Unveiling the CBDC Tracker

At the recent Oslo Freedom Forum, the Human Rights Foundation (HRF) made waves with the announcement of its new central bank digital currency (CBDC) tracker. Designed to paint a clear picture of the CBDC landscape, especially in authoritarian regimes, this online resource aims to highlight the potential dangers these currencies pose to civil liberties.

Who’s Behind the Tracker?

The tracker is a product of a competitive eight-month fellowship awarded to a trio of bright minds: policy analyst Nick Anthony, researcher Janine Romer, and podcaster Matthew Mezinskis. Notably, the Cato Institute, an outspoken critic of CBDCs, played a significant role in this initiative. Talk about an unlikely alliance!

A Window into Authoritarianism

As HRF chief strategy officer Alex Gladstein pointed out, the CBDC tracker isn’t just about numbers and charts; it’s about context.

“It’s going to be an online resource that describes the progress of central bank digital currencies around the world, especially in authoritarian countries,”

he explained in a promotional video. Gladstein argues that the direct connection a CBDC establishes between citizens and the central bank raises several human rights concerns. The stakes are high, folks!

The Current State of CBDCs

So, what’s the big picture? According to HRF, even though the majority of central banks worldwide are exploring CBDCs, only three have actually launched them: the Bahamas’ Sand Dollar, Jamaica’s Jam-Dex, and Nigeria’s eNaira. With 14 pilot projects in the pipeline, including China’s digital yuan that’s already claimed over 300 million users, it’s clear that this trend is only set to expand.

Looking Ahead: The Full Launch

The initial phase of the HRF’s CBDC Tracker is already live, offering a sneak peek into what is to come. The complete resource is expected by year-end. If you’re itching to explore the world of digital currency and its implications, stay tuned!