The Tracker will go online for the first time, providing the public with a resource to examine the progress and risks of CBDC implementation worldwide
Like paper dollars or euros, CBDCs are liabilities of central banks
Unlike paper dollars or euros, CBDCs do not offer the privacy protections, neutrality, or finality of cash
Virtually all money today is already digital, but it is typically issued and controlled by private banks and fintech companies, even in dictatorships like China
When consumers use a credit card, spending is at the discretion of the corporation that issued the card
When consumers deposit money into their bank accounts, their funds are liabilities of the bank
CBDCs are an effort to:
1) Replace paper cash with government-issued, government controlled digital credits
2) Reduce the power of private banks
3) Expand state control over the economy
Paper cash doesn’t require identification, can be used by anyone with no discrimination, and cannot be easily tracked
As such, cash is a daily tool of human rights activists, dissidents, and civil society, especially under authoritarian regimes
CBDCs stand to potentially phase out this tool for human rights defenders, making them entirely reliant on currency that is surveilled and easily frozen and censored
Unlike cash, CBDCs can require ID, have expiration dates, be remotely
frozen, and abide by blacklists
HRF believes CBDCs pose a significant threat to human rights work worldwide, especially for people living under tyranny
More than 100 countries are researching CBDCs, while more than 20 have pilots, and a handful of governments have already launched some kind of retail product
Russia, India, the EU, the US, Brazil, and other major governments
have all signaled intent to pursue CBDC projects
HRF considers it important to track these activities and document what risk they pose to human rights
We are pleased to be working with the Bitcoin Policy Institute to launch the CBDC Tracker at the National Press Club in Washington at 10:00am ET on November 14th
We are excited to share the work of the project authors: Nick Anthony, Janine Roem, and Matthew Mezinskis
If you would like to learn more about the project or RSVP to the launch event, please contact ck (npub1cf3…x7gk)
We look forward to sharing the resource with all of you on Nov 14
https://cbdchumanrights.org/
