🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 2.5%
TEXT:
The Human Rights Foundation has expressed concerns about the development of Central Bank Digital Currencies (CBDCs) in North Korea. The international non-profit organization argues that the reclusive country is likely to exploit the technology to cement control over its citizens and to aid its efforts to evade sanctions. The Human Rights Foundation further clarified that although CBDCs have the potential to increase transparency and reduce corruption, in the hands of an authoritarian government like North Korea, they could be used to monitor and control economic activities more closely.
In an attempt to expand its control, North Korea has reportedly begun the early stages of CBDC development. However, this move poses numerous concerns. With a CBDC, the North Korean government could potentially track every transaction made by its citizens, thereby allowing an unprecedented level of surveillance. The government could also take advantage of the technology to intensify the already problematic issue of money laundering.
Senior officials in the North Korean government have indicated that they see CBDCs as an opportunity to overcome the economic isolation imposed by international sanctions. They believe that a state-controlled digital currency could help the struggling economy by bypassing the global financial system.
The Human Rights Foundation points out that even if North Korea could successfully implement a CBDC, it would only aid in evading sanctions and tightening control over its citizens. It would not address the fundamental issues that plague the country’s economy. Moreover, it could result in the further marginalization of the most vulnerable North Korean citizens.
Despite these reservations, other countries, including China, have developed their own CBDCs and are actively promoting their use. However, the Human Rights Foundation warns that the situation in North Korea is unique due to its extreme isolation and lack of political freedoms.
One-sentence summary:
Human Rights Foundation broadcasts alarm over North Korea's 🇰🇵 exploration of Central Bank Digital Currencies (CBDCs), foreseeing tech abuse for smothering citizen freedoms and evading sanctions.
Topics:
✅ Human Rights Foundation voices concerns about North Korea’s 🇰🇵 development of CBDCs.
✅ Fears that autocratic North Korea 🇰🇵 might exploit CBDC technology to track citizen transactions and intensify money laundering.
✅ North Korean 🇰🇵 officials view CBDCs as a means to dodge international sanctions.
✅ CBDC in North Korea 🇰🇵 could lead to greater control over citizens and evasion of sanctions, but won't remedy fundamental economic issues.
✅ North Korea’s 🇰🇵 situation is singular given its extreme isolation and lack of political freedoms, despite other countries endorsing CBDCs.
Hashtags:
#HumanRights #DigitalCurrency #Freedom #NorthKorea #GlobalEconomics
Question:
What countermeasures should be taken by the international community to prevent possible human rights abuses from the North Korean 🇰🇵 development of CBDCs?
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