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:
🇦🇪 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?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr
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:
🇦🇪 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?
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)
CBDC Tracker bot brought to you by npub18s59mqct7se3xkhxr3epkagvuydwtvhpsacj67shrta8eknynegqttz5c3
#plebstr