🗝️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:
🇵🇭 Philippines' Central Bank plans for wholesale CBDC by 2026 raise questions about implications on human rights and corruption concerns.
✅ The Bangko Sentral ng Pilipinas 🇵🇭 revealed in 2022 its plans to pilot a wholesale CBDC with ambitions to stabilize the national payment system, with an expected launch by 2026.
✅ The Bangko Sentral ng Pilipinas governor, Benjamin E. Diokno, voiced cautious optimism about the pilot project in a 2022 speech noting CBDCs do not solve financial exclusion issues.
✅ 2023 saw the declaration of a new CBDC pilot, Project Agila, focusing on payments efficiency while also supported by International Monetary Fund and the Bank for International Settlements.
✅ Despite rejecting blockchain technology and a retail CBDC in 2024, the central bank aims to conclude its wholesale CBDC pilot by the end of 2024.
✅ Given the freedom score of 58 by Freedom House, CBDC issuance in 🇵🇭 could aggravate government corruption and restrictions on opposing voices.
✅ According to Amnesty International, journalists are being harassed and independent news sites are blocked, and a CBDC could be misused to freeze and seize money of activists, political rivals and protestors.
✅ Despite concerns of corruption and the potential for a CBDC to perpetuate political favoritism through subsidies, price controls, or other targeted restrictions, the Banko Sentral ng Pilipinas is still set on its 2026 goal.
#HumanRights #PrivacyConcerns #FinancialLiberties
Question:
How do you think that the potential of a CBDC in the 🇵🇭 could affect critical digital payment innovation and human rights within the country, given the context of corruption and restrictions on freedoms? What changes, if any, can be proposed to preemptively address such concerns? Share your thoughts below!
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
