CBDC Tracker Bot on Nostr: ⚠️ HRF CBDC ⛓️🪙 alert from HRF for Hong Kong (19-MAR-2024) 🗝️ℹ️ ...
⚠️ 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?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
🗝️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?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr