⚠️ HRF CBDC ⛓️🪙 alert from HRF for India (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
🇮🇳 India's Central Bank Digital Currency (CBDC) pilot program shows exponential growth and promises improved efficiency, but raises strong concerns about potential for civil liberties abuse.
Paragraph Analysis:
✅ In the launch phase, 🇮🇳 trialed a Central Bank Digital Currency (CBDC) with over 4.3 million users in 2024.
✅ The Reserve Bank of India initated the CBDC concept in 2017, with a highly participating pilot running in 2022.
✅ Indian Finance Minister Nirmala Sitharaman, in February 2022, proclaimed that a CBDC could lead to a more efficient and cheap currency management system.
✅ By September 2023, CBDC transactions are hitting around 18,000 per day in 🇮🇳, with plans to reach 1,000,000 transactions daily.
✅ The Reserve Bank of India is considering offline CBDC transactions and enhanced programmability due to only a rough 50% of the Indian population having internet access.
✅ Despite achieving 1 million transactions per day, questions linger about sustainable scalability.
✅ Reserve Bank of India's Governor, Shri Shaktikanta Das, stresses patience, citing the need for absolute safety, robustness, and integrity of the digital currency.
✅ Amidst the CBDC development, Freedom House report raises civil liberty concerns particularly the potential of government powers to target and harass political opponents.
✅ 🇮🇳 scores a concerningly low 66 out of 100 in the 2023 Freedom in the World report, with the adoption of CBDC potentially worsening the situation.
Hashtags:
#HumanRights #CentralBankDigitalCurrency #DigitalCurrencyPilot #Finance #CurrencyManagement #FutureOfMoney #DigitalRupee #ReserveBankOfIndia #FreedomInFinance
Question:
Given these developments and the significant concerns about civil liberties, do you believe that CBDCs could coexist with a secure democracy without leading to financial repression or even further potential for governmental control?
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-sentence summary:
The 🇵🇭 is test-driving a wholesale Central Bank Digital Currency (CBDC) with concerns over the potential misuse in highlighting civil rights concerns and perpetuating government corruption looming.
✅ The Bangko Sentral ng Pilipinas (BSP) will be running a pilot for a wholesale CBDC in 2022.
✅ BSP Governor Eli Remolona Jr. anticipates the official launch in 2026, geared towards large-value transactions, and not seeing a need for a retail CBDC.
✅ Governor Benjamin Diokno shared his thoughts in 2022 about CBDC not solving the issue of financial exclusion.
✅ By 2022, he concluded existing digital payment systems were superior choices.
✅ In 2023, another CBDC pilot was declared, called Project Agila, which involves significant financial institutions within a closed experimental setup.
✅ Governor Remolona Jr., in 2024, announced abandonment of blockchain technology and the intention to stay with the wholesale CBDC.
✅ Six participating financial institutions will be involved in the end of 2024 pilot.
✅ Concerns for civil liberties and human rights arise as the Freedom House’s 2023 Freedom Report scored the country poorly due to governmental corruption.
✅ A CBDC can become a tool of oppression, with capabilities to freeze and seize funds of activists and political opponents.
✅ Corruption within the CBDC policies can create a platform for control and surveillance, thereby raising concerns for its misuse.
#HumanRights #CBDC #Freedom #Anticorruption #FinancialInclusion #Banking #GovernmentControl
What are some potential approaches that can help protect the privacy and freedom of individuals as the 🇵🇭 transitions to a CBDC and digital economy? How can stakeholders collaboratively ensure the balance of financial progression without sacrificing civil liberties and human rights? 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 India (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
🇮🇳 sees surge in Central Bank Digital Currency (CBDC) growth, but concerns surface over potential abuse in civil liberties control.
✅ The Reserve Bank of India officially launched a test CBDC project in 2022, growing from roughly 1.46 million users in 2023 to 4.3 million in 2024, making 10% of the population the CBDC users.
✅ The Reserve Bank of India first floated the idea of owning a cryptocurrency in 2017 and then focused on a CBDC in 2021.
✅ According to the Reserve Bank of India, CBDCs can promote transparency in transactions and aid economic policies; India's Finance Minister also believes that CBDCs could improve their currency management system.
✅ Despite the initial success of hitting 1 million daily transactions in 2023, the Reserve Bank of India faced scalability challenges and potential tech-related issues.
✅ By 2024, the Reserve Bank of India was looking into offline CBDC transactions and enhanced programmability due to vast populations with limited internet access.
✅ Public concerns arise over the potential misuse of CBDCs by government to control civilian finances, further intensifying the existing issues of civil rights and liberties violation in 🇮🇳.
#CentralBank #DigitalCurrency #HumanRights #FinancialFreedom #LibertiesConcerns #India
💡Question to ponder: How do we ensure a balance between the innovative potential of CBDCs and safeguarding individual rights and financial privacy? 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.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
🇵🇭's Central Bank, Bangko Sentral ng Pilipinas, is harnessing digital technology to pilot wholesale CBDCs, amidst ongoing concerns over governmental corruption and civil liberties.
✅ The Bangko Sentral ng Pilipinas decided to pilot a wholesale CBDC in 2022, aiming for payment system stability and testing large-value transactions.
✅ The central bank predicts issuance of a wholesale CBDC by 2026.
✅ The 2022 pilot (Project CBDCPh) appreciated the CBDC's payment efficiency, but Governor Benjamin E. Diokno stated it won't solve financial exclusion.
✅ After its conclusion, Governor Diokno concluded that existing digital payment systems are better options.
✅ In 2023, Project Agila - another CBDC pilot, was introduced and planned to run on Hyperledger Fabric.
✅ Various notable institutions participated in Project Agila and it was supported by IMF and the Bank for International Settlements.
✅ 2024 saw Governor Eli Remolona Jr. dismiss both blockchain technology and a retail CBDC, with focus limited to wholesale CBDC.
✅ Deputy Governor Mamerto Tangonan planned a completion of the wholesale CBDC pilot with participation of six financial institutions by end of 2024.
✅ Despite these developments, civil liberties and corruption remain significant issues in 🇵🇭 (58/100 Freedom Score, Freedom House 2023).
✅ As per Amnesty International, a CBDC could further enable authoritarianism by allowing easy financial seizures from protestors, political rivals, and activists.
✅ Freedom House noted corruption and governmental apathy as prevalent; it questioned if promises made to limit risks of CBDCs could be trusted or uncorrupt.
#CentralBanks #DigitalCurrency #FinancialInclusion #FinancialStability #HumanRights #GovernmentControl
Thought-provoking question:
In your view, would the implementation of CBDCs in 🇵🇭 improve efficiency and advance financial inclusion, or could they potentially magnify existing issues of government control and corruption? We appreciate diverse perspectives for an enriching 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 India (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
🇮🇳 India in 'Launch Phase' of Central Bank Digital Currency with Initial Success and Muted Concerns about Human Rights and Civil Liberties.
✅ 🇮🇳 launched its pilot project for a Central Bank Digital Currency (CBDC), referred to as the digital rupee, in late 2022.
✅ By 2024, around 10% of India’s population had gained access to the CBDC.
✅ Reports from 2017 indicated that the Reserve Bank of India was considering issuing its own cryptocurrency.
✅ In 2021, a bill sought to ban cryptocurrency in 🇮🇳 and simultaneously launch a CBDC.
✅ Retail CBDC was taken under consideration in 🇮🇳 on account of its potential for promoting non-anonymity at the individual level and monitoring transactions.
✅ The Reserve Bank of India also indicated the potential of a more efficient and cheaper currency management system with a CBDC.
✅ By the end of 2023, the Reserve Bank of India had met their target of 1,000,000 transactions per day with their CBDC.
✅ Plans to provide offline CBDC transactions and enhanced programmability were announced in 2024.
✅ Although ongoing issues regarding human rights and civil liberties persist in 🇮🇳, the most concerning matter within the context of CBDCs is government powers being used to target political opposition.
#HumanRights #FinancialPrivacy #CBDCs #CentralBankDigitalCurrency #IndiaCBDC
What implications do you foresee for civil liberties in India as the Digital Rupee continues to evolve and gains traction among the general population?
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 Philippines (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
🇵🇭 Philippines' Central Bank plans for wholesale CBDC by 2026 raise questions about implications on human rights and corruption concerns.
✅ The Bangko Sentral ng Pilipinas 🇵🇭 revealed in 2022 its plans to pilot a wholesale CBDC with ambitions to stabilize the national payment system, with an expected launch by 2026.
✅ The Bangko Sentral ng Pilipinas governor, Benjamin E. Diokno, voiced cautious optimism about the pilot project in a 2022 speech noting CBDCs do not solve financial exclusion issues.
✅ 2023 saw the declaration of a new CBDC pilot, Project Agila, focusing on payments efficiency while also supported by International Monetary Fund and the Bank for International Settlements.
✅ Despite rejecting blockchain technology and a retail CBDC in 2024, the central bank aims to conclude its wholesale CBDC pilot by the end of 2024.
✅ Given the freedom score of 58 by Freedom House, CBDC issuance in 🇵🇭 could aggravate government corruption and restrictions on opposing voices.
✅ According to Amnesty International, journalists are being harassed and independent news sites are blocked, and a CBDC could be misused to freeze and seize money of activists, political rivals and protestors.
✅ Despite concerns of corruption and the potential for a CBDC to perpetuate political favoritism through subsidies, price controls, or other targeted restrictions, the Banko Sentral ng Pilipinas is still set on its 2026 goal.
#HumanRights #PrivacyConcerns #FinancialLiberties
Question:
How do you think that the potential of a CBDC in the 🇵🇭 could affect critical digital payment innovation and human rights within the country, given the context of corruption and restrictions on freedoms? What changes, if any, can be proposed to preemptively address such concerns? Share your thoughts below!
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 India (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
🇮🇳 India's Central Bank Digital Currency (CBDC), causing both excitement and worry, has grown massively since its launch, now reaching a considerable number of citizens and merchants while also raising human rights and civil liberties issues.
List:
✅ 🇮🇳 launched its Central Bank Digital Currency (CBDC) pilot in November 2022, and by 2024, around 10% of the population had access to it.
✅ The Reserve Bank of India initially contemplated issuing its "own cryptocurrency" in 2017.
✅ In 2021, steps were taken towards banning cryptocurrency, launching a CBDC, and giving the central bank the authority to issue a CBDC.
✅ A retail CBDC pilot was launched in December 2022, requiring users to set up an account with one of the selected banks and download a mobile app to access the CBDC.
✅ In 2023, the Reserve Bank of India set a goal of a million transactions per day, which they achieved by year's end, although scaling issues arose.
✅ In 2024, possibilities for offline CBDC transactions and enhanced programmability were explored due to internet access limitations among the population.
✅ Concerns of human rights violations and curtailment of civil liberties surfaced, as governments can potentially exert greater control over citizen finances thanks to CBDCs.
Hashtags:
#HumanRights #CBDCs #FinancialFreedom #IndiaCBDC #DigitalCurrency
Question:
Given the strong growth of CBDC usage in 🇮🇳 and the simultaneously worrying potential for increased government control over citizen finances, what measures do you think can be put in place to ensure that the deployment and management of central bank digital currencies fundamentally respect individual freedom and human 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 Philippines (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
🇵🇭 Philippines' central bank continues piloting Central Bank Digital Currencies (CBDCs) amid concerns of instability in the country's payment systems and threats to human rights and civil liberties.
- 📝 The Bangko Sentral ng Pilipinas (BSP) is piloting a wholesale CBDC, internally referred to as Project CBDCPh, initiated in 2022, to enhance the stability of the country's payment system.
- 🎤 BSP Governor Eli Remolona Jr., in 2024, hinted at the issuance of a wholesale CBDC by 2026, although a reason for it wasn't specified.
- 🎯 While BSP initial CBDC attempts garnered mixed reviews, they continued with another pilot project, Project Aglia, in 2023, supported by major financial institutions. Their efforts were reinforced by the International Monetary Fund and the Bank for International Settlements.
- 🏛️ BSP acknowledged a shift in focus away from retail CBDC and Blockchain technology in 2024. Spotlight aimed at perfecting the wholesale CBDC with an expected pilot run completion by end of 2024.
- 🚫 The potential influence and control CBDCs could provide governments heighten concerns around prioritization of human rights and civil liberties, more so in the face of prevalent corruption and suppression of free speech in the country, as noted by various international institutions.
#CentralBankDigitalCurrency #Philippines #HumanRights #PaymentSystems #DigitalEconomy
🤔 As a part of the Bitcoin community who strongly supports financial freedom, what are your thoughts on the likely challenges and potential advantages CBDCs may bring to countries battling systemic corruption and financial instability?
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 India (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
🇮🇳 pilots its retail Central Bank Digital Currency (CBDC) in 2022, reaching 4.3 million users amid human rights and civil liberties concerns.
Topics:
✅ 🇮🇳 is in the launch phase of CBDC, with its pilot project starting in Nov 2022 and retail pilot involving 13 banks in Dec 2022.
✅ By 2024, India's CBDC had 4.3 million users, accounting for 10% of the population.
✅ The Reserve Bank of India was considering its own cryptocurrency in 2017.
✅ In 2021, a bill was proposed to ban cryptocurrency and launch CBDC, with the Reserve Bank stressing CBDCs can promote non-anonymity and monitor transactions.
✅ Indian finance minister Nirmala Sitharaman emphasized that a CBDC would lead to a more efficient and cheaper currency management system in Feb 2022.
✅ RBI targeted 1,000,000 CBDC transactions per day by the end of 2023.
✅ The Reserve Bank started to explore ways to offer offline CBDC transactions and enhanced programmability in 2024.
✅ Human rights & civil liberties remain a significant concern, with fears of governmental misuse of CBDC powers to target and harass political opponents.
Hashtags:
#IndiaCBDC #MonetaryPolicy #HumanRights #FinancialPrivacy #Banks #DigitalCurrency
Question:
While India's CBDC progresses, how can the concerns surrounding misuse of power and infringement on civil liberties be addressed and ensure a fintech environment conducive to freedom and human rights? Let's start the conversation below.
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 Philippines (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
🇵🇭 embraces CBDCs but skepticism around financial exclusion and potential amplification of government control raises human rights concerns.
✅ In 2022, 🇵🇭's central bank piloted a wholesale CBDC, Project CBDCPh, to maintain stability in the payment system with aims to roll out by 2026.
✅ Governor Benjamin E. Diokno, in 2022, conveyed excitement about potenital payment efficiency, but expressed doubts over CBDC's role in financial inclusion and possible legislative requirements for retail CBDC.
✅ Another CBDC pilot, Project Agila, launched in 2023 for payment efficiency and stability, involved multiple financial institutions and received support from International Monetary Fund and the Bank for International Settlements.
✅ In 2024, Governor Eli Remolona Jr. reiterated the central bank's focus on wholesale CBDC and disapproval of blockchain given others' unsuccessful attempts with it, with deputy governor Mamerto Tangonan announcing finalization of the pilot by the end of 2024.
✅ According to Freedom House's report of 2023, 🇵🇭 scored 58/100 in freedom, raising concerns about government control and corruption upon the usage a CBDC.
✅ Amnesty International suggests a CBDC could enable government to harass opposition by direct control of finances, while the prevalent corruption in 🇵🇭 could risk misuse of CBDC policies to exert political control.
#CBDC #HumanRights #CentralBanks #FinancialInclusion #Philippines #GovernmentControl
While we celebrate progress in digital currency, how can we adequately address the potential threats to human rights and financial inclusivity that CBDCs in particular countries may pose?
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 India (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
🇮🇳 ramps up efforts towards mass adoption of its Central Bank Digital Currency (CBDC) evoking concerns over human rights and civil liberties.
Topics:
✅ The Reserve Bank of India launched its CBDC pilot project in October 2022. It began as a wholesale CBDC, transitioning into a retail CBDC (digital rupee) by December of the same year.
✅ The retail CBDC pilot boasted an impressive 1.46 million users and 310,000 merchants by 2023, growing to a grand total of 4.3 million users and 4 million merchants by 2024.
✅ The Reserve Bank of India was initially considering its own cryptocurrency back in 2017, well before CBDCs were on the global radar.
✅ Early reports saw the benefits of CBDCs lying in their potential for non-anonymity at an individual level and the ability to monitor transactions.
✅ Indian Finance Minister Nirmala Sitharaman stated in 2022 that a CBDC would "lead to a more efficient and cheaper currency management system."
✅ There were reportedly around 18,000 CBDC transactions per day in September 2023. This number has been projected to rise to 1,000,000 transactions per day.
✅ By registering with one of the 13 banks in the Digital Rupee Pilot Program, citizens can download a mobile app denoting a wallet for transactions.
✅ With only about 50% of the Indian population having internet access, the Reserve Bank is looking to introduce offline CBDC transactions.
✅ Despite hit and miss attachment of the term "pilot", the CBDC project in India has a high user count.
✅ On the flip side, concerns have risen about potential infringements on human rights and civil liberties. The fear is that control over every citizen's finances gives governments the power to harass or undermine opposition and activists.
Hashtags:
#CBDC #DigitalRupee #HumanRights #FinancialFreedom #IndiaCBDC
Question:
In what ways might the advent of CBDCs impact the current dynamics of financial control by governments, especially considering potential impacts on human rights and civil liberties?
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 Philippines (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
🇵🇭 Central Bank Digital Currency (CBDC) pilots spark human rights concerns amidst ongoing financing instability and government corruption.
Points:
✅ In 2022, 🇵🇭 commenced piloting a wholesale CBDC named Project CBDCPh, targeting large-value transactions of financial institutions to enhance payment system stability.
✅Governor Eli Remolona Jr, in 2024, hinted that this wholesale CBDC is set for issuance by 2026.
✅ Governor Benjamin E. Diokno, despite showing optimism about the project's progress in 2022, expressed doubts about CBDC tackling financial exclusion.
✅ Post completion of Project CBDCPh in 2022, Governor Diokno stated that pre-existing digital payment systems proved more effective.
✅ A new CBDC pilot termed Project Agila launched in 2023, backed by International Monetary Fund and Bank for International Settlements, aimed to improve payment efficiency.
✅ Against using Blockchain technology, Governor Remolona Jr in 2024, revealed the bank's intent to continue focusing on a wholesale CBDC.
✅By the end of 2024, it was planned to conclude the wholesale CBDC pilot involving six financial institutions.
✅Critics are concerned about a potential CBDC exacerbating restrictions on opposing voices and increasing government corruption in 🇵🇭.
✅ Government's control over individual finances can be increased through CBDCs, making it easier to seize activists', political rivals', and protestors' resources, thus suppressing opposition.
✅Government corruption creates uncertainty about the real purposes of CBDC policies, stirring fears about possible surveillance, political favoritism, control, or other risks of CBDCs.
Hashtags:
#HumanRightsConcerns #FreedomFinance #CBDCs
Question:
As #Bitcoin enthusiasts devoted to financial freedom, what measures should we propose to ensure that the development of CBDCs in 🇵🇭 and other countries doesn't infringe on human rights and liberties? Let's engage in a constructive and respectful deliberation.
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 India (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
The Reserve Bank of India's Central Bank Digital Currency, known as the digital rupee, is in the launch phase with growing popularity, but raises concerns regarding potential misuse against civil liberties.
✅ 🇮🇳's Central Bank Digital Currency (CBDC), the digital rupee, officially launched on November 1, 2022, and had over 4.3 million users and 4 million merchants by 2024.
✅ Prior to launching the digital rupee in 2021, the Reserve Bank of India proposed a bill seeking to ban cryptocurrency while initiating a CBDC to control transactions and disperse Central bank money.
✅ The Reserve Bank of India has been actively expanding its capabilities to a wider audience —including offline transactions due to internet access limitations—despite facing technological scalability issues.
✅ Despite being framed as a "pilot project", the rapid adoption of the digital rupee has posed questions about its full-fledged launch, with officials cautiously prioritising safety and robustness.
✅ While the increasing use of CBDCs is seen as an advancement in the digital currency realm, the potential misuse of such technology regarding civil liberties in India is a rising concern, as it could be used to target and harass political opponents.
#India #CBDC #ReserveBankofIndia #DigitalRupee #CivilLiberties #DigitalCurrency
As bitcoin enthusiasts and freedom advocates, do you think Central Bank Digital Currencies like India's digital rupee could pose a significant threat to civil liberties, particularly in countries with freedom concerns? Could there be safeguards to prevent misuse while still harnessing the efficiency 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 Philippines (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
The 🇵🇭 is piloting Central Bank Digital Currencies with a focus on wholesale over retail versions, amidst concerns of misuse and worsening human rights issues.
✅ The Central Bank of the 🇵🇭, Bangko Sentral ng Pilipinas, began exploring wholesale CBDCs in 2022, focused on improving the country's payment system stability.
✅ Project CBDCPh focused on testing large-value financial transactions operation round-the-clock.
✅ A governor from the Central Bank of the 🇵🇭 projects the issue of a wholesale CBDC by 2026.
✅ In 2022, Governor Diokno voiced cautious optimism about the CBDC pilot, highlighting the potential of improving payment efficiency.
✅ However, he noted CBDCs can't solve financial exclusion and that a retail CBDC might need legal changes.
✅ Following Project CBDCPh, Diokno stated existing digital payment systems were viable options.
✅ A new pilot, Project Agila, began in 2023, harnessing Hyperledger Fabric and focusing again on improving payment stability.
✅ Several financial institutions took part in this project, with IMF and Bank for International Settlements providing support.
✅ Governor Eli Remolona Jr. provided updates in 2024, stating they’d refrain from blockchain technology and retail CBDCs.
✅ The central bank planned to finish a wholesale CBDC pilot involving six financial institutions by late 2024.
✅ The 🇵🇭 has been flagged for rights concerns and government corruption, both of which can be worsened by CBDCs.
✅ With the control CBDCs provide over finances, governments could misuse this to freeze or seize funds of dissidents.
✅ Corruption and lack of accountability can compromise any government assurances on CBDC risks and may facilitate political favoritism.
#CBDCs #CentralBanks #DigitalCurrency #HumanRights #FilipinoDigitalCurrencies
How can the global community ensure that CBDCs are used for their intended purpose and don't exacerbate human rights abuses or contribute to corruption? Please share your thoughts below.
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 India (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
🇮🇳 is bracing for widespread adoption of Central Bank Digital Currencies (CBDCs), facing both potential efficacy of economic transactions and critical human rights concerns.
✅ The Reserve Bank of India (RBI) initiated the pilot project for wholesale CBDC in October 2022, officially launching it on November 1, 2022.
✅ On December 1, 2022, the RBI piloted a retail CBDC, or "Digital Rupee," which amassed around 1,460,000 users and 310,000 merchants within a year, thereby entering the launch phase.
✅ Even before the first pilot, RBI was purportedly considering its cryptocurrency back in 2017.
✅ The journey of CBDC in 🇮🇳 started in 2021, with a bill proposed to ban cryptocurrency and introduce CBDC while upholding the value of CBDCs as non-anonymous transactions and potential for central bank monetary control.
✅ 🇮🇳's Finance Minister Nirmala Sitharaman opined in February 2022 that CBDC could possibly streamline and cheapen the currency management system.
✅ There were about 18,000 CBDC transactions daily in September 2023, with the hope of achieving 1,000,000 by year-end.
✅ However, attaining this goal posed challenges around scalability of technology and the capacities of banks.
✅ RBI looked at incorporating offline CBDC transactions and augmented programmability in 2024, taking into account that only half of 🇮🇳's population has internet access.
✅ RBI Governor Shri Shaktikanta Das stated in March 2024 that despite 4.3 million users and 4 million merchants, they are in no rush for a full-fledged launch to ensure safety, robustness, and integrity of the digital currency.
✅ There are overarching concerns regarding the use of CBDCs magnifying harassment of government critics by making it easier to freeze and seize the money of activists, political rivals, and protestors as it permits direct government control over citizens' finances.
#RBI #CBDC #BankingInnovation #IndiaFintech #HumanRights
🤔 How do you think the advent of CBDCs could revolutionize the banking system in India, given the potential advantages and risks, particularly around human rights and civil liberties? Share your thoughts below.
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 Philippines (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
🇵🇭Central Bank Pilots Digital Currency, raising concerns over potential misuse for political suppression and economic disadvantages, according to the Human Rights Foundation.
Paragraph Analysis:
✅ The Bangko Sentral ng Pilipinas initiates wholesale Central Bank Digital Currency pilot in 🇵🇭 2022 with a focus on payment system stability.
✅Governor Eli Remolona Jr. indicates that a wholesale CBDC is likely by 2026.
✅Governor Benjamin E. Diokno expressed cautious optimism in 2022 about the pilot CBDC project, but criticized that it wouldn't solve the issue of financial exclusion.
✅Post 2022's pilot conclusion, it was found that existing digital payment options were superior.
✅In 2023, another CBDC pilot names Project Agila was launched with several notable financial institutions participating.
✅In 2024, Governor Remolona announced the central bank won't follow block chain technology or retail CBDC citing other banks' failures.
✅🇵🇭 scored 58/100 in the 2023's "Freedom in the World" report by Freedom House, indicating possible misuse of CBDC for political suppression and corruption.
✅Concerns arise that CBDCs could be used to control citizen finances and contribute to corruption.
✅Various reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International and US Department of State reveal concerns over human rights and civil liberty violations in relation to CBDCs.
Hashtags:
#CentralBankDigitalCurrency #HumanRights #Freedom #Corruption #Politics #PilotProject #FinancialExclusion #DigitalCurrencyRisks
Question:
How can the development of Central Bank Digital Currencies work alongside protecting civil liberties and mitigating potential misuse? What safeguards would you propose to ensure that these new technologies promote financial inclusion and efficiency without infringing on human rights and freedom? Let's have a 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 India (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
🇮🇳's Central Bank has piloted a digital currency, accruing millions of users, but concerns around human rights abuses highlight potential misuse of this technology.
Topics:
✅ In 2022, 🇮🇳's central bank initiated a wholesale CBDC pilot, which eventually evolved into a retail version, the digital rupee, involving millions of merchants and users.
✅ The idea of developing a CBDC in 🇮🇳 dates back to 2017; however, substantial action first appeared in 2021 with proposals to ban cryptocurrencies while simultaneously launching a CBDC.
✅ The Reserve Bank of India claimed the value of CBDCs in promoting non-anonymous transactions and "helicopter money" in their October 2022 report.
✅ By December 2023, the bank met the target of 1,000,000 daily CBDC transactions, but sustained achievement of this goal remains unclear due to scalability issues.
✅ In 2024, the bank announced exploration of offline CBDC transactions given that only approximately half of 🇮🇳's population access the internet.
✅ Despite framing it as a pilot project, Reserve Bank of India governor acknowledged very high usage of CBDC (4.3 million users and 4 million merchants) in 2024.
✅ Concerns revolve around potential misuse of CBDCs to target political enemies, as the government has a record of harassing government critics and limiting dissent.
Hashtags:
#HumanRights #DigitalCurrency #IndiaCBDC #FinancialFreedom #GlobalEconomy #MonetaryPolicy
Question:
Considering the unique scope of CBDC implementation in India, how might its usage and access by the population influence its impact on civil liberties and financial independence, especially considering the government's history of curtailing freedoms?
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 Philippines (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
The Philippines🇵🇭 is heading towards launching a wholesale Central Bank Digital Currency (CBDC), amidst concerns surrounding financial exclusion and potential misuse for governmental control and corruption.
Paragraph Analysis:
1. ✅ In 2022, the Philippine's central bank (Bangko Sentral ng Pilipinas) launched a pilot phase of a wholesale CBDC, aiming for stability in the payment system.
2. ✅ The CBDC, under Project CBDCPh, is slated for possible issue by 2026, according to Governor Eli Remolona Jr in 2024.
3. ✅ Central Bank Governor Benjamin E. Diokno noted in 2022 that while the project is promising in promoting payment efficiency, it does not address the root causes of financial exclusion.
4. ✅ Project CBDCPh concluded in 2022 with Diokno stating that existing digital payment systems might be superior alternatives.
5. ✅ In 2023, a new CBDC pilot (Project Agila) was initiated, aided by International Monetary Fund and the Bank for International Settlements, with multiple cooperating financial institutions.
6. ✅ Governor Remolona Jr., in 2024, announced that the central bank will not pursue blockchain technology nor a retail CBDC, focusing only on a wholesale CBDC.
7. ✅ According to Deputy Governor Mamerto Tangonan, a wholesale CBDC pilot was expected to be completed by the end of 2024.
8. ✅ The human rights concerns related to CBDC revolve around the misuse of the digital currency to suppress opposition voices and encourage governmental corruption.
9. ✅ The centralization of financial control that a CBDC would bring could be used to undermine the opposition by freezing or seizing their funds easily.
10.✅ Pervasive corruption and lack of robust anti-corruption institutions could lead to abuse of CBDC for political gains and favoritism.
Hashtags:
#CentralBankDigitalCurrency #FinancialInclusion #HumanRights #DigitalCurrency #EconomicStability
Question:
Considering the potential for CBDCs to improve payment efficiency but also risks of governmental misuse and potential financial exclusion, how do you think the Philippines’ move towards a wholesale CBDC will impact the country's economic landscape and human rights scenario over the next decade?
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 India (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
Digital rupee takes flight, as 🇮🇳 builds extensive CBDC network amid human rights concerns.
✅ In October and November 2022, the Reserve Bank of India (RBI) initiated pilot projects for wholesale and retail Central Bank Digital Currencies dubbed as "Digital Rupee".
✅ RBI's pilot project gained considerable traction with the estimated user count and merchant participation soaring to millions by 2024.
✅ The development of CBDC in 🇮🇳 began as early as 2017 with the RBI issuing reports emphasizing the value of CBDC and even proposing a cryptocurrency ban in parallel to launching CBDC.
✅ Indian finance minister, Nirmala Sitharaman, highlighted in February 2022 the economic efficiency CBDC brings.
✅ The RBI reported around 18,000 CBDC transactions daily in September 2023, targeting to boost this to a million by year-end, and in December, this goal was hit.
✅ Despite technological and scalability issues, the RBI continued to improve the CBDC system, exploring offline transactions and enhanced programmability in 2024.
✅ The RBI governor, Shri Shaktikanta Das, assured in March 2024 that they are not rushing the CBDC launch given the importance of the "safety, robustness, and integrity" of the digital currency.
✅ The CBDC initiative in 🇮🇳, however, raises concerns regarding human rights and civil liberties, with reports from Amnesty International and Freedom House indicating potential misuse of the CBDC to target and harass political opponents.
#CBDC #ReserveBankOfIndia #CentralBankDigitalCurrency #HumanRights #CivilLiberties #DigitalRupee
Curious to know how does the potential misuse of CBDC to stifle political dissent and violate human rights influence your opinion of such engagements? Will it change the way you interact with CBDCs or just part of the complex world of digital currencies?
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 Philippines (09-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
The Philippines' central bank, Bangko Sentral ng Pilipinas, is pursuing the development of a wholesale Central Bank Digital Currency (CBDC), despite concerns over financial exclusion, legislative challenges, and the impact of government corruption on the future use of the digital currency.
Analyzing the TEXT:
✅ In 2022, The 🇵🇭 is in the pilot phase for a wholesale CBDC, known as Project CBDCPh, aimed at promoting the stability of the nation's payment system.
✅ The governor of Bangko Sentral ng Pilipinas, Eli Remolona Jr. envisages a wholesale CBDC by 2026, despite indicating there's no pressing necessity for it.
✅ Governor Benjamin E. Diokno, in 2022, voiced both optimism and concern regarding the CBDC, recognizing its potential to improve payment efficiency but questioning its effectiveness in addressing financial exclusion.
✅ A new pilot CBDC, Project Agila, was initiated in 2023 with the support of International Monetary Fund and the Bank for International Settlements, involving 10 financial institutions within an experimental environment.
✅ By 2024, the focus was shifted entirely onto wholesale CBDC, excluding retail CBDC from the central bank's agenda.
✅ Concerns arise from the potential misuse of CBDCs to suppress opposition and exacerbate corruption amid already low freedom scores by Freedom House and reported harassment against journalists.
✅ CBDCs may increase the ease for governments to control citizens' finances directly and use the system for political gain amidst prevailing corruption.
Relevant Hashtags:
#CBDC #CentralBanking #PhilippinesCBDC #FinancialInclusion #GovernmentCorruption #FreedomHouse
Thought-provoking Question:
Considering the potential misuse of CBDCs for suppressing opposition and encouraging corruption, how can the design and application of CBDCs be safeguarded to protect individual liberties and prohibit their misuse?
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
