⚠️ HRF CBDC ⛓️🪙 alert from HRF for United Arab Emirates (27-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.83%
One-Sentence Summary:
United Arab Emirates (🇦🇪) progresses with Central Bank Digital Currency (CBDC) amid human rights and surveillance concerns.
✅ The 🇦🇪 is at the pilot phase of its CBDC strategy, including facilitating cross-border CBDC transactions, conducting proof-of-conceptions with India, and examining domestic issuance.
✅ Since 2018, the Central Bank of the 🇦🇪 has been working on various CBDC projects to improve transparency, speed, and reduce costs in cross-border payments and to maintain monetary stability.
✅ The completion of the Project mBridge, a collaborative project with the Bank for International Settlements, was announced in 2022, further accelerating the country's digital transformation.
✅ In 2023, the launch of the CBDC strategy was announced by Central Bank of the 🇦🇪 governor, Khaled Mohamed Balama, as a significant step to accelerate digital transformation and financial inclusion.
✅ Despite these advancements, major human rights and civil liberties concerns are tied to the growing use of CBDCs in the 🇦🇪 due to stringent restrictions on free expressions and prevalent mass surveillance.
✅ The potentially abusive use of surveillance technologies along with the ability to control citizens' finances directly could pose a serious threat to democracy and individual rights.
#DigitalCurrency #Privacy #HumanRights #CBDC #UAE
What measures should be taken to mitigate the potential threat posed by central governments' control over CBDCs on individual freedom and privacy?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Sweden (29-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 8.37%
One-Sentence Summary:
Sweden's Central Bank (Sveriges Riksbank) continues to innovate and progress in its CBDC (Central Bank Digital Currency) pilot despite ongoing debates on its necessity and potential implications for human rights and civil liberties.
✅🇸🇪's Sveriges Riksbank began a CBDC trial with Accenture in 2020.
✅The idea of an e-krona (CBDC) within the Swedish banking sector was discussed by Deputy Governor Cecilia Skingsley in 2016.
✅A report issued by Sveriges Riksbank in 2017 endorsed the need for a CBDC as cash usage in the country declined.
✅In 2020, a pilot was launched to understand the technology and practicalities of a CBDC, with the initial 2021 report exploring the creation of unique e-kronor.
✅Subsequent reports in 2022 and 2023 investigated possibilities to integrate a CBDC into the banking system, support offline payments, and implement smart contracts.
✅Sveriges Riksbank and the Bank for International Settlements collaborated on Project Icebreaker to test CBDC cross-border transactions and foreign exchange.
✅Despite CBDC development, the decision to introduce an e-krona in Sweden remains a political one.
✅In 2024, the fourth testing phase of the CBDC concluded, emphasizing that offline capabilities required significant developmental work.
✅🇸🇪 scored 100 out of 100 in the Freedom House's Freedom in the World Report 2023, with no direct concerns related to CBDC implementation.
✅However, the creation of a CBDC might pose risks to financial privacy and freedom.
#Sweden #CBDC #DigitalCurrency #SverigesRiksbank #HumanRights #CivilLiberties
What's your take on the balance between advancing financial technology like CBDC and preserving financial privacy and freedom?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Chile (26-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 11.64%
One-Sentence Summary:
Chile's Central Bank progresses with caution on the development of CBDCs amidst privacy and freedom concerns.
✅🇨🇱 Central Bank conducted its first evaluation of CBDCs in 2022, acknowledging their potential in enhancing digital transformation and paving the way for an inclusive and resilient payment system.
✅Despite the stated benefits, the Central Bank noted the need for further extensive research before final decisions due to the sparse available information.
✅In 2024, following two years of investigations, the Bank released a second report, remaining non-committal about the issuance of CBDCs while highlighting the substantial risks involved.
✅These risks posed by CBDCs prompt concerns over financial privacy and freedom, significant in a country like Chile that received a high score (94 out of 100) in Freedom House's 2023 Freedom in the World report.
✅For a deep dive into these concerns, check reports from Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State, as well as the Cato Institute's report on risks of CBDCs.
#Chile #CBDCs #FinancialFreedom #DataPrivacy #HumanRights
From your perspective, do you believe the potential benefits of CBDCs are worth the risks to financial privacy and freedom, especially in countries with high freedom ratings like🇨🇱?🤔
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United Arab Emirates (27-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.83%
One-Sentence Summary:
The United Arab Emirates 🇦🇪 is piloting Central Bank Digital Currencies (CBDCs), amidst human rights and privacy concerns.
Analysis:
✅ The United Arab Emirates 🇦🇪 has launched a strategy for Central Bank Digital Currencies (CBDCs), currently in the pilot phase.
✅ The CBDC initiative began in 2018 as Project Aber, a partnership between the Central Bank of the United Arab Emirates 🇦🇪 and the Saudi Central Bank. It aimed at investigating how a wholesale CBDC could improve cross-border payments using distributed ledger technology.
✅ In 2021, the Central Bank collaborated with the Bank for International Settlements on a new wholesale CBDC pilot called Project mBridge, targeting inefficiencies in cross-border transactions. The project was completed successfully in 2022.
✅ The Central Bank’s governor, Khaled Mohamed Balama, announced the official CBDC strategy launch in 2023, hinting that its implementation would take 12-15 months and involve testing with India 🇮🇳.
✅ Despite these developments, freedom of expression and use of mass surveillance are raising concerns about the CBDCs in the United Arab Emirates 🇦🇪.
✅ The UAE has demonstrated a history of stifling media freedoms and dissent, with potential for CBDCs to be exploited for similar reasons.
✅ Furthermore, financial surveillance possibilities inherent to CBDCs could be leveraged to police citizens, given the UAE's record of using tech to monitor its residents.
Hashtags:
#CBDCs #HumanRights #Privacy #UAE #Banking #FinancialSurveillance
Question:
What are your thought on the potential impact of CBDCs on human rights and privacy, especially in countries like the UAE 🇦🇪 with reported records of rights suppression? How can the technology be safeguarded against such misuse?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Chile (26-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 11.64%
One-Sentence Summary:
Chile continues investigations and pilot studies on Central Bank Digital Currencies’ potential implications, keeping in mind rising concerns about risks to financial privacy and freedom.
✅The Central Bank of Chile initiated research into the feasibility of issuing a CBDC in 2022, hoping it would aid the nation's digital transformation and develop a resilient, inclusive payment system safeguarding citizens' information.
✅After two years of continued study in 2024, the Central Bank hasn't committed to CBDC issuance, acknowledging the associated significant risks and that CBDCs might not be the ideal policy instrument for current issues.
✅Despite ranking 94 out of 100 in Freedom House's 2023 Freedom report, 🇨🇱 faces the challenge that implementing a CBDC could possibly infringe on citizens' financial privacy and freedom.
Hashtags:
#CBDC #CentralBankofChile #FreedomHouse #FinancialPrivacy #HumanRights
Question:
Do you believe the potential benefits of a Central Bank Digital Currency in a country like Chile outweigh the risks to financial privacy? How can nations balance advances in digital currency with the protection of citizens' rights?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United Arab Emirates (27-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.83%
One-sentence summary:
🇦🇪 UAE's evolving CBDC strategy — once praised for resolving cross-border payment inefficiencies — is now marred by potential threats to freedom due to its stringent media laws and expansive surveillance capabilities.
Topics:
✅ 🇦🇪 UAE's CBDC venture begun as Project Aber in 2018 alongside Saudi Arabia's Central Bank. The aim was to enhance cross-border payments and assess the potential of distributed ledger technology.
✅ In 2021, The Central Bank of UAE conceptually upgraded Project Aber to Project mBridge, working with Bank for International Settlements. The idea was to reduce costs, enhance transparency, and simplify the complexity in cross-border payments.
✅ Project mBridge finalized in 2022, and in 2023, the UAE central bank, under the governorship of Khaled Mohamed Balama, projected digitalization and financial inclusion as the primary goals behind the CBDC strategy.
✅ In a documented strategy of 12-15 months, the bank participated in a soft launch facilitating cross-border CBDC transactions, a proof-of-concept with India, and a local proof-of-concept issuing CBDCs at retail and wholesale levels. Companies G42 Cloud and R3 were involved.
✅ But the situation on human rights front remains bleak in UAE, which scored just 18 out of 100 in Freedom House’s 2023 Freedom report. The main reasons being stringent media laws and widespread surveillance make matters worse.
✅ A CBDC in such a climate may further empower the government to seize activists' funds, scrutinize financial transactions thus compromising the privacy of the citizens.
Hashtags:
#HumanRights #FinancialPrivacy #SurveillanceState #CBDCStrategy #CrossborderPayments
Question:
How can the global community balance the advantageous potential of CBDCs development with the significant privacy and human rights concerns they warrant in countries with stringent laws and surveillance issues such as the 🇦🇪 UAE? Your thoughts?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Chile (26-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 11.64%
One-Sentence Summary:
Chile's Central Bank is cautiously exploring Central Bank Digital Currencies (CBDCs) despite potential risks to financial freedom.
✅ 🇨🇱 is in the research phase of Central Bank Digital Currencies (CBDCs) development with the Central Bank issuing its first evaluation in 2022.
✅ The bank found CBDCs could enhance the nation's digital transformation and contribute to an innovative, inclusive, and resilient payment system.
✅ A decision on whether to implement CBDCs is yet to be made due to the need for further information and studies.
✅ After another two years of investigation in 2024, the bank has not committed to issuing CBDCs but will continue research and pilot studies.
✅ Concerns remain over whether a CBDC is the best policy tool for current issues, and there are recognized risks associated with issuing CBDCs.
✅ Despite scoring a high 94 out of 100 in Freedom House's 2023 Freedom in the World report, the introduction of a CBDC poses risks to financial privacy and freedom in Chile.
✅ Various international organizations provide reports and information on potential violations of human rights and civil liberties alongside CBDC risks.
#Chile #CBDC #HumanRights #FinancialFreedom #CivilLiberties #DigitalCurrency
What do you think are the key considerations the Central Bank of Chile should take into account when deciding on whether to proceed with a CBDC? Let's hear from different perspectives and discuss respectfully.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United Arab Emirates (27-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.83%
One-sentence summary:
🇦🇪 UAE pilots its Central Bank Digital Currency (CBDC) amid concerns of press freedom and potential for increased state surveillance.
✅The United Arab Emirates (🇦🇪 UAE) is in the middle of its CBDC pilot phase.
✅In 2018, the Central Bank of 🇦🇪 started Project Aber, a wholesale CBDC pilot with the Saudi Central Bank, to improve cross-border transactions and assess the effectiveness of distributed ledger technology.
✅In 2021, the Central Bank of 🇦🇪 partnered with the Bank for International Settlements on Project mBridge, focused on streamlining cross-border payments and prioritizing "do no harm", compliance, and interoperability.
✅By 2022, Project mBridge was successfully completed.
✅On 2023, the Central Bank of 🇦🇪 launched its CBDC strategy, with the first phase taking 12-15 months and partnerships with G42 Cloud and R3.
✅However, the Freedom in the World report gave the 🇦🇪 a rating of 18 out of 100, expressing concerns about free speech and mass surveillance.
✅Existing restrictive press laws and harsh penalties for criticism of the government highlight potential concerns of a CBDC, especially around the freezing and seizing of activists', political rivals', and protestors' finances.
✅Furthermore, the increased surveillance capabilities offered by CBDCs, considering existing scrutiny on internet activity and personal communications, raise further disquiet.
#HumanRights #FreedomInDigitalEconomy #CBDC #FinancialInclusion #BankingReform #DigitalCurrency
Are we ready to compromise our privacy rights for the promised economic benefits of CBDCs? How can we navigate this new financial landscape without surrendering our liberties and freedom?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Chile (26-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 11.64%
One-Sentence Summary:
Chile's Central Bank, while maintaining a favorable perspective on the potential of Central Bank Digital Currencies (CBDCs), remains cautious about implementation due to associated risks and the need for further research.
✅ The Central Bank of Chile sees possible benefits of issuing a CBDC, including contributions to the country's digital transformation and the refinement of its payment system.
✅ Despite this, the bank acknowledges that there's insufficient information to conclusively decide on the matter, indicating the likelihood of further years of studies and investigation.
✅ In its second report issued two years later, the Central Bank of Chile maintains its stance of continued research and pilot studies, but reiterates that they've made no commitments on issuing a CBDC.
✅ The bank is also cautious, stating that a CBDC may not be the most effective solution to current issues and that there are significant risks associated with issuing CBDCs.
✅ Despite earning an impressive score in Freedom House’s 2023 Freedom in the World report, the potential implementation of a CBDC in 🇨🇱 brings about concerns regarding financial freedom and privacy.
✅ Those interested in understanding related concerns regarding human rights, civil liberties, and risks of CBDCs are directed to various reports and resources by global institutions such as the U.S. Department of State, Amnesty International, and Cato Institute.
#CBDC #CentralBankofChile #HumanRightsFoundation #FinancialFreedom #PrivacyConcerns
As crypto enthusiasts and freedom advocates, how do you view the caution exhibited by Chile's Central Bank towards CBDC implementation? What impact do you think this could have on financial privacy and freedom in the country?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for United Arab Emirates (27-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.83%
One-Sentence Summary:
The United Arab Emirates 🇦🇪 has started the pilot phase of its Central Bank Digital Currencies (CBDCs) amid concerns over the potential misuse of the technology against freedom of expression and privacy.
Paragraph Analysis:
✅ The United Arab Emirates 🇦🇪 government reports stepping into the pilot phase of its CBDC strategy with a soft launch and proof-of-concept initiatives focusing on both domestic and cross-border transactions.
✅ Since 2018, the Central Bank of UAE 🇦🇪, in collaboration with the Saudi Central Bank, has embarked on a project termed Project Aber to explore the viability of a wholesale CBDC targeting improved cross-border payments.
✅ In 2021, the Central Bank of UAE 🇦🇪 partnered with the Bank for International Settlements in Project mBridge, aiming to resolve the inefficiencies of cross-border payments like high costs and operational complexities.
✅ Project mBridge was successfully completed by the Central Bank of UAE 🇦🇪 in 2022.
✅ In 2023, Khaled Mohamed Balama, the Central Bank of UAE’s governor, announced the launch of the CBDC strategy, an integral part of the country’s digital evolution and financial inclusion bid.
✅ However, emerging concerns shed light on the potential use of UAE’s CBDC as a tool for mass surveillance and stifling free expression due to the country’s restrictive laws and low 19/100 Freedom score in the 2023 Freedom in the World report by Freedom House.
✅ Notably, the UAE government's extensive use of advanced surveillance technologies to track public spaces, internet activity, personal phones, and computers raises suspicions about the possible misuse of CBDC data.
✅ Additional metrics and data points regarding human rights and civil liberties concerns are provided in reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State, as well as by the Cato Institute’s assessment and myths of CBDCs.
Hashtags:
#HumanRights #CBDCs #FinancialFreedom #UAE #CentralBank #FinancialInclusion
Question:
Considering the civil liberties concerns in the UAE 🇦🇪, how should the development and implementation of CBDCs be regulated to ensure minimum negative impact on personal freedoms and rights?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Turkey (26-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 72.31%
One-Sentence Summary:
Turkey's Central Bank continues pilot phase for its Central Bank Digital Currency, the digital lira, amid civil rights concerns and pervasive corruption.
Content Analysis:
✅ Turkey's Central Bank of the Republic of Türkiye (🇹🇷 central bank) is running closed-circuit pilot tests for its CBDC, the digital lira.
✅ In 2020, the 🇹🇷 central bank began assessing the feasibility of a CBDC which led to the Digital Turkish Lira Research and Development Project's launch.
✅ In 2021, the bank introduced the “Digital Turkish Lira Collaboration Platform” for testing by select entities and started analyzing technological capabilities for their CBDC project.
✅ The first transaction through the digital Turkish lira network occurred in 2022, followed by the commencement of their CBDC pilot's second phase in 2023.
✅ In 2024, the 🇹🇷 central bank acknowledged the digital Turkish lira’s prospective impact on the payment ecosystem.
✅ Despite excitement around the CBDC, Turkey's Freedom House's score and alleged misuse of financial crime enforcement tools raise civil rights concerns.
✅ Turkey has been reported to freeze NGO assets on dubious terrorism financing grounds, suggesting the potential misuse of a CBDC to control citizens financially.
✅ Corruption reported at high governmental levels questions the feasibility of fair surveillance control or risk management in Turkey's CBDC development.
Hashtags:
#CentralBankDigitalCurrency #FinancialInclusion #FinancialFreedom #HumanRights #Turkey #CentralBanKofTurkey #CBDCProject #DigitalLira
Question:
Knowing the potential for CBDCs to be used as a tool to control citizen's finances, especially in regions with high levels of government corruption and questionable freedom indexes like 🇹🇷, how do we ensure that these digital currencies promote rather than impede financial freedom and human rights?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Chile (26-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 11.64%
One-Sentence Summary:
🇨🇱 Chile's Central Bank pursues careful research and evaluation while considering the issuance of Central Bank Digital Currencies (CBDCs), amidst rising concerns over financial privacy and freedom.
✅ In 2022, the Central Bank of 🇨🇱 initiated an evaluation on CBDCs, envisioning the transformation they could bring to the digital landscape and payment systems, but decided upon further studies due to insufficient information.
✅ By 2024, a second report emphasized the continuation of research and pilot studies without committing to CBDC issuance, underlining the noteworthy risks linked with CBDC development.
✅ Despite scoring 94 / 100 in the 2023 Freedom House's report, there are concerns that the introduction of a CBDC in 🇨🇱 might compromise financial privacy and freedom.
✅ For a comprehensive understanding of human rights and civil liberties violations, audiences are directed to reports by Amnesty International, Freedom House, Human Rights Watch and others.
✅ Specific insights on the risks associated with CBDCs can be found on the Cato Institute's web page and report.
#CBDC #CentralBank #DigitalCurrency #FinancialPrivacy #Chile #FreedomHouse #HumanRights #CivilLiberties
What are your thoughts on the potential impact of CBDCs on financial privacy and freedom, especially in countries like 🇨🇱 where civil liberties rank high?
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Turkey (26-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 72.31%
One-Sentence Summary:
Turkey advances with pilot tests for a Central Bank Digital Currency (CBDC), amidst concerns of potential misuse and government corruption.
✅ Turkey's Central Bank is conducting pilot tests for its CBDC, the digital lira, with an evaluation report expected once testing is complete.
✅ The Central Bank started proof-of-concept studies for a CBDC in 2020, launching the Digital Turkish Lira Research and Development Project.
✅ In 2021, a collaboration platform was established for experimentation with various entities including the Turkish Research Council and tech company HAVELSAN.
✅ By 2022, the first phase of CBDC pilot was launched by Turkey's Central Bank, executing the first transaction in digital lira.
✅ In 2023, the Central Bank completed the first phase of its pilot program, demarcating plans for wider testing in the following phase.
✅ By 2024, executive directors Zeynel Abidin Avcı and Bilgehan Kürsad Öz declared the commencement of the Second Phase, expressing confidence in the digital lira as the future of payments.
✅ Concerns of financial crime enforcement misuse and government corruption arise as Turkey trials its CBDC.
✅ Turkey has allegedly used anti-money laundering and counter-terrorism finance measures to harass NGOs.
✅ Independence of the CBDC is questionable due to pervasive corruption, potentially compromising promises of limiting surveillance, control, or other risks of CBDCs.
✅ Organizations like Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State and Cato Institute, offer critical insights on CBDC risks and potential human rights abuses.
#Turkey #CBDC #Finance #HumanRights #DigitalLira
As we observe Turkey's ongoing development of its CBDC, what precautions should be taken to ensure such digital currencies don't become tools for governmental overreach? Let's reflect on this critical question and share our thoughts.
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⚠️ HRF CBDC ⛓️🪙 alert from HRF for Chile (26-MAR-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 11.64%
One-Sentence Summary:
Chile's Central Bank considerate over issuance of Central Bank Digital Currencies cites potential risks to financial privacy and freedom, as per the Human Rights Foundation.
✅🇨🇱 In 2022, the Central Bank began exploring the possibilities of issuing a CBDC to aid national digital transformation and promote an inclusive, innovative payment system.
✅ Nonetheless, the Central Bank of Chile, due to inadequate information to finalize, will continue its research for several years.
✅ After two years of study, in 2024, the Central Bank released a second report, stating continued exploration of CBDCs, but without a firm commitment to issuing them.
✅ This report also flagged that a CBDC might not be the best policy tool for present issues and that severe risks could emerge from its issuance.
✅ Despite enjoying high ratings on the 2023 Freedom in the World report by Freedom House, concerns persist about risks the introduction of a CBDC could pose to financial liberty and privacy in Chile.
#CentralBank #HumanRights #Chile #FinancialFreedom #CBDC
How do you believe the issuance of CBDCs in 🇨🇱 could affect financial privacy and freedom? We welcome your thoughts on this significant development!
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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 Australia's pursuit of a Central Bank Digital Currency raises concerns about potential infringement on civic freedoms and disrupts the financial system."
1. ✅🇦🇺's central bank has completed three pilots for a Central Bank Digital Currency (CBDC) by working with various partners including Commonwealth Bank of Australia and ConsenSys, the latest pilot concluded on August 23, 2023, but the bank's official position hints at a far-off launch.
2. ✅The Australian public is skeptical, voicing mass concerns about privacy breaches through financial surveillance, financial controls, negative interest rates, and potential turbulence to the existing financial system.
3. ✅Reserve Bank of Australia's governor Michele Bullock in late 2023 underlined skepticism around the retail CBDC and hinted at a focus on wholesale CBDCs moving forward.
4. ✅While 🇦🇺 is considered a free and open society, the potential CBDC adoption raises questions about infringement on citizens’ rights, particularly in the context of the country's recent controversial laws and strict COVID-19 restrictions.
5. ✅With new legislation restricting protests, critics argue a CBDC could be used as a tool to suppress activists by freezing or seizing their financial assets, thereby exhibiting further control over civil liberties.
6. ✅Some fear that a CBDC could be used to enforce travel range limitations put in place during the pandemic, as the digital currency could potentially alert authorities to purchases made outside of accepted areas.
7. ✅Various human rights organizations offer resources for further information on violations of human rights and civil liberties, and the Cato Institute provides insights on the risks of CBDCs.
#CentralBankDigitalCurrency #CBDC #ReserveBankofAustralia #HumanRights #CivilLiberties #FinancialSurveillance #DataPrivacy #FreedomToProtest #FreedomToTravel
Question:
Do you believe the development of a Central Bank Digital Currency in Australia could lead to an infringement on citizens' privacy and freedoms, or do you see it as a positive step towards modernizing the country's financial system? Share your thoughts and reasons!
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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 initiates research for Central Bank Digital Currencies with concerns surrounding corruption and restrictions to freedom emerging.
Content:
✅ Bank Indonesia launched Project Garuda in November 2022 towards research and development of a Central Bank Digital Currency (CBDC).
✅ The plan initiated with a wholesale CBDC, gradually progressing towards a retail CBDC for the general public.
✅ Proposed law amendments in 2022 aimed to legalize a CBDC dubbed the digital rupiah in 🇮🇩.
✅ The distinction between paper money and digital rupiah lies in the embedded encryption in the latter, available to be interpreted only by Bank Indonesia.
✅ The year 2023 saw Bank Indonesia acknowledge public responses concerning the digital rupiah and making announcements regarding its progress through experimentation, prototyping, and policy reviews.
✅ Despite improvements, 🇮🇩 scored 58 out of 100 in the 2023 Freedom House’s Freedom in the World report, underlying serious problems mainly involving corruption and quelling disapproving opinions, particularly in relation to CBDC issuance.
✅ Corruption and manipulations by powerful entities continue to plague 🇮🇩, potentially impacting the implementation and operation of the planned CBDC.
✅ Observations and reports reveal government pressure on internet service providers to handicap the online distribution of information criticizing human rights abuses.
✅ CBDCs might serve as tools for governments to exercise direct control over citizens' finances, further silencing opposition through fund seizures.
✅ Various organizations including Freedom House, Human Rights Watch, and the U.S. Department of State share detailed reports highlighting human rights violations and abuse of state power.
Hashtags:
#IndonesiaCBDC #HumanRights #FinancialFreedom #BankIndonesia #DigitalCurrency
Question:
Considering the potential misuse of CBDCs by governments, how do you think the development of digital currency could be regulated to ensure it doesn't infringe on our basic freedom and rights?
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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:
As the Reserve Bank of Australia debates the development of central bank digital currencies (CBDCs), concerns arise over potential misuse, such as financial surveillance and restrictions on freedoms.
✅ The Reserve Bank of Australia has recently run several pilot programs exploring the use of CBDCs, including a proof of concept with Commonwealth Bank of Australia and other institutions. 🇦🇺
✅ The final pilot program concluded in August 2023 and suggested that a decision on a CBDC in Australia is still several years away due to unresolved issues.
✅ Major concerns include the potential use of CBDCs for mass financial surveillance, financial controls, imposition of negative interest rates, and potential disruption to the financial system.
✅ In late 2023, Reserve Bank of Australia governor, Michele Bullock, expressed doubts on the retail CBDC side and indicated that future experiments might focus on wholesale CBDCs.
✅ While Australia is viewed as a free and open society, the potential adoption of a CBDC could amplify issues related to human rights abuses and freedom, specifically in relation to protests and freedom to travel.
✅ Concerns are raised that a CBDC could be used to financially disempower activists, political rivals, and protestors by allowing governments to directly control citizen's finances.
✅ The possible use of a programmable CBDC to enforce quarantine regulations and other restrictions is controversial, as it enables authorities to monitor and potentially control citizens' purchasing behaviors.
#CBDC #HumanRights #FinancialFreedom #Australia #GlobalEconomy#Banking
How might the development and implementation of a CBDC potentially impact individual freedoms and financial autonomy in an open society, such as Australia? Let's begin a respectful discussion on this significant issue.
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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:
Amid concerns of corruption and human rights violations, Indonesia takes step towards developing Central Bank Digital Currencies (CBDCs), with legislation changes underway to make it legal tender.
Analyze Content Per Paragraph:
1. ✅🇮🇩's Bank Indonesia disclosed a CBDC white paper called Project Garuda in November 2022.
2. ✅Bank Indonesia's governor aims to commence with a wholesale CBDC before distributing a retail version to the public.
3. ✅Progress seen within 2022 with legislative changes underway to make future CBDC - the digital rupiah - legal tender.
4. ✅Public consultations and research data on digital rupiah was shared by Bank Indonesia in 2023 but there has been no further development since then.
5. ✅🇮🇩 scored 58/100 in the 2023 Freedom in the World Report, facing issues with corruption at all levels and suppression of dissenting voices.
6. ✅Endemic corruption could potentially influence the CBDC policies and promise of limiting surveillance or control.
7. ✅Reports of internet service disruption by government officials and potential freezing of funds for opposition, raise concerns about possible misuse of CBDCs.
Hashtags:
#HumanRightsFoundation #CentralBanks #GlobalFinance #Indonesia #DigitalCurrency #CivilLiberties #FreedomHouse2023
Question:
Given these early steps towards digital currencies in places like 🇮🇩 and considering the perceived risks, how can the international community effectively advocate for citizen protections and transparency in the development and implementation of CBDCs? We'd love to 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 Reserve Bank navigates through significant ongoing human rights and societal concerns as it cautiously pilots Central Bank Digital Currencies (CBDCs).
Topics:
✅ The Reserve Bank of 🇦🇺 is pilot testing CBDCs, with the most recent pilot concluding in August 2023.
✅ Lingering public fears still revolve around potential misuse of CBDCs for financial surveillance, imposition of negative interest rates, and creating financial controls.
✅ Late in 2023, Reserve Bank of 🇦🇺 governor, Michele Bullock, noted that focus will likely shift towards wholesale CBDCs in future experiments.
✅ Despite being a generally free society, there's unease concerning how the implementation of CBDCs could possibly intimidate freedom of protests and travel within 🇦🇺.
✅ CBDCs, in conjunction with recently enacted protest restrictions, could potentially be leveraged to financially undermine activists and protestors.
✅ Citizens' freedom to travel, already strained by COVID-19 quarantine rules, could be further compromised with programmable CBDCs able to alert authorities about non-compliance with restrictions.
Hashtags:
#HumanRights #CBDCs #FinancialControl #PublicSurveillance #RightToProtest #FreedomToTravel #Australia
Question:
How can countries like Australia balance the technological progress of CBDCs without infrifying on their citizens’ basic human rights and freedoms? Share your perspectives on this complicated issue.
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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:
"🇮🇩 Eyes Digital Currency Amidst Corruption Concerns and Human Rights Violations"
1. ✅ 🇮🇩's Central Bank, Bank Indonesia, released a white paper called Project Garuda in November 2022, outlining plans for a Central Bank Digital Currency (CBDC). The initial goal is a wholesale CBDC, with later ambitions towards a retail CBDC accessible to the public.
2. ✅ Changes in legislation were pursued in 2022 to establish the future CBDC, the digital rupiah, as legal currency, with key digital features being available only to Bank Indonesia.
3. ✅ Public response to the CBDC white paper was analyzed in a paper published by Bank Indonesia, with plans for future stages including experimentation and policy reviews.
4. ✅ Despite progress, Indonesia's freedom score is a mere 58 out of 100 according to Freedom House’s 2023 report. Corruption and stifling of dissent are particularly alarming in the context of CBDC use and issuance.
5. ✅ Reports of corruption resulting in human rights abuses and government interference in online communications raise concerns about surveillance and control linked to CBDCs, with possible political favoritism.
6. ✅ The potential for CBDCs to be used as a tool to disrupt opposition by the government underlines a grim pattern of seizing funds from activists, political rivals, and protestors.
7. ✅ Websites and reports by organizations such as Amesty International, Freedom House, and the U.S. Department of State provide more in-depth info about human rights violation and CBDC risks.
Hashtags:
#HumanRights #FinancialFreedom #CentralBank #DigitalCurrency
Question:
In the light of these developments and concerns about corruption and human rights abuses in 🇮🇩, how could a CBDC help or harm the fight for freedom and economic fairness?
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