibility of a retail CBDC, with potential benefits including enhanced regulatory reporting, robust anti-money laundering measures, and user privacy protection.
✅ Deputy governor, Kuben Naidoo, raises concerns that unregulated cryptocurrency could potentially undermine the authority of the central bank.
✅ Despite scoring well in the Freedom House's 2023 Freedom in the World report, 🇿🇦 grapples with rampant corruption which poses a significant risk to the implementation of CBDCs.
✅ The extensive corruption encountered in 🇿🇦 questions the viability of the government's promises to limit risks associated with CBDCs and also raises concerns around potential political biases influencing CBDC policies.
#CentralBankDigitalCurrency #SouthAfrica #CurrencyPioneers #FinancialInfrastructure #GlobalBanking
Question:
Can the development of a CBDC in a country with prevalent corruption like 🇿🇦 prove beneficial for the public? Could it, paradoxically, lead to a more transparent financial system? Let’s discuss.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Turkey (23-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 72.31%
One-Sentence Summary:
Turkey's Central Bank advances pilot stages of its Central Bank Digital Currency, raising concerns about misuse of financial enforcement tools and increased government corruption.
Content:
✅ Turkey's 🇹🇷 Central Bank is currently testing its CBDC, known as the digital lira.
✅ Upon completing pilot tests, the Central Bank plans to release an evaluation report and continue advanced pilot studies with larger participation.
✅ The Central Bank initiated proof-of-concept studies for the CBDC in 2020, followed by the Digital Turkish Lira Research and Development Project.
✅ In 2021, a collaboration platform for the digital lira was created for experimentation with involvement of the Scientific and Technological Research Council of Türkiye, ASELSAN, and HAVELSAN.
✅ The first transaction execution on the digital Turkish lira network was launched in 2022.
✅ The first pilot phase, including transaction testing, identification, supervision, and security, completed in 2023, with plans for wider testing.
✅ Turkey's low score (32/100) in the 2023 Freedom in the World report by Freedom House raises human right and civil liberty concerns.
✅ Amnesty International stated that Turkey misused financial crime enforcement tools and increased intrusive NGO audits, indicating a potential misuse of the CBDC.
✅ Freedom House confirms a high level of corruption in Turkish government, causing distrust in the CBDC's policies and surveillance risk.
✅ Institutions including Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and U.S. Department of State report on human rights violation concerns in Turkey.
✅ The Cato Institute provides comprehensive reports on the risks of CBDCs.
Hashtags:
#CBDC #Turkey #HumanRights #GovernmentCorruption #DigitalCurrency #FinancialFreedom
Question:
What are some safety measures that can be implemented in the development of CBDCs to protect against misuse by potentially corrupt governments? How can we ensure that the digital revolution does not become another tool for stifling freedoms?
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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 navigates the complexities of developing Central Bank Digital Currencies (CBDCs) amidst potential challenges in governance, access, and regulatory boundaries, while also grappling with national corruption concerns.
✅ 🇿🇦 is progressing in the piloting stage of CBDC deployment, having contributed to the construction of two CBDC models under the guidance of the Bank for International Settlements and creating its local proof-of-concept.
✅ Working with other global banks, including the Reserve Bank of Australia, the Central Bank of Malaysia, and the Monetary Authority of Singapore, these authorities and the South African Reserve Bank are conducting wholesale CBDC pilot operations as part of 'Project Dunbar', aiming to enhance transactions and solve governance, accessibility, and jurisdictional issues.
✅ In a separate initiative, the South African Reserve Bank has developed its proof-of-concept, labelled as 'Project Khokha', to conduct trials on tokenization and distributed ledger technology in interbank settlements.
✅ In spite of the bank's efforts, the governor of the South African Reserve Bank, Lesetja Kganyago, expressed reservations about the feasibility and safety of decentralized markets.
✅ The South African Reserve Bank is also exploring retail CBDCs, hoping to boost regulatory reporting, AML (anti-money laundering), and CFT (combatting the financing of terrorism) strategies, though at the same time, preserving user privacy.
✅ South African Reserve Bank's deputy governor, Kuben Naidoo, expressed concerns that widespread adoption of cryptocurrencies could weaken central bank authority, and hence called for stronger regulation to avoid theft, money laundering, and undermining of monetary policy.
✅ Despite South Africa's overall favorable rating of 79 out of 100 in Freedom House’s 2023 Freedom in the World report, the country struggles with deep-rooted corruption issues.
✅ The lack of effective implementation of anticorruption laws is raising eyebrows over whether corrupt practices could jeopardize CBDC operations and the associated promises of curtailed surveillance, control, or other potential risks.
✅ There is apprehension that blatant corruption could lead to politically biased distribution of resources through subsidies, price controls, or imposed restrictions in the use of CBDCs.
#SouthAfrica #CBDC #Banking #Currency #Corruption
Engaging Question: What safeguards need to be put in place to ensure that the evolution of Central Bank Digital Currencies in South Africa does not exacerbate existing corruption and transparency issues?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Turkey (23-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 72.31%
One-Sentence Summary:
🇹🇷 Central Bank proceeds with closed-circuit tests of CBDCs amid rising concerns over potential violations of human rights and civil liberties.
🇹🇷 Central Bank continues limited, closed-circuit pilot tests of the Digital Lira and plans to expand pilot studies for wider participation post evaluations.
✅ The Turkish Central Bank began concept studies for CBDC in 2020, later launching the "Digital Turkish Lira Research and Development Project".
✅ In 2021, establishments such as ASELSAN, HAVELSAN, and the Scientific and Technological Research Council of 🇹🇷gain exclusive access to the Digital Turkish Lira Collaboration Platform.
✅ The first CBDC transaction by the Turkish Central Bank was executed and the first phase of the pilot program was launched in 2022.
✅ By 2023, phase one of the pilot program with functions like transactions, identification, supervision, and security was completed, and wider testing was announced for the next phase.
✅ Turkey scored low on the 2023 Freedom in the World report, leading to worries regarding financial crime enforcement tools misuse and government corruption in relation to CBDCs.
✅ Potential misuse of CBDCs could facilitate the harassment of NGOs, enable freezing and seizing of funds of activists, and allow governments to control citizens' finances directly.
✅ The prevalence of corruption may further fuel the skepticism regarding CBDCs policies' intention and effectiveness.
#CBDCs #HumanRights #FinancialFreedom #Turkey
What safeguards should be implemented to prevent the misuse of CBDCs by governments while still enabling its potential benefits?
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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 Advances in Central Bank Digital Currencies Amidst Corruption Concerns."
✅ 🇿🇦 is experimenting with Central Bank Digital Currencies (CBDCs), with involvement in two international CBDC prototype projects led by the Bank for International Settlements.
✅ The South African Reserve Bank partnered with Australia 🇦🇺, Malaysia 🇲🇾, and Singapore 🇸🇬 central banks on Project Dunbar, a wholesale CBDC pilot aimed at streamlining cross-border transactions, but faced initial hurdles on governance and regulatory boundaries.
✅ Additionally, the South African Reserve Bank developed a proof-of-concept, Project Khokha, to test tokenization and distributed ledger technology within interbank settlement, though Governor Kganyago expressed doubts about decentralized markets fulfilling public policy objectives.
✅ The South African Reserve Bank hopes retail CBDCs could enhance regulatory reporting, anti-money laundering measures, and users’ privacy protection, but also wants to regulate cryptocurrencies to prevent undermining the central bank's authority.
✅ Despite scoring 79/100 in Freedom House’s 2023 Freedom in the World report, 🇿🇦 struggles with corruption, raising doubts about the government’s promises on limiting CBDC-associated risks like surveillance and control, and potential politically-motivated restrictions.
#BIS #CBDC #SouthAfrica #ProjectDunbar #ProjectKhokha #ReserveBank #MonetaryPolicy #Tokenization #DistributedLedger #Corruption #FreedomHouse
📢What are your thoughts on the future of CBDC's in South Africa, given the pervasive corruption concerns? How do you think these challenges can be addressed to realize the benefits of CBDCs without undermining human rights and financial stability? Your thoughts matter to us! Join the conversation below!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Turkey (23-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 72.31%
One-Sentence Summary:
The Central Bank of the Republic of 🇹🇷 Turkey is advancing its pilot tests for its own Central Bank Digital Currency (CBDC), among concerns about potential misuse related to financial crime enforcement and government corruption.
✅ 🇹🇷 Turkey's Central Bank is continuing pilot tests of its digital lira and plans to release an overview report and expand testing with financial institutions after completion.
✅ The bank started research on CBDCs in 2020, launched the Digital Turkish Lira Research and Development Project, and by 2023, completed the initial phase of its pilot program.
✅ Focusing on transaction testing, identification, supervision, and security during the pilot phase, the bank plans to extend testing after analyzing these areas.
✅ Despite technological and financial advancements, there are serious concerns about human rights and civil liberties related to CBDCs' introduction and usage in 🇹🇷.
✅ mainly, worries center on potential misuse of financial crime enforcement tools and persistent government corruption, which could facilitate asset freezing, intrusive NGO audits, and enhanced control over citizens' finances.
✅ Corruption at the top government echelons and inconsistent law enforcement create a culture of impunity, raising questions about the prudence of CBDC's adoption and potential biases brought by such a change.
#HumanRights #FinancialFreedom #HRFNews #DigitalCurrencies #CBDC
Do you think the introduction of CBDCs in countries with noteworthy human rights and corruption issues could worsen the situation or provide an opportunity to advance financial freedoms? 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 Bangko Sentral ng Pilipinas is piloting a wholesale Central Bank Digital Currency, amidst concerns surrounding its potential impact on human rights and civil liberties in the nation.
✅🇵🇭 is test running a wholesale Central Bank Digital Currency (CBDC) under the name of Project CBDCPh to promote payment stability.
✅ This venture was initiated by the Bangko Sentral ng Pilipinas in 2022 and is primed for larger financial transactions.
✅ News in 2024 revealed an expected issuance for the wholesale CBDC by 2026.
✅ In 2022, Governor Benjamin E. Diokno expressed cautious optimism about the project but highlighted that CBDCs do not address financial exclusion's root causes.
✅ The test phase of Project CBDCPh concluded with Governor Diokno expressing reservation towards the CBDC, favoring pre-existing digital payment systems.
✅ In 2023, Project Agila was initiated using Hyperledger Fabric, with focus on payments efficiency and stability. Key stakeholders include BDO Unibank, Inc., Land Bank of the Philippines, and SeaBank Philippines, Inc among others.
✅ The International Monetary Fund and the Bank for International Settlements played a significant role in this pilot initiative.
✅ In 2024, Governor Eli Remolona Jr. opted out of blockchain technology due to past failures in other central banks, and focused solely on wholesale CBDC, rejecting a retail CBDC.
✅ In 2023 Freedom House’s global report, 🇵🇭 scored a 58 out of 100, raising concerns over the potential misuse of CBDC, given the country's restricted opposition voices and persistent government corruption.
✅ Amnesty International has reported cases of harassment against journalists and blockages on independent news sites – a CBDC can be used to intensify this suppression.
✅ There are fears of CBDC policies amplifying government corruption and political favoritism via direct citizen surveillance, control, and targeted financial restrictions.
#CentralBankDigitalCurrency #CBDC #FreedomHouse #BangkoSentralNgPilipinas #AmnestyInternational #GovernmentCorruption #FinancialStability
Question: What ethical safeguards need to be put in place to ensure that the development of a Central Bank Digital Currency in countries like 🇵🇭 does not feed into the systemic issues of censorship and corruption?
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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 advances in CBDC developments amid corruption concerns flagged by the Human Rights Foundation."
✅🇿🇦 is a key participant in developing two central bank digital currency (CBDC) prototypes and has moved to the pilot phase.
✅ Working with 🇦🇺, 🇲🇾 and 🇸🇬, the South African Reserve Bank collaborated on Project Dunbar geared towards improving cross-border transactions.
✅ Challenges faced in Project Dunbar involve questions of governance, access, and regulatory boundaries.
✅ Another CBDC prototype, Project Khokha, focused on tokenization and interbank settlement.
✅ Reserve Bank governor Lesetja Kganyago underlines that decentralization may not guarantee public policy objectives.
✅ The Reserve Bank is also exploring retail CBDCs for the general public, with a focus on improved regulation and combating financial crimes.
✅ Deputy governor Kuben Naidoo highlights potential economic destabilization if cryptocurrencies become widespread without regulation.
✅ Despite a fairly high Freedom rating, 🇿🇦 faces corruption issues, raising concerns of potential misuse of CBDCs.
✅ Corrupt practices may jeopardize promises to limit surveillance, control, and other risks associated with CBDCs.
#SouthAfrica #CBDC #HumanRights #FinancialStability #CentralBank
Question:
Considering South Africa's current situation, do you believe the development of CBDCs will contribute positively or negatively to its economic and human rights landscape? How can CBDCs be safeguarded against misuse in countries grappling with corruption issues?
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