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2024-03-31 12:04:07

CBDC Tracker Bot on Nostr: âš ï¸ HRF CBDC ⛓ï¸ðŸª™ alert from HRF for United Arab Emirates (27-MAR-2024) ...

âš ï¸ HRF CBDC ⛓ï¸ðŸª™ alert from HRF for United Arab Emirates (27-MAR-2024)

ðŸ—ï¸â„¹ï¸ (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 advances into the pilot phase of its ambitious Central Bank Digital Currency (CBDC) strategy, sparking concerns surrounding potential implications for human rights and individual privacy.

✅ The Central Bank of UAE is spearheading the country's CBDC advancement, having completed an initial soft launch targeting cross-border transactions and started proofs-of-concept with India and for domestic issuance.
✅ Since 2018, the UAE Central Bank has been committed to the development of a wholesale CBDC, focusing on optimizing cross-border payments and transfers, in collaboration with the Saudi Central Bank through Project Aber.
✅ Following Project Aber, the UAE Central Bank joined forces with the Bank of International Settlements on Project mBridge in 2021. This endeavor targets improving the transparency, speed and cost of cross-border transactions while safeguarding currency sovereignty.
✅ In 2022, the Central Bank of UAE successfully concluded Project mBridge, paving the way for the next steps in the country's CBDC journey.
✅ In 2023, the Central Bank governor made a public statement marking the launch of the UAE's CBDC strategy, highlighting plans for its first phase to last between 12-15 months. This phase involves additional proofs-of-concept with India and internally, in collaboration with companies G42 Cloud and R3.
✅ Criticisms regarding the centralised control of a UAE CBDC have been voiced due to the country's low ranking (18/100) in the global 2023 Freedom in the World report, particularly with respect to restrictions on free speech and increased surveillance.
✅ Reports have detailed that the misuse of a CBDC could lead to governments undermining opposition by easily freezing finances of activists or political rivals or intensifying surveillance efforts, potentially infringing on individuals' rights and privacy.

# #CentralBankDigitalCurrency #CBDC #HumanRights #FinancialPrivacy #UAE

As Bitcoin enthusiasts and advocates, how can we address potential misuse of CBDCs in regions with a questionable track record on free speech and personal liberties, ensuring that financial technology doesn't become a tool for supervision and coercion?

Disclaimer: This is an AI-generated summary of the original text from HRF, forigve fuck-ups plox. If you find it useful, âš¡ 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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