🗝️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:
🇵🇭 embraces CBDCs but skepticism around financial exclusion and potential amplification of government control raises human rights concerns.
✅ In 2022, 🇵🇭's central bank piloted a wholesale CBDC, Project CBDCPh, to maintain stability in the payment system with aims to roll out by 2026.
✅ Governor Benjamin E. Diokno, in 2022, conveyed excitement about potenital payment efficiency, but expressed doubts over CBDC's role in financial inclusion and possible legislative requirements for retail CBDC.
✅ Another CBDC pilot, Project Agila, launched in 2023 for payment efficiency and stability, involved multiple financial institutions and received support from International Monetary Fund and the Bank for International Settlements.
✅ In 2024, Governor Eli Remolona Jr. reiterated the central bank's focus on wholesale CBDC and disapproval of blockchain given others' unsuccessful attempts with it, with deputy governor Mamerto Tangonan announcing finalization of the pilot by the end of 2024.
✅ According to Freedom House's report of 2023, 🇵🇭 scored 58/100 in freedom, raising concerns about government control and corruption upon the usage a CBDC.
✅ Amnesty International suggests a CBDC could enable government to harass opposition by direct control of finances, while the prevalent corruption in 🇵🇭 could risk misuse of CBDC policies to exert political control.
#CBDC #HumanRights #CentralBanks #FinancialInclusion #Philippines #GovernmentControl
While we celebrate progress in digital currency, how can we adequately address the potential threats to human rights and financial inclusivity that CBDCs in particular countries may pose?
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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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