⚠️ 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 plans to launch a Central Bank Digital Currency (CBDC), but concerns rise amid economic instability, potential risks to freedom of expression, and corruption issues."
✅ Updates on Ghana's (🇬🇭) progress to launch a CBDC, deemed as the e-Cedi, show repeated delays due to economic instability, with no clear timeline in sight.
✅ Vice President Mahamudu Bawumia had expressed support for CBDCs and not cryptocurrencies in 2021, spurring the Bank of Ghana to partner with Giesecke+Devrient for a CBDC pilot.
✅ 2022 launch plans were postponed due to inflation, as communicated by Bank of Ghana governor, Ernest Addison.
✅ Despite delays, the central bank of 🇬🇭 published a report detailing the motivations and design principles for their CBDC, including countering crypto rise, establishing a digital economy, and promoting financial inclusivity.
✅ In 2023, news revealed that the pilot was complete, but launch was again postponed due to economic instability.
✅ In 2024, VP Bawumia expressed hopes for the CBDC as a tool to combat corruption, enhance transparency, simplify tax collection, and prevent money laundering.
✅ Despite 🇬🇭 scoring 80 out of 100 in the 2023 Freedom in the World report, it faces challenges in freedom of expression and corruption that could complicate CBDC implementation.
✅ Potential threats to journalists, activists, confidential informants arise from the control CBDCs give to governments over finances, as history shows money control often undermines opposition.
✅ With reports of financial mismanagement in excess of $346 million in 2022, the pervasive corruption in 🇬🇭 calls into question the government's ability to limit risks, and potential for using CBDCs for political favoritism.
#CentralBankDigitalCurrency #CBDC #Ghana #EconInstability #BankofGhana #FinancialInclusion #HumanRights #Freedom #Corruption #Privacy
What are your thoughts about the potential implications of CBDCs on peoples' financial and personal freedoms, especially in environments where corruption persists? Could the e-Cedi become a force for good or might it enhance government control and surveillance in Ghana?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
🇨🇳's central bank digital currency (CBDC), despite being touted as a pilot, substantially outpaces others globally in terms of accessibility and usage, while posing significant concerns on human rights and civil liberties.
1. 🇨🇳's CBDC might appear misleadingly named as a pilot, as it's largely open to public use unlike other nations' yet-to-deploy CBDCs.
2. Initiated back in 2014, the People’s Bank of 🇨🇳's digital yuan research project brought significant financial institutions onboard by 2017, and by 2020, it was publicly piloted in four cities.
3. Selected citizens in four 🇨🇳 cities accessed digital yuan through a lottery, spending the equivalency of millions in USD at numerous locations; by the close of 2021, 261 million users and 8 million merchants had made $13.8 billion worth of transactions.
4. As of March 31, 2022, the CBDC was further extended to multiple cities accompanied by incentives to boost adoption; by year-end, about 13.61 billion yuan ($1.81 billion) was reportedly in circulation, yet usage seemed unexpectedly low according to a former director at the People's Bank of 🇨🇳.
5. The CBDC is used through a mobile app allowing for basic banking functions though individuals are restricted on how much they can hold based on disclosed personal information.
6. Collaborating with the Bank for International Settlements on Project mBridge, the People’s Bank of 🇨🇳 seeks to solve issues with cross-border payments while retaining monetary and financial stability.
7. CBDC development in 🇨🇳 predated Facebook's Libra introduction and is seen as a tool to combat the rise of cryptocurrency, alongside expanding state surveillance and control over the population.
8. As per reports from U.S. Department of State, 🇨🇳 for its abuses of human rights and civil liberties, the implementation of a CBDC could further compromise the risks to financial privacy and financial freedom.
9. 🇨🇳's extensive surveillance mechanism could grow more potent with a CBDC, targeting protestors and carrying out persecution such as forced internment or sterilization.
10. Alongside extensive censorship of media and online platforms, a CBDC could empower the state to cut-off dissenting voices and control individual finances to a greater extent.
Hashtags:
#HumanRights #PrivacyRights #FinancialFreedom
Question:
Given the potential risks and implications raised by 🇨🇳's CBDC on individual privacy and freedom, how should international organizations and governments respond, keeping in mind the balance between financial innovation and preservation of civil rights?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ 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:
Despite economic instability, 🇬🇭 is persisting in its plans to launch its Central Bank Digital Currency, raising concerns about potential exacerbation of corruption, curtailment of freedoms, and governmental control.
✅ 🇬🇭 is advancing with plans to launch its own Central Bank Digital Currency, despite delays due to economic instabilities.
✅ In 2021, Vice President Mahamudu Bawumia called for African governments to adopt digital currencies, not cryptocurrency, to boost trade.
✅ The Bank of Ghana wanted to launch its CBD in 2022, but the unfavorable macroeconomic environment caused by high inflation led to a delay in plans.
✅ Despite obstacles, the Bank of Ghana is committed to introducing a retail CBDC, hoping it'll address the rise in cryptocurrency, digitalize the economy, encourage financial inclusion, and foresee future regulatory measures.
✅ In 2023, while further delays were reported due to economic instability, the Bank of Ghana completed its CBDC pilot.
✅ Then, in 2024, Bawumia unveiled new plans for the CBDC, aiming to fight corruption, ensure transparency, collect taxes, and prevent money laundering.
✅ But 🇬🇭's history of curbing freedom of expression, corruption, and attacks on journalists potentially pose grave threats if a CBDC takes effect.
✅ Freedom House recorded an increase in assaults on journalists in 2022, which, in conjunction with a governmental tool to seize finances, places dissenting voices in jeopardy.
✅ Corruption in 🇬🇭 culminated in over $346 million in financial mishandling in 2022, raising questions about bias and control concerning CBDC policies.
#CentralBankDigitalCurrency #HumanRights #Ghana #FinancialInclusion #EconomicInstability #PoliticalCorruption
How do you foresee the potential introduction of a CBDC in 🇬🇭, given its history of suppressing freedom of speech and its pervasive corruption, affecting society, particularly those advocating for freedom and opposing the establishment? Could this be a step forward or a setback in its fight against corruption and promoting financial inclusion?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
🇨🇳 's CBDC Development Raises Human Rights, Financial Privacy and Sovereignty Concerns Amid Increasing Adoption.
✅ Despite being in 'pilot phase', 🇨🇳's CBDC is largely accessible to the public compared to other nations testing their digital currencies in closed environments.
✅ The People's Bank of China (PBOC) has been developing the Digital Currency Electronic Payment (DC/EP) since 2014, making it one of the longest-running CBDC researches globally.
✅ The CBDC pilot was public in 2020 in 4 cities, and the access was through a lottery system, allowing selected citizens to spend money within a time limit. By the end of 2021, the pilot had 261 million users.
✅ On March 31, 2022, PBOC expanded the pilot to additional cities, with promotions for adoption. However, a former PBOC research director reported low, inactive usage in December 2022.
✅ Use of the CBDC is through a mobile app but individual access is restricted based on the personal details provided.
✅ PBOC has a CBDC project with the Bank for International Settlements, aiming to fix inefficiencies in cross-border payments while maintaining currency sovereignty and monetary stability.
✅ PBOC official Mu Changchun said protecting currency sovereignty and legal status was among the motivations for advancing CBDC, possibly as a response to cryptocurrency's rise, culminating with a ban on crypto trading and mining.
✅ Major human rights and civil liberties abuses in 🇨🇳 are concerns, and the use of CBDC for financial surveillance or financial controls could potentially amplify these issues.
✅ Financial transactions could reveal personal details, therefore a risk to privacy. A CBDC could make things worse by providing greater financial surveillance and control to the government.
#China #CBDC #HumanRights #FinancialPrivacy #CurrencySovereignty
📣Thought Starter: What measures can be taken to ensure the concept of CBDC does not become a tool for infringing human rights and financial privacy? We welcome your insights!
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ 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 Central Bank Digital Currency launch delayed due to economic instability despite completion of its pilot, heightening concerns about human rights and civil liberties.
✅ 🇬🇭 in 2021 initiates embracing digital currencies while excluding cryptocurrency, paving the way to Central Bank Digital Currencies (CBDC).
✅ Mahamudu Bawumia, Ghana's Vice President (2021), propounds the need for digital currencies to enhance trade.
✅ Pilot retail CBDC launched through the partnership between Bank of Ghana and Giesecke+Devrient.
✅ The 2022 CBDC launch 🇬🇭 had planned is delayed owing to high inflation, as stated by the Bank of Ghana governor Ernest Addison.
✅ A report by the Central Bank of 🇬🇭 outlining the motivations and design principles for a Ghanaian CBDC is published.
✅ In 2023, the Bank of 🇬🇭 announced the completion of its CBDC pilot and plans the launch which was delayed due to economic instability.
✅ Mahamudu Bawumia, Vice President of 🇬🇭, in 2024 announces the vision for CBDC as a tool to fight corruption, enhance transparency, collect taxes, and prevent money laundering.
✅ Despite an 80 out of 100 on Freedom House’s 2023 Freedom in the World report, 🇬🇭 faces challenges with freedom of expression and significant corruption.
✅ Amnesty International and U.S. Department of State have raised concerns about restricting journalists and possible financial control using the CBDC.
✅ Increased corruption in 🇬🇭 could worsen the concerns related to surveillance, control, and restrictions associated with CBDC.
✅ Existence of corruption could raise questions about the promised CBDC policies and might lead to political favouritism.
#CBDCs #Ghana #Bawumia #BankOfGhana #GieseckeAndDevrient #FreedomHouse #AmnestyInternational #USDOS #GlobalEconomics #HumanRights
How might the introduction of CBDCs in countries like 🇬🇭 impact the democratization of financial systems and the protection of personal freedoms in the Digital Age? What lessons can be learned from 🇬🇭's experiences for other countries considering the adoption of CBDCs?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
China's Central Bank Digital Currency (CBDC) launch is not just a test phase, but largely open to public, raising concerns over potential human rights abuses and increased surveillance.
Analysis:
✅ China's CBDC, labeled as a pilot, is much more than a proof-of-concept as it's largely open to the public.
✅ The research of CBDC in China started as far back as 2014 with the "Digital Currency Electronic Payment" project.
✅ The project expanded at the end of 2017 involving major financial institutions and was made publicly known in 2020 across four Chinese cities.
✅ The CBDC has been introduced through a lottery system with usage restrictions and expiration dates.
✅ The People’s Bank of China expanded the pilot to more cities in 2022, although usage has been reportedly low and inactive.
✅ Potential motivations for China's CBDC could include the expansion of surveillance and control over populations and maintaining currency sovereignty.
✅ A CBDC in a country with significant reported issues around human rights and civil liberties like China may make abuses worse.
✅ There are concerns about the CBDC's implications on financial privacy as transactions could reveal detailed personal information.
✅ China’s advanced system of censorship and control could be strengthened with a CBDC, endangering journalists and dissenting voices.
Hashtags:
#CBDC #China #HumanRights #PrivacyConcerns #FinancialFreedom
Question:
What are the potential implications of China's approach to Central Bank Digital Currencies on individual privacy and freedom? Could CBDCs exacerbate existing concerns around human rights and civil liberties? Let's discuss.
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ 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:
The launch of Ghana's much-anticipated Central Bank Digital Currency (CBDC), e-Cedi, remains uncertain amidst economic instability, raising concerns around freedom of expression and the potential for misuse in corruption.
✅ 🇬🇭 The Bank of Ghana completed its pilot and is planning to launch its CBDC, e-Cedi, but the timeline remains unclear due to economic instability.
✅ Vice President, Mahamudu Bawumia, advocated for digital currencies to enhance trade in Ghana and Africa at large, during the 2021 Ghana International Trade and Finance Conference.
✅ The Bank of Ghana signed an agreement with Giesecke+Devrient for a retail CBDC pilot in 2021, addressing the rise of cryptocurrency, digitizing the economy, fostering financial inclusion, and looking ahead at future regulatory efforts.
✅ Initially planned for 2022, the CBDC launch delayed due to high inflation, as explained by Ernest Addison, Governor of the Bank of Ghana.
✅ By 2023, despite completing the pilot, the launch saw further postponements owing to ongoing economic instability.
✅ In 2024, Bawumia revisits the CBDC plans, proposing it as a tool to fight corruption, enhance transparency, aid tax collection, and prevent money laundering.
✅ 🇬🇭 Despite a high rating of 80/100 in Freedom House’s report, concerns arise about freedom of expression and corruption in Ghana, which could be further complicated by the implementation of a CBDC.
✅ Increased attacks on journalists in 2022 highlights potential misuse of a CBDC to undermine the opposition by freezing and controlling activists' and rivals' finances.
✅ Reportedly $346 million of poorly managed funds due to corruption in 2022, raises questions about surveillance, control, and other risks of CBDCs.
#HumanRights #FreedomOfExpression #EconomicStability #CentralBankDigitalCurrency #Ghana #eCedi
How will Ghana's e-Cedi balance its intent for improved transparency and efficiency with the potential risk of exacerbating corruption, impinging freedom of expression, and affecting economic stability? Share 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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
🇨🇳 advances towards launching a Central Bank Digital Currency (CBDC), met with human rights and privacy concerns amid stringent governmental surveillance.
✅ 🇨🇳's CBDC is no longer a pilot, as it is largely accessible to the public.
✅ The groundwork for the CBDC project, termed DC/EP, started in 2014 by the People's Bank of China.
✅ In 2020, exchange of CBDC commenced in four cities: Shenzhen, Suzhou, Xiong’an, and Chengdu.
✅ The public gained access to the CBDC via lottery spending.
✅ By 2021, the pilot had over 261 million users and 8 million merchants conducting transactions worth $13.8 billion.
✅ On March 31, 2022, the pilot was expanded to multiple cities, leading to increased adoption.
✅ However, the former research director of People’s Bank of China acknowledged the low and inactive CBDC usage.
✅ The CBDC can be used via a mobile app integrated with individual’s bank and multiple wallets, raising questions on transaction limits and privacy.
✅ The People’s Bank of China collaborates with the Bank for International Settlements on a wholesale CBDC pilot, aiming to improve cross-border payments.
✅ According to Mu Changchun, an official at the People’s Bank of China, the CBDC's motive is to protect China's currency sovereignty, in addition to increasing governmental surveillance.
✅ The US Department of State highlights human rights and civil liberties violations in China, noting the potential risk a CBDC could pose to financial privacy and freedom.
✅ The Chinese government’s financial system could worsen human rights concerns by escalating surveillance and monitoring.
✅ The possibility of CBDC enhancing financial control, leading to stricter repression against journalists and activists, is flagged.
#HumanRights #PrivacyConcerns #GovernmentSurveillance #CentralBankDigitalCurrency #DigitalCurrency
🤔 As we notice the unfolding of CBDCs in 🇨🇳, what measures can be taken to uphold privacy and rights while ensuring the streamlined use of the new digital system? Can we find the way to navigate the utilisation of CBDCs without compromising financial freedom and privacy?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ 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 central bank prepares for the launch of its digital currency, E-cedi, amidst rising concerns around potential misuse and violations of freedom.
✅🇬🇭 is readying to roll out its own Central Bank Digital Currency, E-cedi, although economic instability leads to a foggy launch timeline.
✅Vice President Mahamudu Bawumia emphasised the importance of embracing digital currencies, specifically CBDCs in 2021 for enhancing trade.
✅A partnership was formed with Giesecke+Devrient for piloting a retail CBDC.
✅The Bank of Ghana delayed the launch in 2022 due to high inflation; Governor Ernest Addison stressing the need to stabilise the economy first.
✅The Central Bank put forth a report detailing motivations like addressing cryptocurrency's rise, digitising the economy, promoting financial inclusion and planning for future regulations.
✅However, forming a retail CBDC is still a goal, and in 2023 the bank completed its pilot.
✅Plans for the CBDC launch were announced by Vice President Mahamudu Bawumia in 2024, positioning the E-cedi as a tool against corruption, money laundering, and for tax collection.
✅In spite of an 80/100 Freedom in the World Report score in 2023, 🇬🇭 wrestles with challenges around freedom of expression and high-level corruption.
✅Growing attacks on journalists reported in 2022 could potentially worsen with the CBDC's launch, as the government could cut off dissenting voices economically.
✅With an alarming report of $346 million financial mismanagement due to corruption in 2022, the adoption of a CBDC could extend state control and surveillance, potentially exacerbating existing issues.
#CBDCs #HumanRights #FreedomOfSpeech #GovernmentSurveillance #FinancialInclusion
Considering the potential risks of CBDCs, especially in relation to freedom of expression and government surveillance, how can countries balance the adoption of digital currencies and maintain an environment that promotes liberty and civil rights?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-sentence summary:
🇨🇳 is advancing rapidly in its development and public use of Central Bank Digital Currencies (CBDCs), raising concerns around their potential for increased surveillance and financial control, according to a news item from the Human Rights Foundation.
Topics:
✅ 🇨🇳's Central Bank Digital Currency (CBDC) is in an advanced stage, marketed as a pilot but is open for public use, unlike similar projects in other countries.
✅ The genesis of this endeavor dates back to 2014 with the launch of the Digital Currency Electronic Payment (DC/EP), extensively tested in public in Shenzhen, Suzhou, Xiong’an, and Chengdu by 2020.
✅ A unique lottery system was used to distribute CBDCs for usage, resulting in $13.8 billion worth of transactions by 261 million users across 8 million merchants by the end of 2021.
✅ The pilot expanded to several more cities in 🇨🇳 in 2022, despite critiques of low utilization and inactive usage by an ex-official from the People's Bank of China.
✅ A mobile app facilitating transactions and multiple wallet alternatives governs the use of the CBDC, although limitations on accumulation and usage exist.
✅ People's Bank of China and the Bank for International Settlements have collaborated on a wholesale CBDC pilot - Project mBridge, to improve cross-border payments.
✅ This initiative may be part of a broader schema to secure 🇨🇳's currency sovereignty, gain control over the public, and counter the rise of cryptocurrencies, as evidenced by 🇨🇳's pre-existing hostility and ban towards cryptocurrency trading and mining.
✅ Serious concerns persist around human rights and civil liberties in 🇨🇳, with potential misuse of CBDCs enhancing operational surveillance, monitoring abilities and financial controls by the government.
✅ Individuals fear that a CBDC could undermine financial privacy, revealing personal information and political ideals, with repercussions particularly for protestors and marginalized communities like Uyghurs and Turkic Muslims.
✅ 🇨🇳's pervasive internet censorship and aggressive media control further amplify concerns, with possibilities of a CBDC aiding in disbarring journalists and repressing dissenting voices.
Hashtags:
#HumanRights #FreedomofSpeech #DigitalCurrency
Question:
As advocates for freedom, how can we leverage the rise of digital currencies like CBDCs to uphold civil liberties, whilst cautiously navigating through potential surveillance and financial control imposed by governments?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ 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:
Despite concerns over human rights and economic instability, 🇬🇭 Ghana pushes on with plans to launch its Central Bank Digital Currency (CBDC).
✅ In 2021, Ghana’s Vice President, Mahamudu Bawumia urged African governments to adopt CBDCs, not cryptocurrency, to boost trade. The Bank of Ghana partnered with Giesecke+Devrient for a CBDC pilot program.
✅ The CBDC was scheduled for a 2022 launch, but inflationary pressures forced a delay. The Bank of Ghana decided to focus more on managing the macroeconomic environment before resuming the CBDC project.
✅ The Bank of Ghana publicized its motives and plans for the CBDC, aiming at counteracting cryptocurrency, digitizing the economy, promoting financial inclusion and regulatory preparedness.
✅ By 2023, the Bank had completed its pilot and is planning the CBDC launch. However, persistent economic instability further postponed the launch.
✅ In 2024, Vice President Bawumia elaborated on the CBDC's potential uses to combat corruption, enhance transparency, collect taxes, and prevent money laundering.
✅ Despite a decent Freedom score, Ghana faces serious human rights issues such as suppression of free speech and corruption, which a CBDC could exacerbate.
✅ Reported attacks on journalists in 2022 raise concerns that a CBDC could be misused to silence critics by controlling their finances.
✅ Rampant corruption, as evidenced by a whopping $346 million financial mismanagement report in 2022, fuels skepticism about government assurances on curbing surveillance or other CBDC risks.
#GhanaCBDC #CentralBank #DigitalCurrency #HumanRights #FinancialInclusion #EconomicStability
What ramifications could the launch of Ghana's CBDC have on the country's human rights scenario and how can global entities ensure financial technologies do not unwittingly abet governmental control or corruption? Let's start the discussion!
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
Amid concerns over human rights abuses and surveillance, China advances in the development of its Central Bank Digital Currency.
✅ Despite technically being in a pilot phase, 🇨🇳 is essentially launching a Central Bank Digital Currency (CBDC) that is largely open to the public.
✅ Research for 🇨🇳’s CBDC project—the Digital Currency Electronic Payment (DC/EP)—began in 2014, piloted in public in four cities in 2020, and by the end of 2021, had 261 million users who made $13.8 billion worth of transactions.
✅ On March 31, 2022, the pilot was expanded to select cities, but usage was reportedly low and inactive despite having 13.61 billion yuan ($1.81 billion) in circulation by year-end.
✅ The CBDC is usable via a mobile app, which connects to an individual's bank account, facilitates QR codes for transactions, and can establish multiple wallets within a single account.
✅ 🇨🇳 has worked with the Bank for International Settlements on a wholesale CBDC pilot, Project mBridge, aimed at improving cross-border payment inefficiencies while safeguarding currency sovereignty and financial stability.
✅ Apart from escalating governmental control, the People’s Bank of China regards the CBDC as an answer to the rise of cryptocurrency, shown by a ban on cryptocurrency trading and mining following the launch of its CBDC pilots.
✅ With wide-ranging human rights abuses and civil liberty violations, the risk posed by a CBDC in 🇨🇳—especially in worsening financial privacy and freedom—is significant and should be considered.
✅ Financial transactions reveal personal information, and a CBDC could enhance the Chinese Government's surveillance capabilities targeting protestors and marginalized groups like Uyghurs and Turkic Muslims.
✅ Combined with 🇨🇳's restrictive media environment and tactics of freezing and seizing activists, political rivals and protestors' funds, a CBDC could worsen the situation by providing authorities direct control of citizen’s finances.
#HumanRights #FinancialPrivacy #CBDCs #China #GovernmentSurveillance #DigitalCurrency
How does the potential for increased government surveillance with the introduction of China's CBDC impact your perspective on the adoption of similar digital currencies by other governments globally?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-Sentence Summary:
Human Rights Foundation worries over China's Central Bank Digital Currency (CBDC) potentially putting economic freedom and privacy at risk, amidst concerns of human rights violations.
✅ The People's Bank of China misleadingly labels its Central Bank Digital Currency a "pilot", as it is largely open to the public.
✅ 🇨🇳's CBDC project began in 2014, and by 2021, 261 million users in the pilot had made $13.8 billion worth of transactions.
✅ Citizens gained access to the CBDC via lotteries, but usage had been low and highly inactive by the end of 2022 according to a former research director at the People's Bank of China.
✅ The CBDC is used through a mobile app where users' spending limits depend on how much personal information they provide.
✅ The People's Bank of China, working with the Bank for International Settlements, aims to solve inefficiencies of cross-border payments with its CBDC project.
✅ In a bid to protect currency sovereignty, officials at the People's Bank of China view the CBDC as a counter to the rise of cryptocurrencies.
✅🇨🇳 is widely criticized for major human rights abuses, with fears that a CBDC would exacerbate these issues, allow greater financial surveillance, and increasingly control the population.
Hashtags:
#HumanRightsViolation #EconomicFreedom #FinancialPrivacy #CBDC #China
Question:
How can widespread adoption of CBDCs affect nations where violations of human rights are already a major concern, as in the case of China? Is there a way to ensure that such digital currencies, instead of increasing surveillance and control, promote financial freedom and economic democracy?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ 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:
Despite economic issues and civil liberties concerns, Ghana's central bank continues to work towards the imminent launch of its Central Bank Digital Currency (#CBDC), the E-cedi.
✅ GHANA's central bank eyes the CBDC (E-cedi) launch, but it is hampered by economic instability and the launch timeline remains undefined.
✅ Vice President of Ghana, Mahamudu Bawumia advocates for a shift to digital currencies for trade enhancement despite economic instability, while Africa needs CBDCs, not cryptocurrency according to Bawumia.
✅ The CBDC launch, initially scheduled for 2022 was delayed due to high inflation, requiring a refocus on macro environment and dealing with inflation, according to the bank governor, Ernest Addison.
✅ Despite delay, the Bank of Ghana published a report detailing motivations and design principles for the Ghanaian CBDC, aimed at addressing cryptocurrency rise, digitizing the economy, and enhancing financial inclusion.
✅ By 2023, the bank completed its pilot and considered the CBDC launch despite ongoing economic instability.
✅ 2024 sees new CBDC launch plan revealed by Vice President Bawumia, highlighting the potential for CBDC as a tool to battle corruption, enhance transparency, taxation, and prevent money laundering.
✅ However, civil liberty concerns arise as GHANA has seen governmental attempts to silence freedom of expression and significant corruption and a CBDC could potentially amplify these challenges.
✅ The risk of a CBDC catalyzing attacks on journalists by government officials and undermining opposition by allowing for freezing and seizure of finances poses a major concern.
✅ Corruption in Ghana, leading to over $346 million mishandled in 2022, calls the government's promises to mitigate surveillance, control and other risks of CBDCs into question.
#HumanRightsFoundation #CBDC #Ecedi #Ghana #DigitalCurrency #Finance #Corruption #EconomicInstability #CivilLiberties
Question:
What safeguards can we put in place to ensure that CBDCs, like Ghana's E-cedi, do not exacerbate human right abuses or deepen systemic corruption?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ HRF CBDC ⛓️🪙 alert from HRF for China (29-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-04-01
CBDC Model: Retail
CBDC Issued: ¤1,810,000,000
Inflation Rate: 1.97%
One-sentence summary:
As China's 🇨🇳 Central Bank Digital Currency (CBDC) development progresses and expands, concerns grow on the potential human rights and financial privacy infringements.
✅ 🇨🇳 is seen to be in the advanced stages of launching its CBDC, which is open for public usage unlike most countries.
✅ The development of the Chinese CBDC, known as DC/EP, started in 2014 by the People’s Bank of China and by 2020, was publically piloted in the cities of Shenzhen, Suzhou, Xiong’an, and Chengdu.
✅ Citizens accessed the CBDC through a lottery system, with stringent conditions like time-restricted usage. By the end of 2021, 261 million users made transactions with 8 million merchants.
✅ Expanded to multiple cities in 2022, the usage remained low and inactive, with 13.61 billion yuan ($1.81 billion) in circulation.
✅ The mobile application in which the CBDC is used, limits accumulation based on the personal information the user provides.
✅ The People’s Bank of China is collaborating with the Bank for International Settlements on a wholesale CBDC pilot known as Project mBridge, to resolve inefficiencies of cross-border payments.
✅ The initial goals for the CBDC were to protect currency sovereignty and legal currency status as cryptos surfaced. However, as China’s hostility against cryptocurrency increased, a ban on trading and mining was enforced after the launch of their CBDC pilots.
✅ Human rights and civil liberties in 🇨🇳 are at risk due to major abuses reported by the U.S. Department of State.
✅ Existing financial systems are used as surveillance tools by the Chinese government. By implementing a CBDC, the government could gain greater financial surveillance and monitoring abilities.
✅ A CBDC could also provide the Chinese government with mechanisms for applying stringent financial controls such as freezing and seizing the money of activists, political rivals, and protestors to undermine the opposition.
#HumanRightsFoundation #CentralBankDigitalCurrency #PeoplesBankofChina #DigitalCurrencyElectronicPayment #FinancialPrivacy #CivilLiberties #Surveillance #FinancialControls
Question for the Community:
Considering both the advantages and potential risks posed by Central Bank Digital Currencies, how can we ensure a balance between financial innovation and the preservation of personal privacy and human rights? What safeguards should be put in place to prevent misuse of such technologies, particularly in regions already affected by significant human rights concerns?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ 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:
Japan's 🇯🇵 Bank is mitigating risks and exploring possibilities of Central Bank Digital Currencies (CBDCs) with significant developmental strides projected to culminate by end of 2024, despite current dismissal of issuance plans.
✅ Over the past years, the 🇯🇵 Bank has engaged in several pilot projects and experiments pertaining to CBDCs with potential launch predicted for late 2024.
✅ In April 2021, the 🇯🇵 Bank undertook a CBDC proof-of-concept to test crucial mechanisms which concluded in March 2022, with findings released in May. The report stated that the bank had no current plans for CBDC issuance.
✅In April 2022, the bank entered a second phase of CBDC development, to understand the practicality of various functions which concluded in March 2023 with findings published expressly.
✅In April 2023, the bank initiated an actual CBDC pilot program to understand how citizens might interact with CBDC via intermediaries like banks.
✅In January 2024, officials from the 🇯🇵 government and the 🇯🇵 Bank convened to identify potential CBDC issues and legal considerations, aiming to conclude legislative procedures by Spring 2024.
✅According to Freedom House, Japan maintains high rankings but development of a CBDC could pose risks to financial privacy and freedom.
✅Resources from Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, U.S. Department of State, and the Cato Institute provide additional insights on human rights violations, privacy issues, and CBDC risks.
#FinancialSecurity #HumanRights #CBDCDevelopment #Japan
What impacts could the successful implementation of a CBDC model in 🇯🇵 Japan have on global precedent, particularly considering potential risks to financial privacy and 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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ 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 Central Bank Digital Currency launch plans face delays amid economic instability, prompting concerns about potential human rights and civil liberties violations.
✅ 🇬🇭 Ghana's Bank of Ghana completed the pilot phase for its Central Bank Digital Currency (CBDC) dubbed the E-cedi, but the launch timeline remains uncertain due to economic instability.
✅ In 2021, Vice President Mahamudu Bawumia called for African governments to accept digital currencies at the Ghana International Trade and Finance Conference, while stressing the need for CBDCs, not cryptocurrency. The Bank of Ghana signed an agreement with Giesecke+Devrient to pilot a retail CBDC later that year.
✅ The launch was originally planned for 2022, however, due to high inflation, Governor Ernest Addison delayed the process to focus on stabilizing the macro environment.
✅ Despite the delay, the Bank of Ghana released a report covering the need for a Ghanaian CBDC, pointing at the rise of cryptocurrencies, digital economy, financial inclusion, and future regulations.
✅ By 2023, the Bank completed its pilot phase, but the CBDC launch was further postponed due to economic turbulence.
✅ In 2024, VP Bawumia projected the CBDC as an instrument to battle corruption, increase transparency, aid tax collection, and prevent money laundering.
✅ However, potential threats on human rights and civil liberties rise; Amnesty International noted efforts in Ghana to suppress freedom of expression, and the adoption of a CBDC could exacerbate it.
✅ The U.S. Department of State recorded a rise in attacks on journalists in 2022, with concerns that a CBDC could isolate journalists financially and increase government surveillance risks.
✅ 🇬🇭 Ghana grappled with corruption which led to over $346 million of financial mismanagement in 2022, casting doubts on the government's ability to limit surveillance, control, or other CBDC risks.
#Ghana #CBDC #HumanRights #CivilLiberties #FinancialInclusion #EconomicInstability #Corruption #Surveillance
Question:
Considering the potential risks and benefits in the Ghanaian context—do you think the development and implementation of CBDCs can co-exist with civil liberties and human rights protection? How could this delicate balance be achieved?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ 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 its initial reluctance, the Bank of Japan has moved onto pilot testing stages for the Central Bank Digital Currencies (CBDCs) amidst potential civil liberties concerns.
✅🇯🇵 is currently in the pilot testing phase of Central Bank Digital Currencies, with the possibility of a full launch by the end of 2024.
✅ The Bank of Japan launched a proof-of-concept for CBDCs in April 2021.
✅ Initial findings released in May 2022 suggest that the Bank of Japan, at the time, had no plans of issuing CBDCs.
✅ The second phase of the proof-of-concept, which tested several additional functions, was completed in March 2023.
✅ The Bank of Japan moved onto the official CBDC pilot program in April 2023, which includes testing its citizens' access and use through various intermediaries.
✅ Discussions on legal and system designs for a Japanese CBDC began in January 2024, with aims of finalizing legislation by Spring 2024.
✅ Despite Japan's high rank in freedom metrics, the risks to financial privacy and freedom due to CBDCs are being considered.
✅ Several resources, including reports from Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State discuss the potential risks and violations that CBDCs might pose.
#Japan #bankofjapan #CBDC #HumanRights #FinancialPrivacy #FreedomHouse #AmnestyInternational #PrivacyInternational
Considering the civil liberties concerns, how do you think the development of CBDCs could impact the citizens' financial privacy and freedom in 🇯🇵?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ 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 🇬🇭 central bank's launch of its digital currency, e-Cedi, faces multiple setbacks, stirring concerns over government control and surveillance.
✅ The Bank of Ghana 🇬🇭 has delayed the launch of its CBDC (e-Cedi) due to economic instability, with no set timeline for rollout.
✅ Vice President of Ghana, Mahamudu Bawumia, announced in 2021 plans for CBDC adoption, emphasizing its use for trade enhancement, not as a cryptocurrency replacement.
✅ Originally scheduled for 2022, Ghana’s CBDC launch was postponed to address high inflation rates and economic conditions.
✅ The Bank of Ghana published motivations and principles for CBDC creation, including the digital revolution, financial inclusion, and future regulation an attempt to respond to the rise in cryptocurrency usage.
✅ Despite completion of pilot testing in 2023, economic instability once again delayed the CBDC's launch.
✅ In 2024, VP Bawumia proposed using the CBDC as an antidote for corruption, tax evasion, and money laundering.
✅ With Ghana scoring 80/100 on Freedom House’s 2023 report, concerns on freedom of speech have been raised, further complicated by potential CBDC implementation.
✅ The reported surge of attacks on journalists, corruption, and financial mismanagement in 2022 has raised concerns over the government's ability to control citizens' finances with CBDC.
✅ CBDC adoption could be abused by corrupt officials for political favoritism, putting citizen privacy and economic security at risk.
#Ghana #ECedi #DigitalCurrency #HumanRights #PrivacyConcerns #EconomicInstability #CentralBank
What are your thoughts on the potential of Central Bank Digital Currencies like Ghana's e-Cedi, considering the potential for governmental control and corruption?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ 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 its seemingly progressive strides, the Bank of Japan's ongoing development of Central Bank Digital Currencies (CBDCs) raises concerns regarding potential threats to financial privacy and freedom.
Topics:
✅ 🇯🇵 has been involved in several pilot projects, proof-of-concept studies, and experimental initiatives over the past years, in a bid to launch a CBDC by the end of 2024.
✅ The Bank of Japan initiated a CBDC proof-of-concept in April 2021, testing the mechanisms of issuance, distribution, and redemption, the results of which were published in May 2022 and confirmed that the bank currently had no plans to issue a CBDC.
✅ A second phase of the proof-of-concept was launched in April 2022, aimed at testing additional aspects, such as, restricting holdings, transactions, and paying interest; its findings were published in May 2023.
✅ April 2023 marked the official launch of the CBDC pilot program by the Bank of Japan, aiming to examine how citizens will utilize the CBDC through a network of intermediaries including banks and other financial institutions.
✅ A pivotal meeting took place in January 2024, between members of the Japanese government and the Bank of Japan, delving into potential issues, legalities, and system designs for the proposed Japanese CBDC, with a resolution reached for finalized legislation by spring 2024.
✅ Despite Japan's high-ranking metrics according to Freedom House, it is imperative to address the potential risks associated to the establishment of a CBDC related to financial privacy and freedom.
Hashtags:
#CBDC #BankofJapan #FinancialPrivacy
Question:
As CBDCs gain traction globally, how can we ensure a balance between the convenience of digital currency and maintaining our financial privacy and freedom, based on the 🇯🇵 model? 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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
