Maybe I'm old-fashioned, but saying "anyone who opposes the digital euro" is effectively an enemy of the state does not exactly inspire confidence that the CBDC won't be abused. 
npub1n2m8...gflr
npub1n2m8...gflr
Finally, on the last day of the Africa Bitcoin Conference, I've saved the worst CBDC experience in Africa for last: Nigeria.
In the words of the Central Bank of Nigeria, the CBDC experience has not been a "rosy story."
The central bank launched the eNaira in 2021, and it's basically been downhill since then.
Initial adoption was stuck at just 0.5 percent. The central bank lowered the requirements for access and introduced discounts in response, but people still preferred cash over the CBDC.
With adoption still struggling, Central Bank of Nigeria deputy governor Kingsley Obiora said that all the eNaira needs is a “a little push from the government.”
That's when the central bank suddenly announced it was taking cash out of circulation. After lines turned to protests and then riots, the central bank described the eNaira as a "success" after adoption went from 0.5% to 6%. https://www.coindesk.com/opinion/2023/03/06/nigerians-rejection-of-their-cbdc-is-a-cautionary-tale-for-other-countries
Even the IMF admit the CBDC has largely been a failure. In a 2023 study, the IMF found that 98.5 percent of the wallets issued have never been used.
And that's to say nothing of all the complaints on the app stores. 
The eNaira has largely fallen apart at this point. Speaking in Ghana a few weeks ago, one Central Bank of Nigeria official said that Nigerians were not interested in the CBDC, the central bank was not prepared to be a retail bank, and the market was already providing solutions.
I've only just skimmed the surface, so be sure to check out the @npub17xvf...c9as CBDC Tracker to learn more about what's happening in Africa, Europe, Asia, and elsewhere. 
Initial adoption was stuck at just 0.5 percent. The central bank lowered the requirements for access and introduced discounts in response, but people still preferred cash over the CBDC.
With adoption still struggling, Central Bank of Nigeria deputy governor Kingsley Obiora said that all the eNaira needs is a “a little push from the government.”
That's when the central bank suddenly announced it was taking cash out of circulation. After lines turned to protests and then riots, the central bank described the eNaira as a "success" after adoption went from 0.5% to 6%. https://www.coindesk.com/opinion/2023/03/06/nigerians-rejection-of-their-cbdc-is-a-cautionary-tale-for-other-countries
Even the IMF admit the CBDC has largely been a failure. In a 2023 study, the IMF found that 98.5 percent of the wallets issued have never been used.
And that's to say nothing of all the complaints on the app stores. X (formerly Twitter)
Nick Anthony (@EconWithNick) on X
Just look at the state of the negative reviews on the wallet app for Nigeria's CBDC...
CBDC Tracker
A CBDC is a digital national currency. In the case of the United States, a CBDC would be a digital form of the U.S. dollar whereas, in Nigeria, the...
While discussing the Bank Secrecy Act, Representative Patman said the quiet part out loud.
He congratulated the Treasury for going "rather far" and "making a long step here" to establish capital controls. The Treasury quickly shot back saying not to call it that. 
Governments force banks to report your activity, judge whether you are being suspicious, and close your accounts when you step out of the norm.
How? It dates back to 1970.
https://www.coindesk.com/opinion/2025/10/28/55-years-of-financial-surveillance
President Richard Nixon had not yet been caught surveilling his political opponents. Instead, Oct. 26, 1970 marks when Nixon signed the Bank Secrecy Act and set the foundation for a new regime of financial surveillance.
Often abbreviated as “the BSA,” the Bank Secrecy Act was originally enacted over fears that the rise of air travel in the late 1960s would lead to Americans hiding their money in Swiss bank accounts.
As the times changed, so did the concerns. Congress initially targeted tax evaders, but the Bank Secrecy Act was later expanded to also go after drug traffickers. Later, it would be expanded again to go after terrorists.
Most recently, Congress has been weighing where and how to apply it to cryptocurrencies.
https://www.cato.org/blog/warren-misses-details-bank-secrecy-act
Yet, it hasn’t just been the targets that have changed. Congress has also steadily expanded who must report their customers under this regime.
Even the @USPS and pawn shops are defined as "financial institutions" here.
This ever-growing list of both targets and informants is partly why more than 27.5 million reports were filed on customers last year. https://www.cato.org/blog/reporting-fincens-suspicious-activity-again
Congress has prioritized ever-increasing financial surveillance over protections for people’s privacy for 55 years now. It’s time for that to change.
It’s time to respect financial privacy and stop treating ever-expanding surveillance as the norm. Reform needs to happen before the Bank Secrecy Act gets to celebrate its next big milestone.
For more on how, check out my latest in @npub1x36y...lsth https://www.coindesk.com/opinion/2025/10/28/55-years-of-financial-surveillance
It’s incredibly disappointing that the Department of Justice has denied my FOIA request and appeal.
President Biden requested a report on how to create CBDC legislation, but the folks currently in charge have decided this information should be hidden from the public.
The issue dates back to 2022 when President Biden placed “the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.” As part of this effort, President Biden instructed the Department of Justice to put together an “assessment of whether legislative changes would be necessary to issue a United States CBDC.”
Yet, the report never saw the light of day.
When it became clear that the report wasn't going to be published, I submitted a FOIA request and members of Congress wrote to Attorney General Merrick Garland. Still, nothing.
https://www.cato.org/blog/white-house-doj-keeps-cbdc-legislation-secret-cato-rep-hill-seek-answers
I thought the change in administration might mean I would get the documents faster given how vocally opposed President Trump has been to CBDCs.
Yet, instead, the request still ended in rejection.
In explaining the rejection, the Department of Justice says releasing the information “would harm the interests” of the government.
Given how the rise of CBDCs has increasingly become a public concern, the American people deserve to know what the Department of Justice and the White House think needs to be done to create a CBDC.
The issue dates back to 2022 when President Biden placed “the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.” As part of this effort, President Biden instructed the Department of Justice to put together an “assessment of whether legislative changes would be necessary to issue a United States CBDC.”
Yet, the report never saw the light of day.
When it became clear that the report wasn't going to be published, I submitted a FOIA request and members of Congress wrote to Attorney General Merrick Garland. Still, nothing.
https://www.cato.org/blog/white-house-doj-keeps-cbdc-legislation-secret-cato-rep-hill-seek-answers
I thought the change in administration might mean I would get the documents faster given how vocally opposed President Trump has been to CBDCs.
Yet, instead, the request still ended in rejection.
In explaining the rejection, the Department of Justice says releasing the information “would harm the interests” of the government.
Given how the rise of CBDCs has increasingly become a public concern, the American people deserve to know what the Department of Justice and the White House think needs to be done to create a CBDC.Today marks the anniversary of President Nixon's 1971 decision to end the gold standard in the United States.
I can't help but notice that the same appeals to "protect the dollar" here mirror what politicians now use to say we need a CBDC.
Trump says banks discriminated against him and then says he thinks the source of the problem was the government itself.
He's expected to sign an executive order about debanking this week.
CBDCs and stablecoins are not the same thing.
It is correct that neither embodies truly open and free monetary technology, but the distinction is still important because only CBDCs give the government direct access and control over your financial activity by default.
I explain at length in my latest article below.
View article →
Everyone who uses money needs the digital euro?
Wild take from Bloomberg.
To their credit, the authors acknowledge that electronic payments are widely available.
So why? Why do people need a digital euro when they are already served by a wide array of options?
And there it is: Control.
The authors do well to be upfront about one risk of CBDCs. Although the only one they mention is the risk that a CBDC could undermine banks and so they propose restrictions on how much people can own.
However, there are many other risks at play with few benefits to justify the cost.
https://www.cato.org/visual-feature/risks-of-cbdcs
Check out the full piece in Bloomberg below.
https://www.bloomberg.com/opinion/articles/2025-07-31/digital-euro-everyone-who-uses-money-needs-tech-forward-currency
To their credit, the authors acknowledge that electronic payments are widely available.
So why? Why do people need a digital euro when they are already served by a wide array of options?
And there it is: Control.
The authors do well to be upfront about one risk of CBDCs. Although the only one they mention is the risk that a CBDC could undermine banks and so they propose restrictions on how much people can own.
However, there are many other risks at play with few benefits to justify the cost.
https://www.cato.org/visual-feature/risks-of-cbdcs
Check out the full piece in Bloomberg below.
https://www.bloomberg.com/opinion/articles/2025-07-31/digital-euro-everyone-who-uses-money-needs-tech-forward-currencyPaul Krugman argues that the U.S. should adopt a "partial CBDC" and points to Brazil as the example to emulate. Specifically, he points to Pix.
Has he really not heard of FedNow?
He says the "financial industry just has too much power, and would never allow a public system to compete with its products."
Again, has he really not heard of FedNow? Or for that matter, the Fed's check and ACH services?
Frankly, it's also strange that Krugman criticizes concerns about CBDCs but makes no mention of the fact that Pix was forced on people. The government forced banks to adopt it.
For anyone interested in what's happening with Brazil's actual CBDC work. The HRF CBDC Tracker has you covered.
He says the "financial industry just has too much power, and would never allow a public system to compete with its products."
Again, has he really not heard of FedNow? Or for that matter, the Fed's check and ACH services?
Frankly, it's also strange that Krugman criticizes concerns about CBDCs but makes no mention of the fact that Pix was forced on people. The government forced banks to adopt it.
For anyone interested in what's happening with Brazil's actual CBDC work. The HRF CBDC Tracker has you covered.
CBDC Tracker
A CBDC is a digital national currency. In the case of the United States, a CBDC would be a digital form of the U.S. dollar whereas, in Nigeria, the...
Speaking on CBDCs, Representative Waters says anti-CBDC legislation must be stopped because "it's time for the US government to take charge" so "we don't have [cryptocurrency] or anything else without the federal government knowing and being in control."
No notes, @npub1j8y6...vrvg. This take is brilliant haha
Curious about the Bank Secrecy Act? Or maybe just curious about what
Norbert Michel and I talk about all day at Cato?
Today, we kicked off the Cato Institute's new podcast series by exploring the rise of financial surveillance and the illusion of financial privacy.
https://www.cato.org/multimedia/cato-podcast/illusion-financial-privacy
Dictators regularly use the financial system to target opposition. @npub1trr5...hdpu says Bitcoin offers a lifeline: "It's money that dictators can't stop."
Maybe it’s just me, but seeing that the Bank of England can’t build a functioning menu bar doesn’t exactly inspire confidence for the digital pound.
Luckily, the @HRF CBDC Tracker has you covered if you want all the latest information.
CBDC Tracker
A CBDC is a digital national currency. In the case of the United States, a CBDC would be a digital form of the U.S. dollar whereas, in Nigeria, the...
It's fascinating that upon the BIS leaving Project mBridge, Agustín Carstens felt the need to stress that "mBridge was not created to cater to the needs of the BRICs" and BIS "products [cannot] be used by any countries that are subject to sanctions."
https://www.reuters.com/business/finance/bis-leave-cross-border-payments-platform-project-mbridge-2024-10-31/
This is a thing?
"As long as the final decision on the digital euro has not been taken, it makes little sense for the Eurosystem to launch a large-scale public awareness drive." - Deutsche Bundesbank President Joachim Nagel
I could not disagree more. People should know what their governments are doing.
The need for this transparency is precisely why I have been working with the Human Rights Foundation on the @npub17xvf...c9as CBDC Tracker to document CBDC development around the world.
Furthermore, the need for transparency is also why I wrote my book to provide everything you need to get up to speed on CBDCs.
From the myths to the risks, this book will help you decode what "CBDC" means for the future of money.
CBDC Tracker
A CBDC is a digital national currency. In the case of the United States, a CBDC would be a digital form of the U.S. dollar whereas, in Nigeria, the...
There's certainly good reason to celebrate the news of Julian Assange's release.
However, it's important to not lose sight of just what has taken place over the years. As Patrick Eddington notes, "The US government’s successful multi-year pursuit of Assange was meant to send a message to any others considering exposing federal government wrongdoing in the national security arena: we will make the story about you, not our crimes, and we will get you, one way or another."
So while the news was indeed welcome, there is still much to be done.
https://www.cato.org/blog/assange-process-was-punishment