We've all seen Brian Armstrong set the record straight at the World Economic Forum when the Banque de France governor said he doesn't trust the company running bitcoin.
But did you know that's not the only thing the governor got wrong?
https://www.cato.org/blog/french-central-bank-wrong
Villeroy de Galhau also tried to appeal to history by pointing to the experience of free banking in the United States. He described this era as suffering from “many crises of confidence.”
He did so in an attempt to undermine trust in private money, but the only trust undermined here should be that in governments.
What he didn’t say is that crises occurred during this period in large part because of the laws and regulations in place that made banks unstable.
My colleague, George Selgin, has gone to great lengths to correct this record. The general public may be forgiven for not knowing this history, but central bankers have no excuse.
Villeroy de Galhau then said gold was a “sovereign asset” governed by the state. However, this claim is similarly misleading. The use of gold as money predates legal tender laws.
Villeroy de Galhau took this opportunity to also say that CBDCs are the next evolution of money. If CBDCs are an “evolution” of anything, they reflect the evolution of state control over monetary systems—not a natural progression arising from the market.
Turning away from the forum, Villeroy de Galhau also mentioned his support for CBDCs in his “New Year’s address.”
Curiously, he said, “2026 will see the first central bank digital currency.” Taken as written, this statement is wrong.
The first CBDC was arguably created in 1992. That project died, but CBDCs have seen a resurgence.
China, India, Jamaica, Kazakhstan, Nigeria, Russia, The Bahamas, and others have all launched CBDCs in one form or another.
So, in the first 21 days of 2026, the Banque de France governor managed to get it wrong on Bitcoin, US history, gold, and CBDCs.
That track record is almost as bad as central banks managing inflation.
This letter is particularly troubling, though. I say that because their argument lacks an understanding of both central bank digital currencies (CBDCs) and economic history.
The economists claim that a CBDC like the digital euro would be “an essential safeguard of European sovereignty, stability, and resilience.” https://sustainablefinancelab.nl/wp-content/uploads/sites/506/2026/01/The-Digital-Euro-Let-te-public-interest-prevail.pdf
Setting aside their lack of evidence to back the claim, where has this been true in practice?
It certainly isn’t true in The Bahamas.
https://www.cato.org/commentary/bahamians-didnt-want-cbdcs-so-now-theyre-being-forced-use-them
It certainly isn’t true in Jamaica.
https://www.cato.org/briefing-paper/cbdc-lessons-caribbean
It certainly isn’t true in Nigeria.
https://www.coindesk.com/opinion/2023/03/06/nigerians-rejection-of-their-cbdc-is-a-cautionary-tale-for-other-countries
Do I need to go on?
The CBDC experience varies country to country, but no CBDC has been “essential” in any sense of the word.
While I was limited to just one, I also have to give shout-outs to Skot building Bitaxe, @calle building Cashu, and many more.
The policy front may be depressing at times, but the people building solutions on the ground give me hope.
See what everyone else on the HRF Freedom Tech Team had to say here. 
As she noted, the EU Governing Council has given the green light for the digital euro (the ECB's CBDC). In short, the Council said that the digital euro should work both online and offline, have holding limits, allow a "high degree of privacy" while still being AML/KYC compliant, and be free for consumers to use.
This green light from the council does not mean, however, that the digital euro will be launched. Now it's up to the European Parliament to weigh in.
Sadly, though, this process might appear democratic from the outside, but it's really just a formality. It's unlikely that Parliament will alter the course.
As @Efrat Fenigson noted on X, the ECB is just waiting for the Parliament's rubber stamp to move forward.
As CBDC marketing ramps up, it's important to be vigiliant (even on holidays).
As I've noted repeatedly, the ECB's marketing campaign borders on false advertising when it comes to claims about competition and freedom.
https://www.cato.org/blog/digital-euro-isnt-about-freedom
2026 is going to be an eventful year on the CBDC front. And as always, you can find out everything you need to know in the @HRF CBDC Tracker.
