⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 6.59%
One-Sentence Summary:
Despite continuing development of Central Bank Digital Currencies (CBDCs) in Australia 🇦🇺, concerns regarding potential misuse for mass surveillance, financial control, and imposition of negative interest rates persist, potentially impacting citizens' human rights and freedoms.
List of Topics:
✅ Australia's Reserve Bank 🇦🇺 is deep into the development and pilot phases of CBDCs with several instances started between 2021 and 2023.
✅ Despite these developments, a CBDC in Australia 🇦🇺 is noted by the Reserve Bank as being "some years away" due to numerous unresolved issues.
✅ Among these concerns is the potential use of a CBDC for mass financial surveillance and imposing financial controls, causing unrest among citizens.
✅ The Reserve Bank's governor Michele Bullock voiced scepticism over retail CBDCs, hinting future experiments will target wholesale CBDCs.
✅ Australia's 🇦🇺 status as a free and open society, with no significant human rights abuses recorded previously, may be challenged with the potential adoption of a CBDC.
✅ Enacted laws curtailing protests and demonstrations grabbed the attention of human rights organizations, reinforcing worries of potential abuse of a CBDC to financially suppress opposition.
✅ Introducing a CBDC could potentially heighten restrictions on Australian citizens' freedom of movement; this comes following strict quarantine regimes and internal travel limits owing to the COVID-19 pandemic.
Hashtags:
#Australia #CBDC #ReserveBank #MassSurveillance #HumanRights #FinancialControl #Protest #FreedomToTravel
Question:
As cryptocurrencies continue to grow in influence, how do you see the development of Central Bank Digital Currencies (CBDCs) like the ones in Australia affecting individual freedoms? Could these technologies be a boon or a threat to a free, democratic society?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Indonesia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.21%
One-Sentence Summary:
Bank Indonesia intensifies research and regulatory amendments for a Central Bank Digital Currency (CBDC) mission despite lingering human rights and corruption issues, raising concerns about the potential for misuse.
Analysis:
✅ 🇮🇩’s central bank is intensifying efforts in rolling out a CBDC (Project Garuda), curating a white paper in November 2022.
✅ Governor Perry Warjiyo unveiled plans to initiate a wholesale CBDC before rolling out a retail version for broader public reach.
✅ Legal revamp in the pipeline to make the CBDC (digital rupiah) an authorised tender in the country.
✅ The central bank solicited and evaluated public comments from January 31 to July 15, 2023, advancing towards additional stages in CBDC implementation such as experimentation and prototyping.
✅ While strides are seen in its pursuit of a digital currency, 🇮🇩 scored a moderate 58 out of 100 on Freedom House’s 2023 Freedom in the World Report, spotlighting corruption and pressure on dissidents as key issues.
✅ Detrimental corruption challenges and reported harassment of activists by influential entities call into question potential misuse of CBDCs for surveillance or exerting political favoritism.
✅ Reports suggest that internet services were manipulated by government officials for their gains, signaling concerns about the possible misuse of CBDCs for political objectives.
✅ Existing resources from Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, the U.S. Department of State, and the Cato Institute provide further details on human rights violations, civil liberties, and CBDC risks.
Hashtags:
#BankIndonesia #CBDC #ProjectGaruda #DigitalRupiah #HumanRights #corruption #DigitalEconomy #FreedomHouse #freedomofspeech
Question:
What steps can be taken to ensure that the development and deployment of CBDCs such as Indonesia's Digital Rupiah could be free from political interference and misuse, considering the reported corruption and human rights violations?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 6.59%
One-Sentence Summary:
Reserve Bank of Australia's development of Central Bank Digital Currencies (CBDCs) raises concerns on financial surveillance and controls, and citizen's freedom to protest and travel.
✅ 🇦🇺 is in pilot phase of developing CBDCs, taking part in multiple projects from 2021-2023, with final report from Reserve Bank of Australia suggesting a CBDC decision is several years away.
✅ Public concerns focus on potential uses of CBDC for widespread financial surveillance, imposing financial controls, negative interest rates, and disrupting the financial system.
✅ Reserve Bank of Australia governor Michele Bullock, in late 2023, suggested uncertainty over retail CBDCs, while future experiments are expected on wholesale CBDCs.
✅ Despite being a free society without significant human rights abuses reported, Australia draws concern with possible CBDC implementation threatening freedom to protest and travel.
✅ Australia's recent restrictive laws on protests, and misuse of CBDC to freeze and seize funds of activists, political rivals and protestors is a concerning potential facet of CBDCs.
✅ Australia maintained one of the strictest quarantine regimes in response to COVID-19, potentially integrating such travel restrictions into a programmable CBDC system.
#CentralBankDigitalCurrency #HumanRights #FinancialFreedom #Australia #Protests #FreeSociety
Are we ready to trade off aspects of our freedoms for the supposed benefits of CBDCs? What mechanisms could be put in place to prevent potential misuse? Let's hear your thoughts and ideas!
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Indonesia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.21%
One-Sentence Summary:
"Bank Indonesia advances toward Central Bank Digital Currency (CBDC), despite concerns over corruption and potential human rights abuses."
✅ 🇮🇩 is in the research phase of creating a Central Bank Digital Currency (CBDC).
✅ Bank Indonesia published a white paper for their CBDC, Project Garuda, in November 2022.
✅ Bank Indonesia Governor Perry Warjiyo stated the initial goal is to introduce a wholesale CBDC before transitioning to a retail CBDC.
✅ Later in 2022, it was announced that legislative changes were in process to make a future CBDC, referred to as the digital rupiah, legal tender in 🇮🇩.
✅ Early in 2023, Bank Indonesia publicized the public comments it received in response to their CBDC white paper.
✅ Despite this progress, concerns remain regarding corruption and pressure on dissenting voices in 🇮🇩, which could greatly influence the implementation and use of a CBDC.
✅ Freedom House cites “endemic" corruption in national and local legislatures, civil service, judiciary, and police in 🇮🇩.
✅ Perceived opponents of the government have allegedly faced online communication interference, and a CBDC could be used as another tool to exert control over citizens.
✅ Concerns also exist that a CBDC could facilitate the freezing and seizure of the funds of activists, political rivals, and protestors, thereby undermining opposition.
Hashtags:
#HumanRights #FinancialFreedom #BankIndonesia #CentralBankDigitalCurrency #ProjectGaruda #Corruption #FreeSpeech
Question:
Given the corruption and human rights concerns in 🇮🇩, do you believe the implementation of a Central Bank Digital Currency could be used as a tool for control? How can these issues be tackled to ensure that digital currency evolution promotes financial inclusion and freedom? Let's hear your thoughts.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 6.59%
One-Sentence Summary:
🇦🇺 Australia's CBDC development faces public skepticism due to fears of financial surveillance and control, despite the Reserve Bank of Australia's multi-phase experiments on CBDCs.
✅ The Reserve Bank of Australia conducted numerous CBDC pilots between 2021 and 2023, but final decisions on CBDC implementation are still years away.
✅ Public concerns persist, surrounding issues like financial surveillance, controls, and disruption of the existing financial system - casting CBDCs in a largely negative light.
✅ In a statement from late 2023, Reserve Governor Michele Bullock underscores the value in focusing future CBDC experiments on the wholesale side, reflective of ambiguous sentiments on Retail CBDCs.
✅ While Australia is characterized as a free society with no significant human rights abuses, the potential CBDC adoption may worsen governmental response to protests and travel freedoms.
✅ The enforcement of protest restrictions and the potential abusive use of CBDCs to undermine opposition initiatives contributes to public discomfort towards CBDCs.
✅ The continued strict travel quarantine policies raise alarm on the potential misuse of programmable CBDCs to monitor movement and purchases.
#Australia #CBDCs #HumanRights #Freedom #FinancialSurveillance #BankingInnovation #DigitalCurrency
How can the potential pitfalls and risks of CBDCs, particularly around financial surveillance, be mitigated to ensure they become tools for financial inclusion and not mechanisms for control and surveillance?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Indonesia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.21%
One-sentence summary:
Indonesia's move toward Central Bank Digital Currencies (CBDCs) is marred by concerns linked to corruption and stifled dissent amidst the ongoing research and consultative efforts undertaken by Bank Indonesia.
✅ 🇮🇩's central bank published a CBDC white paper, "Project Garuda" in November 2022, aiming to transition from a wholesale to a retail CBDC for the public.
✅ Legislation was initiated later in 2022 to make the proposed digital rupiah a legal tender, offering features similar to paper money but fully encrypted.
✅ Feedback to the white paper was collated and published in a separate paper, with Bank Indonesia announcing plans to move into experimental and policy review stages in late 2023.
✅ Despite progress, Freedom House's 2023 report rated 🇮🇩 with 58 out of 100, flagging corruption and crackdowns on dissent as main concerns relevant to CBDC issuance.
✅ Both Freedom House and the U.S. Department of State highlight the endemic corruption within national structures, which might risk CBDC-related promises about limiting surveillance and control.
✅ Reports reveal instances of governmental pressure on internet service providers to disrupt communications of perceived opponents, with a CBDC being potentially used to curtail opposition further by controlling citizens' finances.
#Indonesia #CentralBankDigitalCurrency #HumanRights #FinancialFreedom #FreedomHouse
Question for folks here: Considering these concerns about corruption and stifled dissent, how can Indonesia ensure a future CBDC stays a tool for financial inclusion and economic growth, not a weapon of control or surveillance? Let's have a respectful and constructive discussion.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 6.59%
One-Sentence Summary:
The Reserve Bank of 🇦🇺 is experimenting with Central Bank Digital Currencies (#CBDCs), though implementation is years away amid fears of community concerns around financial surveillance and controls; the focus now mainly shifts towards wholesale CBDCs.
✅The Reserve Bank of 🇦🇺 launched experimental pilots for the development of CBDCs, initially collaborating with the Commonwealth Bank of Australia, National Australia Bank, Perpetual, and ConsenSys, as well as the Bank for International Settlements, starting from 2021.
✅The last pilot project in the series was completed on August 23, 2023, with the bank suggesting any solid decision on CBDCs would be some years away due to unresolved issues.
✅Public concerns surround the potential use of CBDCs for mass financial tracking, the implementation of negative interest rates, and potential disruption to the current financial system.
✅The Reserve Bank's Governor, Michele Bullock had voiced skepticism earlier in late 2023 regarding retail CBDC, indicating future research would likely shift focus towards the wholesale side.
✅There's growing fear that CBDCs could worsen the Australian government's handling of protests and restrictions on freedom of movement, despite the country's good human rights record.
✅New laws restricting protests have already been passed in the country, creating fears that a CBDC could be used to freeze or seize activists' funds, enabling governments to directly control citizen's financial resources.
✅Concerns surrounding travel restrictions could be amplified with a programmable CBDC, potentially allowing authorities to monitor and control citizens' movements and activities more closely.
#FreedomAdvocates #HumanRights #FinancialSurveillance #CBDCs #ReserveBankofAustralia
As we continue to observe the developments and implications of CBDCs, what precautions should be set in place to prevent potential monetary abuses by governments? With the shift towards wholesale CBDCs, how might this affect the liberty and financial security of ordinary citizens?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Indonesia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.21%
One-Sentence Summary:
🇮🇩 Bank Indonesia progresses CBDC research amid human rights and corruption concerns.
✅ In Nov 2022, 🇮🇩 Bank Indonesia began studying Central Bank Digital Currencies (CBDCs) under a project named Garuda.
✅ Governor Perry Warjiyo announced that the project aimed to start with a wholesale CBDC, and later transition to a retail CBDC for wider public use.
✅ Legislative changes were in progress in 2022 to make the digital rupiah a legal tender.
✅ Warjiyo stated that the digital rupiah would have encryption features similar to physical currency.
✅ A public consultation was opened on the CBDC project from Jan 31 to Jul 15, 2023, and despite plans for experimentation, prototyping, piloting, and policy reviews being announced, substantive movement seems absent.
✅ Freedom House’s 2023 Freedom in the World report ranked 🇮🇩 with 58/100, with corruption and suppression of dissenting voices as key concerns relevant to CBDC issuance.
✅ Endemic corruption and politically motivated intimidation of activists are seen as major challenges to CBDCs, as it raises fears of potential surveillance, control, or favoritism interventions.
✅ Reports indicate that government officials have pressured internet service providers to diminish opponents’ online communications and disrupt reporting on human rights abuses.
✅ The government has been given legal authority to block internet access during periods of social unrest, which raises fears over a potential use of CBDCs to freeze and seize assets of activists, political opponents, and protestors.
#CentralBankDigitalCurrency #BankIndonesia #HumanRights #FreedomHouse #Corruption #Surveillance #Control #Censorship
What are your thoughts on how a government's stance on human rights and free speech might affect the public's trust in a state-issued digital currency, like a CBDC in Indonesia?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Australia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 6.59%
One-Sentence Summary:
🇦🇺's development of CBDCs raises concerns of potential financial surveillance and controls, even as it pushes through pilot phases.
✅ 🇦🇺's Reserve Bank has been progressing in the development of a Central Bank Digital Currency, with key pilot schemes carried out between 2021 and 2023.
✅ The final pilot, conducted with the Digital Finance CRC, ended on August 23, 2023, and highlighted several unresolved issues in the CBDC implementation, leading to an expectation for a delayed decision.
✅ Amidst these developments, there are rising public fears about CBDCs being tool for mass financial surveillance, negativity impacting interest rates, and disrupting the established financial ecosystem.
✅ In late 2023, Governor Michele Bullock admitted to being still unconvinced about retail CBDC, hinting that future trials might focus on wholesale CBDCs.
✅ Despite 🇦🇺's reputation as a free and open society, the prospect of CBDCs raises worries especially concerning the government's handling of protests and citizen freedoms.
✅ Recent laws restricting protests further induced concerns with entities like Amnesty International and Human Rights Watch expressing concerns about the potential misuse of CBDCs to control activists.
✅ With strict COVID quarantine regimes and travel restrictions in place, it is feared that a programmable CBDC could exacerbate these constraints by real-time financial surveillance on citizens.
#CBDC #Australia #HumanRights #Privacy #Surveillance #FinancialControl #Protests
What are your thoughts on the potential misuse of CBDCs for enhancing state control and surveillance? Can digital currencies balance innovation with preserving individual rights and freedoms?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Indonesia (22-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.21%
One-Sentence Summary:
🇮🇩 starts the development of Central Bank Digital Currency amidst concerns of corruption and potential infringement of citizens' freedom.
Paragraph analysis:
✅ 🇮🇩 initiated the research phase of Central Bank Digital Currency(CBDC) in November 2022.
✅ Bank Indonesia, with presidential consent, released a white paper, aiming to start with a wholesale CBDC before transitioning to a retail CBDC for public use.
✅ Legislative amendments were in the process to make the digital rupiah a legal tender in the same year.
✅ Bank Indonesia aims to keep the features similar to paper money, however, everything in digital rupiah would be encrypted, known only to Bank Indonesia.
✅ Public comments were welcomed for discussion on the white paper from January to July 2023.
✅ Bank Indonesia planned stages: experimentation, prototyping, piloting, and policy reviews, excluding those beyond research & consultation efforts.
✅ 🇮🇩 scored 58 out of 100 in Freedom House’s 2023 Freedom report. Concerns around corruption and pressure on dissenting voices remain relevant for CBDC issuance.
✅ Pervasive corruption could skew the promises made by the government to limit potential risks of CBDC.
✅ Officials might pressure Internet Service Providers to degrade opposition’s online communications. CBDC could be another tool used against activists, political rivals & protestors.
✅ More information is available in reports by international organizations watching over human rights violations and understand risks of CBDC.
Hashtags:
#HumanRights #Banking #Economy #CBDC #Freedom #Indonesia
Question:
How can the potential misuse of CBDCs for political purposes be prevented while maintaining their potential to expand financial inclusion and drive economic growth? Your valuable inputs are welcome. 🤔
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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:
Palau leverages Ripple technology to pilot its national government-provided stablecoin backed by the U.S dollar, raising potential concerns of financial privacy and freedom.
✅🇵🇼 is in the stages of piloting a CBDC with Ripple, designed as a government-provided stablecoin backed by the U.S dollar.
✅ In 2021, Ripple and 🇵🇼 joined forces to create the nation's first digital currency using the XRP Ledger.
✅ Plans to launch the pilot in December 2022 were delayed by the Ministry of Finance for strategic preparations and volunteer onboarding.
✅ In 2023, a three-month pilot was announced by Ripple and backed by President Surangel S. Whipps Jr., involving 200 government volunteers and $20,000 distributed for payments.
✅ Jay Hunter Anson of 🇵🇼 Ministry of Finance tweeted periodic updates on the pilot, including the launch of a fully-fledged review and a second phase focusing on legal compliance.
✅ Despite 🇵🇼's good standing in terms of human rights, concern remains about the possible impact of CBDCs on financial privacy and freedom.
#HumanRights #FinancialFreedom #CBDC #Palau #Ripple
How do you foresee the adoption of a government-controlled stablecoin impacting financial privacy and freedom? Let's kickstart a respectful, thought-provoking discussion.
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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🇭🇰 Monetary Authority's progression through pilot phases for Central Bank Digital Currencies (CBDCs) sparks concerns of human rights violations and exploitation of civil liberties in the midst of an intensifying crackdown on dissidents.
✅🇭🇰 Monetary Authority traces back its CBDC initiative to 2017 with Project LionRock, a proof-of-concept experiment for handling large-value payments.
✅A collaboration with the Bank of Thailand in 2019 saw the birth of Project Inthanin-LionRock, a CBDC prototype oriented towards cross-border payments with ten banks.
✅A published whitepaper in 2021 examined technical variables crucial for a retail CBDC, placing emphasis on a two-tier distribution model.
✅The Authority announced the commencement of the “Rail 2 – e-HKD” or “Rail 2 Pilot” program in November 2022 and accepted applications through January 2023.
✅In early 2023, 16 distinct firms, including heavyweights such as Ripple, Visa, and Mastercard, were allowed to experiment with assorted CBDC designs under the pilot program.
✅October 2023 saw the publication of a report on the initial phase of the pilot program expressing the potential capabilities of a CBDC while stating a definite decision of launch was still pending.
✅In 2024, the Authority declared its advancement into the second phase of the retail CBDC pilot and introduction of Project Ensemble, a new wholesale CBDC project.
✅The Authority collaborated with the Bank for International Settlements for a third project, Project mBridge, targeting the inefficiencies of existing cross-border payments.
✅With increasing incidents of crackdowns on activists and critics, the issuance of CBDC serves as a potential tool for the government to exert control over dissidents.
#CentralBankDigitalCurrencies #HongKongMonetaryAuthority #ProjectInthaninLionRock #ProjectLionRock #projectEnsemble #ProjectmBridge #humanrights #civilliberties
What potential safeguards or mechanisms can be adopted by the users or regulating authorities in 🇭🇰 to mitigate the potential risk of monetary control over corporates and citizens in the implementation of CBDCs?
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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:
Palau's government is collaborating with Ripple on a unique quasi-CBDC project, with a U.S.-dollar-backed digital currency pilot conducted under the oversight of the Ministry of Finance and the implications for human rights and financial freedom closely monitored.
✅ 🇵🇼 Palau's government and Ripple are developing a quasi-CBDC, a government-issued stablecoin tied to the U.S. dollar, taking a unique approach to CBDC design.
✅ Ripple announced their partnership with Palau's Republic in 2021 to explore their first national digital currency.
✅ The Finance Ministry planned to launch the pilot by December 2022, though it faced delays to prepare better communication strategies and onboarding volunteers.
✅ In 2023, Palau commenced a three-month test of this U.S. dollar-backed, government-provided stablecoin, under the presidency of Surangel S. Whipps Jr., distributing $20,000 to 200 government employees for testing.
✅ Throughout the pilot, Jay Hunter Anson from Palau's Finance Ministry shared key updates on social media, from the initial payment capabilities to the freeze for a full review of the stablecoin's uses.
✅ Despite a largely positive standing in terms of human rights, the creation of a CBDC in Palau could introduce certain risks to financial privacy and freedom.
#CentralBankDigitalCurrency #Ripple #Palau #Finance #HumanRights #FinancialPrivacy
What do you think of Palau's unique approach to CBDCs, creating a U.S.-dollar-backed digital currency, and its potential risks and rewards considering human rights and financial freedom?
Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, ⚡ the Tracker Bot because the AI and Cloud bits are not free to run.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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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:
As the 🇭🇰 Hong Kong Monetary Authority explores different stages of implementing Central Bank Digital Currencies (CBDCs), human rights concerns rise due to potential misuse against activists and dissenting voices by the authorities.
Critical Analysis:
✅ The 🇭🇰 Hong Kong Monetary Authority began a proof-of-concept called Project LionRock with three banks in 2017 focusing on large-value payments settlements.
✅ In collaboration with the Bank of Thailand, a CBDC prototype, Project Inthanin-LionRock, was developed in 2019 to test cross-border payments.
✅ A whitepaper published in 2021 examined technical aspects of a retail CBDC, notably the concept of a two-tier distribution model.
✅ By January 2023, companies were invited to participate in the “Rail 2 – e-HKD” or “Rail 2 Pilot” program, with 16 firms selected for testing CBDC designs.
✅ In October 2023, a report by the Hong Kong Monetary Authority discussed potential benefits of a CBDC but highlighted that the decision to launch hadn't been made yet.
✅ A second CBDC pilot phase was announced in 2024 alongside a new wholesale project, Project Ensemble, designed to focus on tokenised deposits.
✅ The Hong Kong Monetary Authority is also working with the Bank for International Settlements on a wholesale CBDC pilot, Project mBridge, aimed to address cross-border payment inefficiencies.
✅ Post-China's regaining control, political crackdowns in 🇭🇰Hong Kong have raised concerns about potential misuse of a CBDC to track and control activists' finances.
Hashtags:
#HumanRights #MonetaryPolicy #CentralBankDigitalCurrency #HongKong #BankingSystem
Question:
As bitcoins enthusiasts and freedom advocates, do you think the potential development of CBDCs in 🇭🇰Hong Kong could infringe on civil liberties, especially given the current political climate? What safeguards could be implemented to protect citizens' 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)
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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:
🇵🇼 Palau's pilot program for its government-provided stablecoin rises concerns over financial privacy and freedom despite the country's notable human rights standing.
✅ The 🇵🇼 Palau government teams up with Ripple for a quasi-CBDC project, stablecoin linked to U.S. dollar, raising concerns on potential risks given government's hold on use and design.
✅ In 2021, Ripple collaborates with 🇵🇼 Palau for its first national digital currency exploring cross-border payments and a USD-backed digital coin.
✅ Amidst delays, 🇵🇼 Palau unveils a three-month pilot in 2023 examining the USD-backed government stablecoin with 200 government employees participating under Finance Ministry's oversight.
✅ Jay Hunter Anson from Palau's Finance Ministry provides regular updates on the stablecoin, tracking its progress from web app and Android payments to a full review and the kick-start of the second phase of the pilot.
✅ Reports assure 🇵🇼 Palau's commendable record in human rights, though caution on potential threats to financial privacy and freedom from CBDC creation.
#Palau #DigitalCurrency #CBDC #Ripple #FinancialPrivacy #HumanRights #FreedomHouse #CBDCRisks
Question:
Despite the evolution of digital currency, how can countries like 🇵🇼 Palau ensure the transition to CBDCs doesn't impede their 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.
Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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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:
Hong Kong Monetary Authority's ongoing development of CBDCs raises concerns over potential misuse leading to further infringement on human rights and civil liberties in Hong Kong.
✅🇭🇰 Monetary Authority began trials for a wholesale CBDC, Project LionRock, with banks, and Interbank Clearing Limited in 2017.
✅In 2019, they partnered with the Bank of Thailand for a CBDC prototype, Project Inthanin-LionRock, involving ten banks in testing cross-border payments.
✅A whitepaper released by the 🇭🇰 Monetary Authority in 2021 discusses technical considerations for a retail CBDC focusing on a two-tier distribution model.
✅ “Rail 2 – e-HKD” or “Rail 2 Pilot” program was launched in November 2022, and companies were invited to apply for the pilot until January 2023.
✅16 firms, including Ripple, Visa, Mastercard, were chosen to participate in testing CBDC designs early 2023.
✅ A report released by the 🇭🇰 Monetary Authority in October 2023 emphasized the potential benefits of a CBDC. In response to this, a CBDC Expert Group was designed to explore CBDC issues further.
✅ In 2024, the second phase of the retail CBDC pilot and a new wholesale CBDC project, Project Ensemble, was announced.
✅ Alongside these developments, the Monetary Authority has started Project mBridge with the Bank for International Settlements to address inefficiencies of cross-border payments.
✅ Despite these technical advancements, concerns rise about Hong Kong's deteriorating human rights scenario since China took control.
✅ The heavy crackdown on pro-democracy activists under the 2020 National Security Law and possible misuse of CBDCs for controlling protests further raises questions about CBDCs.
#HongKong #HumanRights #CBDC #DigitalCurrency #CentralBank #MonetaryAuthority #FinancialPrivacy #CivilLiberties
As the 🇭🇰 Monetary Authority advances with the CBDC pilot projects, how do you think the potential benefits of digital currencies balance with the risks of government control and violation of financial privacy in the current political scenario in Hong Kong?
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 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:
🇵🇼 Implements Novel Government-controlled Stablecoin via Ripple Despite Potential Financial Privacy Concerns.
✅In the pilot phase, the Palauan government is partnership with Ripple, to develop a unique type of CBDC--a government-backed stablecoin tied to the US dollar, despite concerns about potential governmental control over its use and design.
✅ Ripple announced the partnership to develop Palau’s first national digital currency focusing on cross-border payments and a USD-backed digital currency in 2021.
✅ Roll out of the pilot scheduled for December 2022 was postponed by the Ministry of Finance to ensure strategic communication and recruiting of volunteers.
✅In 2023, a three-month pilot was launched by Palau to test a government-provided stablecoin, a move expected to enhance economic activity and citizen empowerment according to President Surangel S. Whipps Jr.
✅The trial involved 200 government employees and was monitored by the Ministry of Finance that distributed $20,000 for payments to three participating retailers.
✅ Regular updates were provided by Jay Hunter Anson, a member of Palau's Ministry of Finance, which included a temporary freeze of the stablecoin to conduct a full review.
✅ Palau is recording high scores in metrics by standards of Freedom House and other reports, but concerns are that the implementation of a CBDC can potentially expose the nation to risks regarding financial privacy and freedom.
#Palau #CBDC #FinancialPrivacy #HumanRights #Ripple #Stablecoin #FreedomHouse #MonetaryPolicy
Question:
As Palau takes a unique approach to the deployment of a CBDC, how do you believe this form of a government-controlled stablecoin tied to the USD might influence financial privacy not only in Palau, but on a global scale? Let’s trade thoughts respectfully!
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 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 Human Rights Foundation raises concerns over the Hong Kong Monetary Authority's persistent development of Central Bank Digital Currencies (CBDCs).
✅🇭🇰 Hong Kong Monetary Authority started proof-of-concept project named Project LionRock in 2017 for testing wholesale CBDCs.
✅ In 2019, HongKong Interbank Clearing Limited, along with three banks, also collaborated to test cross-border payments via CBDC prototype called Project Inthanin-LionRock.
✅ A whitepaper exploring technical aspects of a retail CBDC was published by the Hong Kong Monetary Authority in 2021, with emphasis on a two-tier distribution model.
✅ Rail 2 Pilot program, an initiative for firms to test CBDC designs, was started by the Hong Kong Monetary Authority in November 2022.
✅ Ripple, Visa, Mastercard, among 16 firms, were chosen to participate in the program in 2023.
✅ A report in October 2023 from the Hong Kong Monetary Authority stated the potential benefits of CBDCs but affirmed the decision to launch one has not been finalized.
✅ CBDC Expert Group was then formed by Hong Kong Monetary Authority to investigate key policy and technical issues surrounding CBDCs.
✅ Project mBridge, a project in collaboration with the Bank for International Settlements for creating a wholesale CBDC, was launched in 2024 amid concerns about high cross-border payment costs and lack of transparency.
✅ However, concerns arose regarding the potential use of CBDCs to directly control citizen's finances in light of the crackdowns on activists and critics by the Hong Kong authorities and the Chinese government.
#HumanRightsFoundation #HongKongMonetaryAuthority #CentralBankDigitalCurrency #ProjectLionRock #ProjectInthaninLionRock #ProjectmBridge #HumanRightsViolations
What do you think about the potential misuse of CBDCs as tools for financial control and how can cryptocurrency enthusiasts advocate for freedom while supporting the development 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)
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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:
Palau's government partners with Ripple for unique quasi-CBDC pilot aligning with potential human rights and financial freedom concerns.
✅🇵🇼 is currently experimenting with its first Central Bank Digital Currency (CBDC) in partnership with Ripple, forming a government-backed stablecoin tied to the U.S. dollar.
✅This partnership was initiated in 2021, where Ripple pledged to aid 🇵🇼 in the exploration of a national digital currency using the XRP ledger, primarily focusing on cross-border payments and a USD-backed digital asset.
✅ By 2022, the Ministry of Finance had mapped out a design strategy with an initial plan to launch the pilot by the end of the year, later postponed for strategic and operational preparation.
✅ Commencing in 2023, a 3-month pilot phase was launched, led by President Surangel S. Whipps Jr., aiming to digitize the nation's currency, engaging 200 government staffers and injecting $20,000 into the project for retail payments.
✅ Throughout the pilot, the Ministry of Finance kept the public updated via Jay Hunter Anson's social media posts ranging from payment capabilities, the freezing of the program for review and kicking off the second phase.
✅ Despite 🇵🇼 holding a high rank in human rights according to reports, the establishment of a CBDC could potentially introduce risks to financial privacy and freedom, however, these issues do not directly associate with the usage or issuance of the CBDC.
#DigitalCurrency #CentralBank #CBDC #HumanRights #FinancialFreedom #GovernmentBackedStablecoin #Ripple #XRP
Question: Considering the potential risks and benefits, how do you feel about the steps taken by 🇵🇼 in partnership with Ripple to digitize their currency? Do you believe other nations should follow suit? 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)
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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:
Hong Kong Monetary Authority's (HKMA) ongoing development of Central Bank Digital Currencies (CBDCs) raises concerns about potential human rights abuses amidst crackdown on freedoms under China's control.
✅ 🇭🇰 is in a continuous journey to develop their CBDC, with extensive proof-of-concept and pilot projects undertaken by HKMA.
✅ HKMA started with a proof-of-concept in 2017 named Project LionRock, testing how a wholesale CBDC could manage large-value payments and payment settlements.
✅ Two years later, HKMA collaborated with Bank of Thailand on a CBDC prototype for cross-border payments, called Project Inthanin-LionRock.
✅ In 2021, HKMA released a whitepaper on technical considerations for a retail CBDC, focusing on a two-tier distribution model.
✅ The Rail 2 - e-HKD or the Rail 2 Pilot program began in November 2022. The HKMA accepted applications until January 31, 2023.
✅ Early 2023 saw HKMA selecting 16 firms, including giants like Ripple, Visa, and Mastercard, to participate in the pilot program and test various CBDC designs.
✅ By October 2023, HKMA released a report on the first phase of the pilot program. This report opened up discussions on CBDC's potential benefits but stated that a decision to launch a CBDC was not made yet.
✅ The second phase of HKMA's retail CBDC pilot, along with a new wholesale CBDC project called Project Ensemble, was announced in 2024.
✅ HKMA also collaborated with the Bank for International Settlements on a wholesale CBDC project, named Project mBridge.
✅ However, human rights concerns emerge with the developments - since the Chinese control of Hong Kong, freedoms in the region have been compromised.
✅ According to reports, Hong Kong authorities have used authoritarian means to silence dissenting voices, and the development of CBDCs could potentially amplify this issue.
Hashtags:
#HumanRights #FinancialFreedom #HongKong #CentralBank #DigitalCurrency #HKMA
Question:
Considering the potential risks and benefits, how do you think the development and implementation of CBDCs in places like 🇭🇰 will impact individuals' financial 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)
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