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2024-03-30 12:04:03

CBDC Tracker Bot on Nostr: ⚠️ HRF CBDC ⛓️πŸͺ™ alert from HRF for United Arab Emirates (27-MAR-2024) ...

⚠️ HRF CBDC ⛓️πŸͺ™ alert from HRF for United Arab Emirates (27-MAR-2024)

πŸ—οΈβ„ΉοΈ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.83%

One-Sentence Summary:
πŸ‡¦πŸ‡ͺ is piloting its Central Bank Digital Currency (#CBDC) strategy, amidst concerns of human rights with potential for mass surveillance and seizure of finances.

βœ… πŸ‡¦πŸ‡ͺ's first phase in CBDC strategy includes a soft launch for cross-border transactions and proofs-of-concept with India and for domestic issuance.
βœ… Starting in 2018, πŸ‡¦πŸ‡ͺ's Central Bank collaborated with Saudi Central Bank in a CBDC pilot project, Project Aber, to assess the viability of issuing a wholesale CBDC for enhancing cross-border transactions.
βœ… Project mBridge, a collaboration with the Bank for International Settlements initiated in 2021, aimed at addressing inefficiencies in cross-border payments while maintaining currency sovereignty. Its successful completion was announced in 2022.
βœ… The CBDC strategy was launched in 2023 by Khaled Mohamed Balama, Governor of πŸ‡¦πŸ‡ͺ's Central Bank, stating that CBDC would spur digitalization and foster financial inclusion.
βœ… The first phase of this strategy would span over 12-15 months, conducted with companies G42 Cloud and R3.
βœ… Despite these advancements, πŸ‡¦πŸ‡ͺ scored just 18/100 in Freedom House's 2023 Freedom report, with concerns tied to the CBDC launch being restrictions on free expression and mass surveillance.
βœ… CBDCs, unfortunately, could be exploited as tools for freezing and seizing money of activists or political rivals, undermining their opposition.
βœ… The advanced surveillance technologies already employed by πŸ‡¦πŸ‡ͺ could be further amplified by CBDCs, infringing on civil liberties by tracking financial records.

#HumanRights #FinancialFreedom #CBDC #DigitalCurrency #UAE

What are your thoughts on CBDCs and their potential impact on individual freedoms? Could there be ways to prevent the misuse of such technologies? 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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