🗝️ℹ️ (Key Information)
CBDC Status: Pilot
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.83%
One-Sentence Summary:
The United Arab Emirates 🇦🇪 is piloting Central Bank Digital Currencies (CBDCs), amidst human rights and privacy concerns.
Analysis:
✅ The United Arab Emirates 🇦🇪 has launched a strategy for Central Bank Digital Currencies (CBDCs), currently in the pilot phase.
✅ The CBDC initiative began in 2018 as Project Aber, a partnership between the Central Bank of the United Arab Emirates 🇦🇪 and the Saudi Central Bank. It aimed at investigating how a wholesale CBDC could improve cross-border payments using distributed ledger technology.
✅ In 2021, the Central Bank collaborated with the Bank for International Settlements on a new wholesale CBDC pilot called Project mBridge, targeting inefficiencies in cross-border transactions. The project was completed successfully in 2022.
✅ The Central Bank’s governor, Khaled Mohamed Balama, announced the official CBDC strategy launch in 2023, hinting that its implementation would take 12-15 months and involve testing with India 🇮🇳.
✅ Despite these developments, freedom of expression and use of mass surveillance are raising concerns about the CBDCs in the United Arab Emirates 🇦🇪.
✅ The UAE has demonstrated a history of stifling media freedoms and dissent, with potential for CBDCs to be exploited for similar reasons.
✅ Furthermore, financial surveillance possibilities inherent to CBDCs could be leveraged to police citizens, given the UAE's record of using tech to monitor its residents.
Hashtags:
#CBDCs #HumanRights #Privacy #UAE #Banking #FinancialSurveillance
Question:
What are your thought on the potential impact of CBDCs on human rights and privacy, especially in countries like the UAE 🇦🇪 with reported records of rights suppression? How can the technology be safeguarded against such misuse?
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
