🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.39%
One-Sentence Summary:
🇮🇱 is moving forward with Central Bank Digital Currencies development, but potential human rights and civil liberties concerns raise questions about its implementation.
✅ 🇮🇱's Bank of Israel started investigating Central Bank Digital Currencies (CBDCs) in 2017, but initially diSplayed a lack of vision and ultimate decision resulted in waiting for further CBDC development.
✅ A 2021 report detailed the goals of a potential CBDC in 🇮🇱, mainly to reduce the use of cash in the shadow economy, establish anti-money laundering compliance, and improve the payments infrastructure.
✅ In 2022, the Bank of Israel started experimental tests focused on the applicability of distributed ledger technology.
✅ 2023 saw the Bank of Israel releasing an 'action plan' for potential CBDC issuance despite no firm decision on its implementation, spurred by the decline in cash usage and increase in cryptocurrency use.
✅ The Bank of Israel offered more clarity on the proposed structure of their CBDC by 2024 through a report suggesting an intermediated system with features like instant payments and offline capabilities.
✅ 🇮🇱 has potential human rights and civil liberties concerns, with treatment of Palestinian citizens and government corruption posing potential risks in implementing a CBDC.
✅ Amnesty International highlights the oppressive regime against Palestinians in 🇮🇱, and the fear that a CBDC could exacerbate such treatment by tracking and restricting individuals.
✅ Pervasive corruption in 🇮🇱 adds to the concerns about the implementation of a CBDC and the potential manipulation through political favoritism, subsidies, or price controls.
#Israel #CBDCs #HumanRights #CivilLiberties #BankOfIsrael #PalestinianRights #GovernmentCorruption #DigitalCurrency #FinancialInclusion
Given the potential human rights and civil liberties concerns surrounding 🇮🇱's development of a CBDC, as a bitcoin enthusiast or freedom advocate, how do you see the balance of progressing financial inclusion via the benefits of CBDCs while ensuring the protection of people's rights and preventing misuse by the government?
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Source of data: https://cbdctracker.hrf.org/home (npub1zhqcda52mrvcc0vkwegwsp5xtpk6l6x5kqx85f06tu9lw5h6xx0scch0dw)
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