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@ CBDC Tracker Bot
2024-02-21 00:00:35
⚠️ HRF CBDC ⛓️🪙 alert from HRF for Philippines (14-FEB-2024)
🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 5.82%
One-Sentence Summary:
The Philippines' 🇵🇭 journey with Central Bank Digital Currencies (CBDCs) is mired in cautious optimism, technical challenges, and significant concerns about potential abuses against human rights and civil liberties.
✅ 🇵🇭 initiated a pilot CBDC in 2022 called Project CBDCPh, aimed at stabilizing payment systems, mainly focusing on extensive financial transactions.
✅ By 2024, Bangko Sentral ng Pilipinas governor predicted the issuance of a wholesale CBDC by 2026, but ruled out a retail CBDC.
✅ Despite initial optimism about the potential for CBDCs to improve payment efficiency, Governor Diokno acknowledged that they fail to address root causes of financial exclusion.
✅ A second pilot CBDC, Project Agila, was rolled out on Hyperledger Fabric in 2023, involving multiple financial institutions, backed by the International Monetary Fund and the Bank for International Settlements.
✅ In 2024, the central bank abandoned blockchain technology for its CBDC and decided to focus only on a wholesale CBDC.
✅ Freedom House only gave 🇵🇭 a score of 58 on 100 in their 2023 report, raising concerns about government corruption and restrictions on opposition voices.
✅ Amnesty International warned about risks like using a CBDC to freeze/seize assets of activists and political opponents, as well as a lack of protection against surveillance with a CBDC.
✅ Widespread corruption raises concerns about potential abuse of CBDC policies to exert political favoritism and other targeted restrictions.
#DigitalCurrency #PhilippinesCBDC #HumanRightsProtection
How can we ensure that the implementation of CBDCs won't become tools for government overreach and violation of human rights while maximizing their potential benefits in improving payment systems and financial inclusion? 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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