Central Bank Digital Currencies (CBDCs) are similar to decentralized cryptocurrencies such as Bitcoin, except they centralize power and influence to a single entity – whose objectives may not match yours or mine.

Recent months have seen an acceleration in CBDC development. In conjunction with numerous political blunders coming to light, including the mishandling of the health crisis, a hostile narrative toward them has emerged.

While CBDC advocates tout benefits such as better financial inclusion and greater efficiency, concerns about their potential threat to personal sovereignty aren’t going away.

A global network of CBDCs is on the way.

According to the Atlantic Council, the majority of countries have either launched or are in the process of launching a Central Bank Digital Currency (CBDC), with African countries standing out as the outliers in this case.