⚠️ HRF CBDC ⛓️🪙 alert from HRF for The Bahamas (08-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-09-30
CBDC Model: Retail
CBDC Issued: ¤1,938,098
Inflation Rate: 5.61%
One-Sentence Summary:
Amidst concerns of low user adoption and potential civil rights issues, The Bahamas struggles with implementation and utilization of its Central Bank Digital Currency.
Critically Analyzing the Content:
✅ The Bahamas 🇧🇸 launched its Central Bank Digital Currency, the Sand Dollar, in 2020.
✅ Citizens can access the CBDC wallet through the Sand Dollar app after enrolling.
✅ Two-tiered wallet: without government ID, users can hold $500 and spend up to $1,500 monthly. With ID, these limits increase to $8,000 and $10,000 respectively.
✅ User adoption remains low, despite incentives from the Central Bank of The Bahamas.
✅ The Bahamas has a 91/100 score in Freedom House’s 2022 Freedom in the World report, yet concerns about their harsh immigration policies and government corruption persist.
✅ Surveillance capabilities of the CBDC could be exploited, enabling virtual checkpoints with every transaction – a concern for undocumented immigrants or those without government IDs.
✅ Government corruption and lack of transparency could lead to potential manipulation of the CBDC policy.
✅ Fears of retaliation from whistleblowers may increase as the government gains direct access to each individual’s financial resources through the CBDC.
Hashtags:
#CBDC #TheBahamas #DigitalCurrency #HumanRights #CivilLiberties #EconomicFreedom #FreedomHouse #GovernmentSurveillance
Question:
Considering the potential misuse of CBDCs regarding surveillance and civil liberties, how can we ensure the responsible and ethical implementation of digital currencies by central banks, especially in nations struggling with issues of corruption?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United States (08-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8%
One-Sentence Summary:
The 🇺🇸is advancing in its exploration of Central Bank Digital Currencies (CBDCs) despite concerns around surveillance and potential infringement on civil liberties.
✅ The 🇺🇸is currently test piloting CBDC developments, following multiple initiatives and studies conducted by the Federal Reserve and an Executive Order (14067) from President Biden focused on CBDC research and development.
✅ The Federal Reserve has consistently shown interest in the potential of digital currencies over the years, with projects like Project Hamilton and Project Cedar launched in 2020 to research different CBDC designs.
✅ Despite the Federal Reserve's hesitance about their authority to issue a retail CBDC, the Biden administration is laying the groundwork for a US CBDC, outlining policy objectives and conducting technical evaluations.
✅ The implications such a development may have on human rights and civil liberties are concerning, with the potential of amplified surveillance and civil asset forfeiture.
✅ While the 🇺🇸 has overall strong scores on freedom indexes, the issuance of a CBDC could potentially infringe on the financial privacy of its citizens, as there is no constitutional right to it.
✅ With such potential threats looming, it is crucial to pay close attention to movements regarding CBDCs, especially given the ongoing research and the public statements addressing its future implementation.
Hashtags:
#HumanRights #PrivacyConcerns #CBDC #CentralBankDigitalCurrency #FinancialFreedom #Surveillance #CivilLiberties
Question:
Given the concerns about privacy and civil liberties, how can the potential benefits of a CBDC be reconciled with the need to respect these vital freedoms?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for The Bahamas (08-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2020-09-30
CBDC Model: Retail
CBDC Issued: ¤1,938,098
Inflation Rate: 5.61%
One-Sentence Summary:
The Bahamian Central Bank Digital Currency (CBDC), launched in 2020, struggles with low adoption amid concerns over civil liberties and increasing government surveillance.
Topics:
✅ The launch of the Bahamian CBDC (Sand Dollar) occurred in 2020, but users have been slow to adopt it despite government incentives 🇧🇸
✅ There is a two-tier wallet system in place, limiting users without an ID to $500 holdings and $1500 monthly transactions 🇧🇸
✅ Despite high rankings in Freedom House's 2022 report, concerns persist in 🇧🇸 over government corruption and harsh immigration policies
✅ CBDCs' surveillance capabilities could potentially worsen these issues, enabling government to establish 'virtual checkpoints' with every transaction 🇧🇸
✅ Fear of corruption and retaliation discourage whistleblowing, a problem that may be amplified with direct government access to personal finances through a CBDC 🇧🇸
Hashtags:
#HumanRights #GovernmentSurveillance #CBDCs #DigitalCurrencies #FreedomInfringements
Question:
Do you believe that the potential misuse of Central Bank Digital Currencies validates the concerns raised? Bearing in mind the implications for civil liberties and potential for increased government surveillance—how can we ensure CBDCs are used responsibly while protecting individual freedom and rights?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United States (08-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8%
One-Sentence Summary:
The advancement of Central Bank Digital Currencies (CBDCs) in the United States 🇺🇸 sparks concern as it could further infringe on financial privacy and increase civil asset forfeiture.
✅ The United States is in the pilot phase of CBDC development, led by the Federal Reserve.
✅ The TechLab of the Federal Reserve Board has been expanding on relevant technologies since August 2020.
✅ Current pilot projects include "Project Hamilton" and "Project Cedar", aimed at building and researching CBDCs.
✅ President Biden placed urgent emphasis on CBDC development with the issuance of Executive Order 14067 in March 2022.
✅ The Biden administration has outlined policy objectives for a potential US CBDC and released a technical evaluation.
✅ Federal Reserve Chair, Jerome Powell, commented that they would need authorization from Congress to issue a retail CBDC.
✅ Powell further emphasized that they were far from recommending or adopting a CBDC, but if they do, it would be via the banking system.
✅ Concerns on violations of human rights and civil liberties are escalated as financial surveillance and asset forfeiture could worsen with a CBDC.
✅ Financial institutions in the US are legally required to report customer activities, infringing on financial privacy.
✅ A CBDC could further this practice, potentially enabling law enforcement to surveill people's finances.
✅ Beside financial surveillance, the introduction of a CBDC might increase cases of civil asset forfeiture.
#CentralBankDigitalCurrency #CBDCs #HumanRights #FederalReserve #financialprivacy
How do you think CBDCs will impact individuals' financial privacy in the future? Do we need to reconsider the balance between technological advancement and preservation of privacy? Share your thoughts!
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⚠️ 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:
Despite claims of being a “pilot,” 🇨🇳's Central Bank Digital Currency (CBDC) has expanded rapidly, raising concerns about potential human rights abuses and compromising financial privacy.
Topics:
✅ 🇨🇳 is said to be in the launch phase of their CBDC, which has been largely made accessible to the public.
✅ The People’s Bank of 🇨🇳 started its CBDC research in 2014 and expanded the project with major financial institutions at the end of 2017.
✅ In 2020, the CBDC pilot was unveiled in Shenzhen, Suzhou, Xiong’an, and Chengdu, with citizens getting access through a lottery system.
✅The CBDC use has been low and inactive as per a former People’s Bank of 🇨🇳 research director's report in December 2022.
✅ The CBDC is used via a mobile app, which can connect to the individual's bank account, provide QR codes for transactions, and establish multiple wallets within a single account.
✅The People’s Bank of 🇨🇳 is running a wholesale CBDC pilot with the Bank for International Settlements aimed at addressing cross-border payment inefficiencies.
✅ 🇨🇳’s CBDC development seemingly serves to protect currency sovereignty, control the population, and oppose the rise of cryptocurrencies.
✅ 🇨🇳 is known for significant human rights and civil liberties abuses including financial system surveillance, making a CBDC a potential risk for further abuses.
✅ Activists, political rivals, and protestors can be undermined by frozen and seized money, a potential capability of a CBDC.
Hashtags:
#HumanRights #FinancialFreedom #CBDC #China
Question:
How can international regulations or standards be proposed to ensure CBDC development do not jeopardize citizens’ privacy and freedoms in countries with records of human rights abuses such as 🇨🇳?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Sri Lanka (04-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 49.72%
One-Sentence Summary:
"Sri Lanka announces plans to introduce a Central Bank Digital Currency (CBDC) by 2025 amid concerns of increased surveillance and corruption."
✅ 🇱🇰 is set to implement a CBDC, despite having limited research, with an anticipated launch by 2025.
✅ In 2020, the Central Bank of Sri Lanka had published basic information about CBDCs, without committing to its development.
✅ In 2024, the Central Bank of Sri Lanka reported a potential CBDC launch in 2025 but without clarity on their plans.
✅ Sri Lanka receives a moderate score of 54/100 in Freedom House’s 2023 report, raising potential red flags on human rights and civil liberties.
✅ Surveillance and corruption have been highlighted as critical worries, especially with the planned adoption of a CBDC.
✅ Government surveillance practices, both offline and online, are rampant, and a CBDC may escalate this monitoring to include financial records.
✅ Reports of official corruption within the government create further apprehension towards the deployment of a CBDC, as it could be a tool for political favoritism.
#SriLanka #CBDC #HumanRights #Privacy #FinancialSurveillance
Question:
In light of the potential misuse of CBDCs highlighted from 🇱🇰's situation, how can digital currencies protect individual rights and prevent government overreach?
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⚠️ 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:
"Despite 🇨🇳's CBDC program having achieved significant reach in terms of user base, concerns are raised regarding high surveillance, low utility, restricted usage and potential violation of human rights and civil liberties."
✅ 🇨🇳's People's Bank has essentially launched its CBDC, the Digital Currency Electronic Payment (DC/EP), despite referring to it as a pilot.
✅ Research into DC/EP started as early as 2014 and the pilot, open to the public, was officially launched in four cities in 2020.
✅ Access to the CBDC is granted through a lottery system; by the end of 2021, 261 million users had collectively made $13.8 billion transactions.
✅ Despite active user participation, a research director at the People's Bank described the results as unideal with low usage and inactivity.
✅ The CBDC operates via a mobile app, restricting user transaction limits based on the extent of personal information provided.
✅ The People’s Bank has also collaborated with the Bank for International Settlements on a wholesale CBDC pilot, named Project mBridge.
✅ Project mBridge aims to address inefficiencies of cross-border payments while safeguarding currency sovereignty and financial stability for each participating jurisdiction.
✅ The deployment of CBDC in 🇨🇳 also serves to combat the rise of cryptocurrency and possibly magnify government surveillance and control.
✅ 🇨🇳's recent ban on cryptocurrency trading and mining occurred soon after its CBDC pilots were launched, likely no coincidence.
✅ A grim human rights and civil liberties history in 🇨🇳 raises concerns about the potential misuse of a CBDC for increased surveillance, financial control, and violation of rights.
#CBDC #ChinaCBDC #HumanRights #CentralBanks #FinancialPrivacy
What do you think the implications could be on civil liberties, privacy, and human rights as more countries consider the adoption of CBDCs?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Sri Lanka (04-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 49.72%
One-Sentence Summary:
Sri Lanka is eyeing the introduction of a Central Bank Digital Currency (CBDC), however, human rights concerns around surveillance and corruption pose potential risks to its implementation.
✅ Sri Lanka 🇱🇰 is researching the possibility of introducing a Central Bank Digital Currency (CBDC).
✅ Discussions of a possible CBDC arose in 2020, with a potential launch date set for 2025.
✅ However, questions remain on the feasibility of this timeline and the steps the Central Bank of Sri Lanka might take prior to the potential launch.
✅ Human rights concerns, like surveillance and corruption, pose significant challenges in the rollout of CBDCs in Sri Lanka 🇱🇰.
✅ According to Freedom House and the U.S. State Department, Sri Lanka 🇱🇰 ranks low on freedom metrics and is criticized for unauthorized surveillance and high-level governmental corruption.
✅ A CBDC may inadvertently strengthen the surveillance capacity of the government, further infringing upon citizens' rights.
✅ The pervasiveness of corruption raises skepticism about the government's transparency or effective oversight in the rollout and management of a CBDC.
#CentralBankDigitalCurrency #SriLanka #HumanRights #FinancialFreedom #Privacy
How could the potential roll-out of a CBDC in Sri Lanka be managed, to mitigate the inherent risks associated with surveillance and corruption? Share your thoughts and insights below.
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⚠️ 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:
💼The Human Rights Foundation shares concern over the ongoing development of the Central Bank Digital Currency (CBDC) in 🇨🇳, citing potential implications for human rights and civil liberties.
✅ 🇨🇳 is currently in what's referred to as the 'launch phase' of their CBDC, having one of the longest running research on it since 2014. The People’s Bank of China uses the term 'pilot' to describe the CBDC being deployed rather than tested in closed environment.
✅ The CBDC project was publicly piloted in four cities in 2020, where citizens were given access through lotteries, and by the end of 2021, a total of 261 million users collectively made transactions worth $13.8 billion with millions of merchants.
✅ By March 31, 2022, the pilot expansion of CBDC saw a surge in lotteries, discounts, and other promotional activities to boost the new digital currency acceptance, with a reported circulation of 13.61 billion yuan ($1.81 billion) by de end of the year.
✅ The CBDC, being used via mobile app, restricts individuals on accumulation and expenditure based on the level of personal information given. This system has raised concerns regarding personal freedoms and privacy.
✅ The People's Bank of China, in conjunction with the Bank for International Settlements, is also testing a wholesale CBDC pilot with attempts to rectify inefficiencies within cross-border transactions whilst maintaining monetary and financial stability.
✅ In spite of these developments, notable concerns arise, particularly on how CBDCs could strengthen government surveillance, control, and negate advancement of other cryptocurrency; these issues are a pertinent part of the dialogue surrounding Chinese CBDCs.
✅ Notably, 🇨🇳 is flagged by the Human Rights Foundation, among others, for significant human rights abuses and civil liberties. A CBDC is seen as a potential risk that could heighten the severity of these abuses given its surveillance capabilities. It could, for instance, further financial controls and surveillance, making crackdowns on dissidents even more comprehensive and impregnable.
#FinancialPrivacy #HumanRights #CentralBankDigitalCurrency #CivilLiberties #DigitalSurveillance #DataControl
🔎 Question: How should global institutions respond to potential human rights abuses linked with the implementation of CBDCs, particularly in contexts like 🇨🇳 where state surveillance is already a concern?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Sri Lanka (04-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 49.72%
One-Sentence Summary:
Sri Lanka's Central Bank's potential release of a Central Bank Digital Currency (CBDC) by 2025 sparks concern over increased governmental surveillance and corruption.
✅ The Central Bank of 🇱🇰 is exploring the idea of a CBDC, with discussions in parliament hinting at a potential release by 2025.
✅ In an article in 2020, the Central Bank explored the concept of CBDCs, neither confirming nor refuting plans to further this research or eventually issue a CBDC.
✅ By 2024, officials began providing a timeline for this process, but skepticism remains about the practicality and execution of these plans.
✅ From a human rights perspective, 🇱🇰's low ranking on Freedom House’s 2023 Freedom in the World Report raises concerns, especially in the areas of surveillance and corruption.
✅ The U.S. State Department reports that Sri Lankan authorities have unrestricted access to private homes and communications which may be exacerbated with the implementation of a CBDC.
✅ Bribing scandals within the Sri Lankan government contribute to a culture of corruption that could misuse a CBDC for political favoritism and control.
✅ The implications of CBDCs on human rights and civil liberties aren’t isolated to 🇱🇰, and are explored in various reports by organizations like Amnesty International, Freedom House, and the Cato Institute.
#CBDC #DigitalCurrency #SriLanka #HumanRights #CivilLiberties #GovernmentSurveillance
Do you think the potential benefits of a CBDC outweigh the risks to civil liberties such as privacy and government surveillance, especially in the context of countries with low freedom and human rights scores like Sri Lanka?
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⚠️ 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 progress in development of the Central Bank Digital Currency (CBDC) exacerbates human rights and civil liberties concerns amidst its potential benefits.
Content Analysis:
✅ China, marked by 🇨🇳, is advancing in the CBDC domain, with the People's Bank of China's (PBoC) ongoing public trials.
✅ The CBDC research in 🇨🇳 initiated in 2014, with the public pilot involving 261 million users by the end of 2021.
✅ Shenzhen and Suzhou are among the cities where citizens receive CBDC funds via lotteries with specific spending rules.
✅ As of March 31, 2022, PBoC further extended the CBDC trial to Tianjin, Chongqing, Guangzhou, and Fuzhou among others.
✅ The execution of CBDC remains low, with usage termed 'low' and 'highly inactive' by a former PBoC research director in December 2022.
✅ The CBDC operations in 🇨🇳 are conducted via a mobile app, with restrictions based on the amount of personal information shared.
✅ PBoC is collaborating with the Bank for International Settlements on a wholesale CBDC effort named Project mBridge.
✅ Officials see the CBDC initiative as a tool to protect 🇨🇳's currency sovereignty, curb the rise of cryptocurrency and enhance surveillance of its populace.
✅ Human rights infringement in 🇨🇳 exacerbate with the introduction of CBDC, posing concerns in the spheres of financial privacy and financial freedom.
✅ It's feared that the CBDC implementation could aggravate censorship and control over activists, journalists, and political opponents, granting the government direct control over each citizen's finances.
Hashtags:
#HumanRightsFoundation #CentralBankDigitalCurrency #FinancialPrivacy
Thought-Provoking Question:
Given the potential of CBDCs to exacerbate human rights abuse, how can international communities and organizations advocate for safer and more ethical implementation of such technology, especially in countries with a history of human rights violations like 🇨🇳?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Sri Lanka (04-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 49.72%
One-Sentence Summary:
🇱🇰Central Bank suggests 2025 horizon for CBDC launch, but human rights concerns alongside prevalent corruption may pose significant challenges.
✅🇱🇰's Central Bank is considering a CBDC, revealing plans to Parliament in 2024.
✅The research phase started in 2020 with a brief news survey about CBDCs.
✅Amid discussions of a possible 2025 launch, veracity of timeline remains uncertain.
✅Despite progressing towards a CBDC, the nation scored 54/100 on Freedom House’s 2023 Freedom in the World Report - highlighting surveillance and corruption issues.
✅Increased CBDC surveillance could enable greater intrusion by state authorities into citizens' transactions.
✅Freedom House and U.S. State Department positioned 🇱🇰 as a high-risk corruption environment, questioning the reliability of any government guarantees to restrict CBDC surveillance and control.
✅Concerns also evident that CBDCs could be used for political gains through subsidies or price controls.
#HumanRights #CentralBank #CBDC #SriLanka #GlobalEconomy
💭We must question: How can the potential misuse of CBDCs for surveillance and corruption in nations like 🇱🇰 be effectively mitigated? Are transparency measures and international regulations enough, and what role can we, the global community, play in this? Share your thoughts!
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⚠️ 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:
The Human Rights Foundation raises concerns over privacy and control as 🇨🇳 China expands its public pilot of Central Bank Digital Currencies (CBDCs), citing potential domestic implications for human rights and civil liberties.
Topics:
✅ China, viewed as being in the launch phase, may have the longest-running CBDC research with project Digital Currency Electronic Payment (DC/EP) starting in 2014.
✅ The DC/EP, also known as the digital yuan, expanded in 2017 and in 2020 was made public for testing in select cities via a lottery system for citizens.
✅ The pilot, with over 261 million users by 2021, recorded transactions worth $13.8 billion and expanded in March 2022 to other cities, despite the usage being reportedly low and inactive.
✅ The CBDC is accessed through a mobile app that provides QR codes for transactions and multiple wallets within a single account but is restricted based on the users' disclosed personal information.
✅ The People’s Bank of China is also working with the Bank for International Settlements on Project mBridge, a wholesale CBDC pilot aimed at addressing inefficiencies of cross-border payments.
✅ One of the motivations for CBDC in China is to protect currency sovereignty and possibly combat the rise of cryptocurrency in the country.
✅ Despite its potential benefits, China's history of human rights and civil liberties abuses raises concerns that a CBDC could worsen widespread violations by expanding the government's surveillance and control.
✅ China's CBDC could potentially compromise financial privacy which is crucial in protecting human rights and civil liberties due to the revealing nature of financial transactions.
✅ With China's restrictive media environment and sophisticated system of censorship, a CBDC could intensify financial controls, allowing authorities to further suppress dissenting voices and opposition.
Hashtags:
#HumanRights #CivilLiberties #CentralBankDigitalCurrency #FinancialPrivacy #FinancialControl
Question:
Could the deployment of CBDCs in countries with questionable human rights records like China pave way for an era of unprecedented financial surveillance? Let's hear your thoughts!
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Sri Lanka (04-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 49.72%
One-Sentence Summary:
🇱🇰 Central Bank of Sri Lanka aims for CBDC launch by 2025 amidst concerns of surveillance and corruption.
✅ Sri Lanka is in its early stages of developing their CBDC, with central bank officials suggesting a launch by 2025.
✅ In 2020, the Central Bank of Sri Lanka had mentioned CBDCs in a news survey with no clear stance or further research disclosed.
✅ The central bank in 2024 suggested a possible launch of a CBDC by 2025, mentioning proofs-of-concepts and pilots but with no clear plan disclosed.
✅ Freedom House's 2023 report gave Sri Lanka a 54/100 score, flagging issues of surveillance and corruption which could be exacerbated by a CBDC launch.
✅ Sri Lanka's authorities can enter homes and monitor communications without need for judicial authorization which raises concerns of increased surveillance with CBDCs.
✅ Corruption is a significant problem in Sri Lanka, possibly influencing the design and implementation of CBDC policies which could lead to unfair distribution of resources.
Hashtags:
#CentralBankofSriLanka #CBDC #FreedomHouse #Corruption #Surveillance
Thought-provoking question:
How can we ensure that the development and implementation of CBDCs in countries like 🇱🇰 does not compromise on human rights and civil liberties, but aids in the fight against corruption instead?
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for 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, though labeled as a "pilot", is fully public and might pose substantial risks to financial privacy, rights, and civil liberties, while providing limited value in usage, according to the Human Rights Foundation.
Topics:
✅ 🇨🇳's CBDC is in its launch phase, far beyond testing in closed environments.
✅ People's Bank of China has been working on the CBDC, known as the Digital Currency Electronic Payment (DC/EP), since 2014.
✅ The DC/EP pilot launched publicly in 2020, in Shenzhen, Suzhou, Xiong’an, and Chengdu, expanded to more cities in 2022, yet deemed "not ideal" due to low usage.
✅ CBDC users must provide personal information in order to use the mobile app, being restricted on CBDC accumulation and spending based on provided information.
✅ The People’s Bank of China, working with the Bank for International Settlements on a wholesale CBDC pilot (Project mBridge), aims to solve cross-border payment inefficiencies while maintaining currency sovereignty and financial stability.
✅ The CBDC's development and ban on cryptocurrency trading and mining in China might depict a strategic move to protect currency sovereignty and control.
✅ However, the launch of the CBDC in a country with known human rights and civil liberties abuses might pose major risks to financial privacy and freedom.
Hashtags:
#HumanRightsFoundation #CentralBankDigitalCurrency #DigitalYuan
Question:
Could the introduction of CBDCs potentially jeopardize financial privacy and rights while they are supposed to improve the efficiency of cross-border payments? What's your take on the balance between privacy concerns and the wider applications of CBDCs? We would love to hear your diverse, engaging, and constructive voices.
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Sri Lanka (04-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 49.72%
One-Sentence Summary:
🇱🇰 Central Bank hints at launching a Central Bank Digital Currency (CBDC) in 2025 despite concerns over potential for increased surveillance and corruption.
✅ The Central Bank of 🇱🇰 released a report on CBDCs in 2020 but made no commitment to pursue its own.
✅ In 2024, officials hinted at a 2025 CBDC launch but made no definite plans publicly.
✅ Despite potential benefits, the implementation of a CBDC in 🇱🇰 raises human rights concerns due to existing issues of widespread corruption and surveillance.
✅ Freedom House ranks Sri Lanka's freedom at 54/100, indicating a mixed record on civil liberties.
✅ US State Department reports reveal government authorities can monitor citizens' communications without any official authorization.
✅ Allegations of both online and offline surveillance are rampant, raising concerns a CBDC could heighten this issue.
✅ Perceived "culture of impunity" regarding corruption is worrisome, as it could affect the implementation and management of a CBDC.
✅ The introduction of CBDCs and potential misuse of financial data could facilitate higher levels of corruption through policy manipulation.
#SriLanka #CBDC #HumanRights #FreedomHouse #Corruption #Surveillance #Privacy #CentralBanks #CivilLiberties
Question: Given the potential for increased surveillance and corruption through a Central Bank Digital Currency in a country like 🇱🇰Sri Lanka, do the potential benefits of a CBDC outweigh these risks? How could regulations and measures be set in place to mitigate these concerns without squashing the innovation and benefits offered by a CBDC? We'd love to hear your thoughts!
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
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⚠️ 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, "digital yuan" expands, drawing attention over potential for enhanced surveillance and financial control.
🧐 In the world of CBDCs, 🇨🇳 has taken the lead, with its version far past the pilot testing phase and already open to the public.
✅ Despite being termed as a pilot, the People’s Bank of China's CBDC is in numerous cities and is widely available.
📚 The history of China's CBDC stretches back to 2014, with the People's Bank of China starting the Digital Currency Electronic Payment (DC/EP).
✅ Although the DC/EP project expanded in 2017, it was not public until 2020, launching in four cities; Shenzhen, Suzhou, Xiong’an, and Chengdu.
✅ In a unique twist, citizens could access the CBDC through a lottery system, encouraging broad participation.
The CBDC initiative continued to grow in 2022, but despite aggressive promotion, there were concerns about low usage.
✅ On March 31, 2022, the pilot was expanded to several new cities, resulting in the circulation of 13.61 billion yuan ($1.81 billion).
✅ Despite these efforts, a former research director at the People's Bank of China stated usage was low and largely inactive.
The CBDC can be used via an app and is designed to solve some inefficiencies in cross-border payments.
✅ The app limits how much CBDC individuals can accumulate and spend, linking these limits to how much personal info they provide.
✅ The People's Bank of China is working with the Bank for International Settlements on a wholesale CBDC pilot to solve issues like high costs, slow speeds, and operational complexities.
There are underlying concerns about the true motivations behind China's drive for a CBDC.
✅ In addition to concerns that the CBDC may aid in government surveillance, there's speculation that it serves as a counter to the rising popularity of cryptocurrency.
Serious human rights and civil liberties abuses in China bring concerns over the consequences of a widely adopted CBDC.
✅ CBDC could potentially enhance financial surveillance, giving the government more detailed insight into the private lives of citizens.
✅ Furthermore, the use of CBDC could tighten financial controls, affecting the free press, activists, and citizens at large, as authorities could have direct control over individual finances.
#digitalcurrency #centralbanks #humanrights #financialprivacy #financialcontrol
What are your thoughts on how CBDC, in a nation with known human rights abuses, could impact its citizens' 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.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Sri Lanka (04-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 49.72%
One-Sentence Summary:
Central Bank of Sri Lanka's plans to introduce a CBDC by 2025 are mired in concerns over potential misuse for surveillance and corruption.
✅ The Central Bank of 🇱🇰 Sri Lanka has projected the launch of a CBDC by 2025 but the specific plans or developments remain undisclosed.
✅ The initial knowledge about CBDCs was shared with the public in 2020 via a news survey by the Central Bank. The timeline or development plans were not detailed.
✅ While central bank officials promise a CBDC roll-out by 2025, specific plans, timelines, or research direction remains unclear.
✅ 🇱🇰 Sri Lanka's score in Freedom House’s 2023 Freedom report points to prevalent issues relating to surveillance and corruption which could worsen with a CBDC launch.
✅ Sri Lankan authorities' ability to monitor communications without official approval flags CBDC-related privacy concerns.
✅ Widespread corruption in 🇱🇰 Sri Lanka, as reported by Freedom House and the U.S. State Department, raises questions about potential misuse of CBDC for political gains.
#HumanRights #CBDC #SriLanka #CentralBank #FreedomHouse #USStateDepartment
Does the potential misuse for surveillance and corruption outweigh the benefits that a CBDC can bring to 🇱🇰 Sri Lanka, and what should be done to address these potential 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)
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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:
Despite facing persistent delays due to economic instability and rising inflation, 🇬🇭Ghana remains undeterred in its pursuit of a Central Bank Digital Currency (CBDC) launch, albeit amid mounting concerns over potential implications for human rights and civil liberties.
Topics:
✅ The Bank of Ghana has reportedly completed the pilot phase for its CBDC, known as the E-cedi, but launch plans have been pushed back amid economic instability.
✅ In 2021, Ghana's Vice President Mahamudu Bawumia advocated for African governments to embrace digital currencies, however, he emphasized the need for CBDCs rather than cryptocurrency.
✅ Facing high inflation in 2022, the Bank of Ghana decided to delay the CBDC launch, redirecting focus towards improving the macroeconomic environment.
✅ It's been revealed in 2024 that Bawumia has touted the CBDC as a tool to combat corruption, enhance transparency, aid in tax collection, and prevent money laundering.
✅ Human rights organizations have highlighted hardened ramifications for freedom of expression and an increase in government corruption in Ghana, raising concerns about the potential misuse of CBDCs.
✅ It's feared that a CBDC launch could endanger journalists and critics of the government by enabling financial exclusion, significantly intensifying governmental control over citizens’ finances.
✅ Given the existing corruption within the Ghanaian government, there are doubts over promises to limit the risks of surveillance and control associated with CBDCs.
Hashtags:
#Ghana #HumanRights #FinancialInclusion #CentralBank #ECedi #DigitalCurrency
Question:
Given the potential risks, do you believe that government-backed digital currencies like 🇬🇭Ghana's proposed E-cedi will contribute to financial inclusion and economic stability, or are they a tool for increased governmental control? What are 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.
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⚠️ 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), the digital yuan, is on the rise despite concerns over privacy and surveillance, according to the Human Rights Foundation.
- ✅ 🇨🇳 is in the advanced phases of launching its CBDC, the digital yuan, which is being heavily tested among the public.
- ✅ The People's Bank of China has been developing the CBDC since 2014, with the pilot going public in four cities in 2020.
- ✅ Throughout 2021, multiple lotteries were held offering citizens the chance to spend the digital yuan, with as many as 261 million users making transactions.
- ✅ While the usage of the digital yuan increased, it was critiqued for being low and inactive by December 2022.
- ✅ The app interface is directly linked to the user's bank account and has usage limits based on the amount of personal information provided.
- ✅ A collaboration with the Bank for International Settlements sees a wholesale CBDC pilot, aimed to improve cross-border payments.
- ✅ According to an official, the development of CBDC is to protect their currency sovereignty and legal currency status rather than countering cryptocurrencies.
- ✅ Despite the rise of CBDC, concerns remain high regarding surveillance and human rights in 🇨🇳, including extensive financial tracking.
- ✅ With the CBDC initiative, the risk of intensified surveillance, control, and censorship by the government increases.
- ✅ A CBDC could potentially be used to restrict financial freedom and stifle dissidents, adding to the country's already restrictive environment.
#CBDCs #DigitalCurrency #Banking #Finance #HumanRights #CurrencySovereignty
What are your thoughts on the developments of CBDC around the globe, especially in countries with a history of surveillance and human rights issues? Can CBDCs be utilized in a network that respects individual rights and privacy while providing economic benefits?
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.
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