⚠️ HRF CBDC ⛓️🪙 alert from HRF for Palau (18-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 12.35%
One-Sentence Summary:
Palau's quasi-CBDC stablecoin, backed by the U.S. dollar and developed with Ripple, initiates its pilot phase amidst potential financial privacy and freedom concerns.
✅ The Government of 🇵🇼 is working on a quasi-CBDC with Ripple, designing a government-backed stablecoin pegged to the U.S. dollar.
✅ This unique design breaks away from traditional CBDC models but brings similar risks, as the government maintains ultimate control.
✅ In 2021, Ripple collaborated with 🇵🇼 to explore the nation's first national digital currency utilizing the XRP Ledger with an initial focus on cross-border payments and a dollar-backed digital coin.
✅ Ministry of Finance set a strategic design in 2022 intending to launch a pilot by December, which experienced delays in order to onboard volunteers and prepare communication strategies.
✅ Ripple, in 2023, confirmed a three-month-long pilot launch for a government-provided stablecoin backed by U.S. dollar.
✅ This pilot, supervised by the Ministry of Finance, engaged 200 government employees and allocated them a sum of $20,000 for transactions at selected retailers under the presidency of Surangel S. Whipps Jr.
✅ Updates regarding active web app, Android wallets, and subsequent freezing of the stablecoin for a comprehensive use review were made by Ministry of Finance member Jay Hunter Anson throughout the year.
Despite 🇵🇼's high ranking in various metrics, the issuance of a CBDC could risk financial privacy and freedom.
#FinancialPrivacy #CBDCs #HumanRights #GlobalEconomy #CentralBanks
What do you think about the potential impacts to financial privacy and freedom as more countries develop their CBDCs? How might these digital currencies reshape the global economy, particularly in smaller nations like 🇵🇼?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Hong Kong (19-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 1.88%
One-Sentence Summary:
The Hong Kong Monetary Authority 🇭🇰 is in the advanced stages of a Central Bank Digital Currency (CBDC) piloting program, amidst concerns of potential abuse for control and crackdown against opposition voices.
- ✅ The 🇭🇰 Hong Kong Monetary Authority has been working on proofs-of-concept and pilot projects for CBDCs from as far back as 2017.
- ✅ In 2019, a joint prototype CBDC was developed in collaboration with the Bank of Thailand.
- ✅ A detailed whitepaper outlining possible technical considerations for a retail CBDC was published in 2021.
- ✅ 🇭🇰 Launches the "Rail 2 - e-HKD" pilot program in November 2022, which attracted diverse firms like Ripple, Visa and Alipay to test various CBDC designs.
- ✅ Despite the successful completion of the first CBDC pilot phase in October 2023, a definitive decision to launch a CBDC has not been made.
- ✅ The 🇭🇰 Monetary Authority forges ahead into the second phase of their CBDC pilot in 2024, even as human rights concerns are raised.
- ✅ Amnesty International's report highlights that the Chinese Government could possibly leverage CBDCs to undermine opposition by controlling citizens' finances.
#HumanRightsFoundation #CBDC #HongKongMonetaryAuthority #AmnestyInternational
In light of the potential for manipulation, what do you think can be done to prevent governments from using CBDCs as tools to infringe individual freedoms?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Israel (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.39%
One-Sentence Summary:
In 🇮🇱 Israel’s journey towards a Central Bank Digital Currency, human rights and civil liberties concerns arise as it explores the potential of a Digital Shekel.
✅ In 2022, the 🏦 Bank of Israel initiated tests to potentially launch a Central Bank Digital Currency (CBDC), known as the Digital Shekel.
✅ In 2017, a 10-person team from the 🏦 Bank of Israel studied CBDCs and reported mixed results a year later.
✅ In 2021, the 🏦 Bank of Israel released a report outlining goals for a potential CBDC to support government policy, combat money laundering, update infrastructure, ensure stability, and improve cross-border payments.
✅ The 🏦 Bank of Israel conducted technological experiments on the potential CBDC in 2022.
✅ A year later in 2023, an “action plan” was published, citing decreasing cash use and increasing cryptocurrency usage as reasons for a possible CBDC, despite not having made a decision yet.
✅ The bank introduced an intermediated CBDC system in 2024, supporting instant payments, offline capabilities, interest payments, and balance restrictions.
✅ 🇮🇱 Israel scored 77 out of 100 in the 2023 Freedom in the World report, raising concerns related to the CBDC’s impact on Palestinian citizens and the existing government corruption.
✅ Amnesty International report portrays an inhuman regime against the Palestinian people, raising concerns on how a CBDC could amplify hostile treatment through individual tracking and programmable restrictions.
✅ With prevalent government corruption, the credibility of any promises to limit surveillance and control risks of CBDCs is compromised.
#BankOfIsrael #DigitalShekel #HumanRights #FreedomInWorld #GovernmentCorruption #CentralBankDigitalCurrency
Engaging the community ➡️ How can digital currencies balance progress and innovation without compromising the basic rights and freedom of the people? Let's discuss below! 👇
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Palau (18-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 12.35%
One-Sentence Summary:
The Republic of Palau is testing a Ripple-backed, US-dollar stablecoin as a quasi-Central Bank Digital Currency (CBDC), as it undergoes pilot programs aimed at digitizing its currency and improving the economy.
✅ Republic of 🌴Palau is piloting a quasi-CBDC managed by Ripple, a unique government-provided U.S dollar-backed stablecoin.
✅ Ripple announced their partnership with 🌴Palau in 2021.
✅ The Ministry of Finance in 🌴Palau had planned to launch the pilot phase by the end of 2022 but was delayed to prepare for strategic communication and onboarding volunteer enlistment.
✅ A three-month pilot was launched by Ripple in 2023, testing the dollar-backed stablecoin under 🌴Palau's Ministry of Finance. 200 government employees partook in the pilot.
✅ Jay Hunter Anson of the 🌴Palau Ministry of Finance provided several crucial updates about the program via social media.
✅ Despite high ranking in various metrics, concerns persist in 🌴Palau regarding possible risks to financial privacy and freedom due to the potential implications of a full-fledged CBDC.
#HumanRights #CentralBankDigitalCurrency #CBDC #Ripple #Palau #FinancialPrivacy #Freedom
Can the development of a CBDC truly help an economy like 🌴Palau's prosper while still respecting individual financial privacy and freedom? What measures need to be put in place to ensure these standards are met as they move closer to digitizing their currency?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Nigeria (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2021-09-30
CBDC Model: Retail
CBDC Issued: ¤12,903,226
Inflation Rate: 18.85%
One-Sentence Summary:
Despite attempts to encourage usage, Nigeria's CBDC, the eNaira, has faltered in adoption rates leading to civil unrest, amid concerns over corruption and oppression.
✅ 🇳🇬 launched its CBDC, the eNaira, in 2021. Interface through the eNaira Speed Wallet app and transactions are made using a platform by Bitt Inc. on a Hyperledger Fabric ledger.
✅ Users are limited in daily transactions and balances based on supplied personal information. After giving a phone number, users can open a wallet but cannot spend more than $26 a day or own more than $156 in total.
✅ Despite efforts in 2022 to lift restrictions and provide discounts for CBDC use, adoption remained at just 0.5 percent leading the central bank deputy governor to suggest government intervention.
✅ By December 2022, a government-created cash shortage led to protests, but the central bank governor remains firm on achieving a completely cashless economy, despite reports that 98.5% of eNaira wallets remained unused.
✅ In 2023, the Central Bank of Nigeria sought new technology partners for CBDC improvement and later announced changes to the CBDC, such as offering contactless payments. By 2024, Gluwa partnered with the bank to aid in eNaira's adoption.
✅ Freedom House scored Nigeria 43 out of 100 in their 2023 Freedom in the World report, citing concerns over corruption and oppression, crucial factors considering the government's push for a cashless economy using CBDC.
✅ The pervasive corruption in Nigeria sets uncertainty over CBDC policies and the potential misuse for political favoritism.
✅ Reports by Amnesty International indicate the government historically quashes dissent, raising fears that a CBDC might be used to control citizens' finances.
#CBDCFailure #Nigeria #HumanRightsViolation #CashlessEconomy
End Thought:
Could the failure of Nigeria's eNaira be a valuable cautionary tale for nations currently adopting or considering the adoption of their own CBDCs? Why or why not?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Israel (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.39%
One-Sentence Summary:
🇮🇱 is laying groundwork for the development of Central Bank Digital Currencies, amid concerns over the impact on civil liberties and human rights issues.
✅ In 2022, the Bank of Israel initiated theoretical and practical experiments for a potential CBDC, the Digital Shekel.
✅ Back in 2017, a 10-person team from the Bank of Israel began exploring CBDCs, concluding a year later that further monitoring of developments was needed before creating an e-shekel.
✅ In 2021, the Bank of Israel's report further analysed the potential benefits of CBDC, such as reducing cash usage and improving cross-border payments.
✅ Technological experiments, particularly around distributed ledger technology, were conducted by the Bank of Israel in 2022.
✅ Despite no official decision being made, an "action plan" for possible CBDC issuance was revealed by the Bank of Israel in 2023, citing declining cash use and increasing cryptocurrency usage as driving factors.
✅ The Bank of Israel proposed an intermediated CBDC system in 2024, focusing on features such as instant payments and controlled account balances.
✅ Freedom House's 2023 report gave Israel a score of 77/100, indicating potential human rights-related issues around CBDC use.
✅ Amnesty International reported Israel's oppressive and domineering regimes against Palestinians, which a CBDC might worsen by facilitating easier identification and movement tracking.
✅ The prevalent government corruption in Israel raises concerns around misuse of CBDCs, and whether they might enable more corruption, surveillance, and control.
#CentralBanks #DigitalCurrency #HumanRights #Israel #FinancialFreedom
How do you feel about the potential introduction of a CBDC in 🇮🇱? Considering the current human rights situation and the existing level of government corruption, could CBDCs be a tool for monetary domination or instead foster a positive evolution for the finance sector? What safeguards would need to be in place to ensure ethical use?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Nigeria (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2021-09-30
CBDC Model: Retail
CBDC Issued: ¤12,903,226
Inflation Rate: 18.85%
One-Sentence Summary:
Nigeria's implementation of a Central Bank Digital Currency (CBDC) has raised human rights and economic adoption concerns.
✅ 🇳🇬 launched its CBDC, eNaira, in 2021 through the eNaira Speed Wallet mobile app.
✅ Transaction is via a platform developed by Bitt Inc. with Hyperledger Fabric as the underlying ledger.
✅ Citizens' transaction and balance limits depend on the personal information they are willing to provide.
✅ The eNaira's adoption rate only reached 0.5% by 2022, despite government efforts to enhance usage.
✅ Deputy governor Kingsley Obiora suggested the eNaira needed a "little push" from the government to boost adoption.
✅ In December 2022, the 🇳🇬 government's decision to create a cash shortage resulted in protests and demands for cash restoration.
✅ Despite a rise in adoption from 0.5% to 6%, the International Monetary Fund reported that 98.5% of issued wallets remained unused in 2023.
✅ In 2023, 🇳🇬's Central Bank sought tech partners to revamp the eNaira and later announced upgrades, including contactless payments.
✅ Gluwa signed a MoU with Central Bank of 🇳🇬 in 2024 to help increase eNaira adoption.
✅ Human rights concerns and corruption issues escalate as it appears the government forced citizens to adopt eNaira by creating a cash shortage.
✅ Freedom House expressed concerns about potential political favoritism through CBDC policies due to prevalent corruption in 🇳🇬.
#CBDCs #Nigeria #HumanRights #DigitalCurrency #eNaira #CentralBanks
How can the implementation of CBDCs balance technological innovation while respecting civil liberties and human rights, particularly in nations grappling with corruption and oppression? Share your thoughts on this complex issue.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Israel (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.39%
One-Sentence Summary:
Despite human rights and civil liberties concerns, 🇮🇱 Israel's Bank continues to explore and detail plans for a Central Bank Digital Currency (CBDC), or 'Digital Shekel.'
Content:
✅ In 2017, the Bank of Israel formed a team to explore the potential of a CBDC but didn't support an immediate launch.
✅ A 2021 report indicated a shift, as the bank explored aims for a CBDC including replacing cash in shadow economies and improving cross-border transactions.
✅ The Bank of Israel tested distributed ledger technology in 2022 to assess its applicability for a CBDC, but more research was deemed necessary.
✅ In 2023, detailed plans were released about a potential CBDC launch; increasing cryptocurrency usage and declining cash use were cited as reasons.
✅ By 2024, the bank proposed an intermediated CBDC offering instant payments, offline capabilities, and account balance limits.
✅ Palestine's treatment and governmental corruption raise concerns about a CBDC in Israel, with fears the digital currency could exacerbate these issues.
Hashtags:
#HumanRights #CBDCs #BankOfIsrael #Economics #DigitalShekel #FreedomInFinance
Question:
With the ongoing exploration of a CBDC in Israel, how can we ensure that the digital currency implementation respects human rights and doesn't escalate current issues of corruption and systemic oppression?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Nigeria (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2021-09-30
CBDC Model: Retail
CBDC Issued: ¤12,903,226
Inflation Rate: 18.85%
One-Sentence Summary:
Despite desperate measures by the 🇳🇬 government to force adoption, the Central Bank Digital Currency (CBDC) largely flops, raising civil liberties concerns.
✅ The Central Bank of 🇳🇬 launched its CBDC, the eNaira, in 2021, but it hasn't gained much traction.
✅ The eNaira is an intermediated CBDC accessed mainly via a mobile app, with transactions executed using a software platform from Bitt Inc., relying on Hyperledger Fabric.
✅ Balances and transactions are limited based on the amount of personal information users provide.
✅ Adoption rates remained remarkably low (0.5%) in 2022, despite government efforts to encourage use.
✅ A government-induced cash shortage in late 2022 saw adoption rates rise to 6%, but was met with public outrage.
✅ The International Monetary Fund revealed that most wallets created for eNaira were not utilized, casting further shadow on its "success".
✅ In 2023, 🇳🇬’s central bank discussed new technology partnerships to bolster the CBDC's efficiency - Gluwa reportedly sealed the deal in 2024.
✅ The eNaira has raised human rights and civil liberties concerns, given 🇳🇬's inefficacies in handling corruption and oppression.
✅ These issues cast doubts on the government's ability to limit surveillance, control, or risks associated with CBDCs and misuse it to suppress dissent.
✅ Reports highlighting human rights abuses and civil liberties violations by various organisations are available for more detailed insights.
#CBDC #Nigeria #HumanRights #Freedom #CivilLiberties
How can we ensure accountability and protection of civil rights in the development and deployment of Central Bank Digital Currencies, like eNaira, particularly in countries dealing with governance issues?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Israel (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.39%
One-Sentence Summary:
🇮🇱Israel's Central Bank is rigorously examining the potential use of Central Bank Digital Currencies (CBDCs), amidst concerns of misuse and violation of human rights.
✅ In 2022, Bank of Israel embarked on both theoretical analysis and practical trials to explore the possibility of launching a Digital Shekel.
✅ In 2017, Israel formed a team to investigate CBDCs, which concluded in 2018 that the issuance of a CBDC wouldn't be viable in the near future, but advised to keep tracking CBDC developments.
✅ A 2021 report by the Bank of Israel discussed the goals of a potential CBDC, such as fighting the shadow economy, establish anti-money laundering compliance, revamp payment infrastructure, ensure stability, and enhance cross-border transactions.
✅ A year later, the Bank began technological experiments primarily focused on testing the applicability of distributed ledger technology, though more research was deemed necessary.
✅ In 2023, the Central Bank released an action plan for potentially issuing CBDC, driven by factors like declining cash use and increasing cryptocurrency use.
✅ A report in 2024 discussed the architecture of the potential CBDC system, suggesting it would provide instant payments, offline capabilities, interest payments, and account balance restrictions.
✅ Israel earned a score of 77 out of 100 in Freedom House's 2023 index, with CBDC-related concerns being the treatment of Palestinian citizens and widespread corruption.
✅ Amnesty International raises alarm on the potential misuse of CBDCs to intensify suppression of Palestinian people, besides further empowering a corrupt government.
#IsraelsCBDCs #HumanRightsConcerns #FreedomofTransaction #DigitalShekel #GovernmentCorruption #BankofIsrael #CBDCdevelopment
Are you concerned about the potential misuse of Central Bank Digital Currencies as tools for amplifying institutionalized dominance and compromise of privacy? Share your thoughts!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Nigeria (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2021-09-30
CBDC Model: Retail
CBDC Issued: ¤12,903,226
Inflation Rate: 18.85%
One-sentence summary
Despite the Nigerian government's efforts to encourage its digital currency eNaira adoption, persistent corruption, civil liberties issues and lack of public trust keep hampering its success.
Topics
✅In 2021, the Central Bank of 🇳🇬 launched the eNaira CBDC, but two years in, little adoption has been noted.
✅Use of eNaira involves banks and financial institutions as intermediaries, and transactions are performed through a mobile app.
✅Adoption of eNaira in 2022 was only at 0.5 percent despite efforts from the 🇳🇬 government to encourage use.
✅The 💰 shortage created by the Government in Dec 2022 led to protests, however, the Central Bank governor still envisions a completely cashless economy.
✅Despite the claim of successful adoption jump from 0.5 percent to 6 percent, the International Monetary Fund reported that 98.5 percent of the issued wallets remain unused.
✅In 2024, a Memorandum of Understanding (MoU) was signed with Gluwa to drive adoption of eNaira.
✅There are crucial human rights and civil liberties concerns surrounding the use of CBDC with issues like corruption, oppression and silencing dissent coming to light.
Hashtags
#CBDCs #Nigeria #eNaira #CashlessSociety #HumanRights
Question
With all the facts on the table, do you believe the Nigerian government's persistent push for the adoption of the eNaira is justified, or should they address the underlying issues of corruption and civil liberties first? What are your thoughts on how digital currencies can coexist with traditional cash in societies experiencing similar difficulties?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Israel (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.39%
One-Sentence Summary:
In a roller-coaster journey, the Bank of Israel is mulling over the potential launch of the Central Bank Digital Currency (CBDC), the Digital Shekel, despite concerns related to civil liberties and human rights violations.
- ✅ In 2022, the Bank of 🇮🇱 embarked on a journey of "both theoretical analysis and practical experiments" to explore the prospects of a CBDC, or the Digital Shekel.
- ✅ Looking back at 2017, a diligent 10-person team was formed by the Bank of 🇮🇱 to study CBDCs, eventually expressing the need to revisit the concept in the future but refraining from immediate implementation.
- ✅ By 2021, in an effort to grasp the potential ramifications of CBDCs better, the Bank of 🇮🇱 highlighted their goals if such a digital currency was adopted: Mitigate the use of untraceable cash in shadow economies, reinforce anti-money laundering legislations, and promote effective cross-border transactions.
- ✅ In 2022, the Bank of 🇮🇱 was engrossed in technological experiments focussed on the viability of distributed ledger technology, leading to the recognition of the need for more in-depth research.
- ✅ Presenting an "action plan" for CBDCs in 2023, even though the final decision is yet to be made, the Bank of 🇮🇱 cited reducing physical cash use and increasing use of cryptocurrencies as potential reasons for the move.
- ✅ In 2024, a reported suggestion by the Bank of 🇮🇱 proposed a CBDC system architecture whereby the central bank would introduce instant payments, offline capabilities, interest payments, and restrictions on account balances.
- ✅ On the flip side, 🇮🇱's 77/100 score in the 2023 Freedom House’s Freedom in the World report raises valid concerns relating CBDCs to the treatment of Palestinian citizens and government corruption.
- ✅ As per Amnesty International, the potential misuse of CBDCs by the Israeli government against the segregated and oppressed Palestinian people through tracking individuals and confining currency uses calls for alarm.
-✅ Frequent high-level corruption scandals within 🇮🇱's government is yet another major wrinkle in the CBDC plan as it introduces skepticism regarding government promises on surveillance and control limit, with worries about political favoritism through subsidies and targeted restrictions.
#HumanRights #CivilLiberties #CBDCs #Israel #Finance
What are your thoughts on balancing the CBDC exploration in Israel while addressing these significant human rights and corruption concerns? Could a truly decentralized digital currency be a more equitable solution? Let's discuss!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Nigeria (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2021-09-30
CBDC Model: Retail
CBDC Issued: ¤12,903,226
Inflation Rate: 18.85%
One-Sentence Summary:
#Nigeria's Central Bank Digital Currency, the eNaira, fails to gain momentum amid pushback from citizens and potential human rights implications.
✅ Nigeria 🇳🇬 launched its Central Bank Digital Currency, the eNaira, in 2021 but has seen insignificant adoption.
✅ The eNaira, bridged by financial institutions and managed through a mobile app, hasn't found success due to limits on transactions and balances.
✅ By 2022, the eNaira only had a 0.5% adoption rate despite government efforts to simplify its use and offering discounts for its use.
✅ The Nigerian government created a cash shortage to enforce eNaira use, sparking protests, despite this, central bank governor Godwin Emefiele aims for Nigeria to become a 100% cashless economy.
✅ Yet, 98.5% of issued eNaira wallets remain unused according to a report from the International Monetary Fund in May 2023.
✅ In 2023, the Central Bank of Nigeria began seeking new technology partners to improve its CBDC, aiming to offer contactless payments, and in 2024 welcomed Gluwa to aid in eNaira adoption.
✅ However, Nigeria's struggles with corruption and its oppression of civil liberties, particularly silencing dissent, raise alarm bells over the governmental abuse of the CBDC.
#HumanRightsUpdate #CBDC #Nigeria #Naira #DigitalCurrency #GovernmentDigitalCurrency
What are your thoughts? Could the failure of the eNaira in Nigeria be a wake-up call about the potential pitfalls of Central Bank Digital Currencies, particularly in nations struggling with corruption and civil liberties? Let's discuss this crucial issue - Do civil liberties and financial freedom take a hit with CBDCs?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Israel (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.39%
One-Sentence Summary:
🇮🇱 is moving forward with Central Bank Digital Currencies development, but potential human rights and civil liberties concerns raise questions about its implementation.
✅ 🇮🇱's Bank of Israel started investigating Central Bank Digital Currencies (CBDCs) in 2017, but initially diSplayed a lack of vision and ultimate decision resulted in waiting for further CBDC development.
✅ A 2021 report detailed the goals of a potential CBDC in 🇮🇱, mainly to reduce the use of cash in the shadow economy, establish anti-money laundering compliance, and improve the payments infrastructure.
✅ In 2022, the Bank of Israel started experimental tests focused on the applicability of distributed ledger technology.
✅ 2023 saw the Bank of Israel releasing an 'action plan' for potential CBDC issuance despite no firm decision on its implementation, spurred by the decline in cash usage and increase in cryptocurrency use.
✅ The Bank of Israel offered more clarity on the proposed structure of their CBDC by 2024 through a report suggesting an intermediated system with features like instant payments and offline capabilities.
✅ 🇮🇱 has potential human rights and civil liberties concerns, with treatment of Palestinian citizens and government corruption posing potential risks in implementing a CBDC.
✅ Amnesty International highlights the oppressive regime against Palestinians in 🇮🇱, and the fear that a CBDC could exacerbate such treatment by tracking and restricting individuals.
✅ Pervasive corruption in 🇮🇱 adds to the concerns about the implementation of a CBDC and the potential manipulation through political favoritism, subsidies, or price controls.
#Israel #CBDCs #HumanRights #CivilLiberties #BankOfIsrael #PalestinianRights #GovernmentCorruption #DigitalCurrency #FinancialInclusion
Given the potential human rights and civil liberties concerns surrounding 🇮🇱's development of a CBDC, as a bitcoin enthusiast or freedom advocate, how do you see the balance of progressing financial inclusion via the benefits of CBDCs while ensuring the protection of people's rights and preventing misuse by the government?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Nigeria (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2021-09-30
CBDC Model: Retail
CBDC Issued: ¤12,903,226
Inflation Rate: 18.85%
One-Sentence Summary:
🇳🇬's Central Bank Digital Currency, the eNaira, faces adoption hurdles amid civil liberties and human rights concerns.
✅ In 2021, the Central Bank of 🇳🇬 launched the eNaira, a form of Central Bank Digital Currency (CBDC).
✅ Access to the eNaira is primarily through the eNaira Speed Wallet mobile app, with transactions taking place using an underlying software platform by Bitt Inc.
✅ Citizens are required to share personal information to access higher transaction limits for the CBDC.
✅ By 2022, the CBDC only had a 0.5% adoption rate despite efforts from the government to encourage usage.
✅ The Central Bank of 🇳🇬 created a cash shortage to propel CBDC adoption, resulting in widespread protests.
✅ Despite low adoption rate, the Central Bank governor declared the CBDC approach a success.
✅ In 2023, the Central Bank of 🇳🇬 was seeking new technology partners to enhance the CBDC, but with no plans to replace existing partners.
✅ In 2024, Gluwa signs a partnership agreement with the Central Bank of 🇳🇬 to drive the adoption of eNaira.
✅ Human rights concerns and issues such as corruption could pose a challenge to the CBDC's adoption.
Hashtags:
#CBDCs #Nigeria #HumanRights #FinancialInclusion #eNaira #DigitalCurrency
Question:
In light of the adoption challenges faced by the eNaira and the implicated human rights concerns, how can Central Bank Digital Currencies be designed and implemented in a manner that promotes financial inclusion while protecting civil liberties and individual privacy? We welcome your thoughts and suggestions.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Israel (15-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.39%
One-Sentence Summary:
Israel's 🇮🇱 ongoing development of a Central Bank Digital Currency (CBDC) triggers civil liberties and human rights concerns amidst governmental corruption issues and treatment of Palestinian citizens.
✅ 🇮🇱 is in the "pilot phase" of introducing a CBDC, known as Digital Shekel, as announced by the Bank of Israel in 2022.
✅ The Bank of Israel formed a team in 2017 to research CBDCs and concluded that no issuance should be made in the near future, but recommended continued monitoring of CBDC developments.
✅ In 2021, The Bank of Israel expressed goals to reduce cash use in the economy, establish anti-money laundering compliance, enhance payment infrastructure, ensure stability and improve cross-border payments through the potential CBDC.
✅ 2022 witnessed the Bank of Israel's technological experiments to test the application of distributed ledger technology for CBDCs, with their report signifying a need for more research.
✅ In 2023, an "action plan" for potential issuance of a CBDC was laid out in Israel despite no final decision being made, attributing declining cash use and increasing cryptocurrency use as reasoning.
✅ The Bank of Israel provided a glimpse into the architecture of the potential CBDC system in 2024, which would offer instant payments, offline capabilities, interest payments and balance restrictions.
✅ Human rights and civil liberty issues arise in relation to the proposed CBDC, due to Israel's treatment of Palestinian citizens and frequent government corruption scandals.
✅ Amnesty International highlights concerns about intensified segregation and repression of Palestinians with the introduction of CBDCs as it could enable tracking and programmable restrictions.
✅ The persistent corruption issues in government sectors pose grave concerns on the limit of CBDCs surveillance, control and risks, as well as possible political favoritism through various regulations.
#Israel #DigitalShekel #BankOfIsrael #CBDCDevelopment #HumanRights #CivilLiberty #GovernmentCorruption #PalestinianTreatment
Could the implementation of a CBDC in Israel, considering its existing political and social tension, fuel more inequality, or could it be a tool for economic empowerment if managed properly? Let's hear your thoughts!
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⚠️ 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 journey sparks human rights and civil liberties concerns amid significant growth and adoption.
Content:
✅ In October 2022, 🇮🇳 India's Reserve Bank initiated a pilot project for a wholesale Central Bank Digital Currency (CBDC), known as the digital rupee.
✅ By December 1 2022, the pilot project expanded to include 13 banks in 26 cities and test a retail CBDC.
✅ In 2023, the pilot saw participation from around 1.46 million users and 310,000 merchants.
✅ Throughout 2024, 🇮🇳 India's CBDC experienced a significant rise in users, reaching 4.3 million users and 4 million merchants, representing approximately 10% of the population.
✅ The Reserve Bank of India began considering a CBDC as early as 2017.
✅ In 2021, the central bank issued a report supporting CBDCs for transaction monitoring and promoting non-anonymity, prompting proposal for a bill to ban cryptocurrency and launch a CBDC.
✅ Indian Finance Minister Nirmala Sitharaman had noted in February 2022 that a CBDC would lead to an efficient and affordable currency management system.
✅ The bank had set a target of 1 million transactions per day by the end of 2023, which was achieved in December of that year.
✅ However, the achievement presented scalability concerns and technological issues.
✅ In a move to increase reliability and accessibility, the Reserve Bank of India in 2024 announced plans for offline CBDC transactions considering that only about half of the Indian population had internet access.
✅ Despite the CBDC being labeled as a pilot, the Reserve Bank of India acknowledged the significant usage, with a user base as high as 4.3 million.
✅ The Reserve Bank of India, under Governor Shri Shaktikanta Das, is in no hurry to launch the digital currency, prioritizing safety, robustness, and integrity.
✅ Freedom House raised concerns about the treatment of human rights and civil liberties in 🇮🇳 India in 2023.
✅ A major concern linked to CBDC is its potential use to target political opponents, freeze and seize money of activists, political rivals, and protestors.
Hashtags:
#HumanRights #CBDC #FinancialInclusion #DigitalRupee #India
Thought-provoking question:
How can the development of a Central Bank Digital Currency be balanced with the protection of human rights and civil liberties, particularly in societies where these are already undermined? How might blockchain technology be used to ensure transparency and accountability in the CBDC model? Discuss your ideas below.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-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 Human Rights Foundation reveals concerns over Central Bank Digital Currencies (CBDCs) development amidst corruption and freedom restriction in the 🇵🇭Philippines, based on the events unfolded from 2022 to 2024.
✅ In 2022, 🇵🇭Philippines central bank, Bangko Sentral ng Pilipinas, launched a pilot for a wholesale CBDC aiming to bolster the stability of the country's payment system, with further plans to issue a fully-fledged wholesale CBDC by 2026.
✅ Despite the initial enthusiasm of former governor Benjamin E. Diokno in 2022, he noted CBDCs don't address financial exclusion's root causes and may require additional legislation for a retail CBDC, reflecting on available digital payment systems as favorable options.
✅ Project Agila, a second CBDC pilot using Hyperledger Fabric was announced in 2023 with cooperation from several local and international banks, in addition to collaboration from the International Monetary Fund and the Bank for International Settlements.
✅ By 2024, the central bank under governor Eli Remolona Jr., decided to forego blockchain technology for its CBDC and to focus solely on wholesale CBDC, with a completion date set for the end of the year involving six financial institutions.
✅ However, the 🇵🇭Philippines' Freedom in the World score by Freedom House in 2023 was a concerningly low 58 out of 100, indicating issues with restrictions on opposition and persistent government corruption which a CBDC might exacerbate.
✅ Wider implications of a CBDC could be negative, such as enabling the government to freeze and seize activists' money more easily and potentially allowing corruption to influence CBDC policies unfairly.
#HumanRights #FinancialInclusion #FreedomOfSpeech #CBDCs #GovernmentCorruption
As we've seen with the unfolding developments of CBDCs in the 🇵🇭Philippines, do you think the advantages of introducing a CBDC outweigh the potential risks in countries with persistent issues of corruption and restricted freedoms?
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⚠️ 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 Central Bank Digital Currency (CBDC) Roll-Out Amid Human Rights Concerns.
✅ The Reserve Bank of India first piloted a wholesale CBDC in October 2022 before expanding the operation in December 2022 to also include a retail CBDC, which now features over 4.3 million users and 4 million merchants.
✅ Initial discussions for the creation of Indian’s own cryptocurrency by the Reserve Bank surfaced in 2017, and subsequent proposals in 2021 included the launch of a CBDC alongside a cryptocurrency ban.
✅ Finance Minister Nirmala Sitharaman argued for the efficiency of a CBDC in February 2022, followed by legislation to expand the Reserve Bank of India’s authority to issue a CBDC.
✅ The Reserve Bank of India saw growth during their retail CBDC pilot, hitting 1,000,000 transactions daily by end of 2023, despite reported scalability issues.
✅ Offline CBDC transactions and enhanced programmability were looked into by the Reserve Bank in 2024 in response to roughly 50% of 🇮🇳 lacking internet access.
✅ Reserve Bank of India Governor Shri Shaktikanta Das indicated in March 2024 that the full launch of the retail digital currency was unhurried, with the existing high number of users serving as a pilot project.
✅ Amidst the launch of the CBDC, concerns rose about potential government abuses of power and harassment against political adversaries.
#India #DigitalCurrency #CentralBank #HumanRights #CivilLiberties
How will the implementation and development of CBDCs possibly affect human rights and political discourse in India, considering fears around potential government overreach and control? What safeguards could be put in place to protect individual financial freedoms while pursuing the benefits of digital currencies?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-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 Human Rights Foundation warns about the potential misuse of Central Bank Digital Currencies (CBDCs) for corruption and control, as the 🇵🇭 Philippines gears up to launch a wholesale CBDC by 2026, eschewing the idea of a retail CBDC.
✅ The Bangko Sentral ng Pilipinas kick-started a pilot phase in 2022 for a wholesale CBDC, dubbed Project CBDCPh, focusing on the stability of the country's payment system, with an aim to issue it by 2026.
✅ The then governor Benjamin E. Diokno expressed optimism in 2022, but also highlighted the unaddressed issues of financial exclusion, while also implying the need for legislation for a retail CBDC.
✅ In 2023, a new CBDC pilot Project Agila was announced, again focusing on improved payments efficiency and stability, backed by multiple financial institutions and supported by the International Monetary Fund and the Bank for International Settlements.
✅ By 2024, the central bank decided against using blockchain technology and also against pursuing a retail CBDC—instead, it pivoted its attention entirely to a wholesale CBDC with a pilot to conclude by the end of the year.
✅ Given the 🇵🇭 Philippines' ranking of 58 out of 100 in Freedom House’s 2023 Freedom in the World report, concerns arise about government corruption and limits on free speech, which could worsen with the advent of a CBDC.
✅ The control that a CBDC provides could facilitate financial clamping down on activists, political rivals, and protestors, giving the government a new, robust tool for suppression.
✅ Corruption and political favoritism are potential risks with CBDCs, creating doubts around promises to limit surveillance and control, and the political biases that may color CBDC policies.
#HumanRights #FinancialInclusion #DigitalCurrency #PrivacyRights #Philippines #Freedom
How can we ensure that the development of CBDCs does not undermine human rights and individual financial freedoms, especially in nations with persistent governmental corruption? Let's hear your thoughts and ideas.
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