Human Rights Foundation Launches CBDC Tracker to Monitor Digital Currencies

Central bank digital currency (CBDC) tracker is a new project from the Human Rights Foundation (HRF) that aims to follow CBDC development globally. The online tracker, which was unveiled at the Oslo Freedom Forum event, will include instructional resources and a tip line to follow the growth of CBDCs, especially in authoritarian regimes. By the end of the year, the HRF wants the tracker to be completely operational.

Fellowship and Purpose

The Cato Institute policy analyst Nick Anthony, researcher Janine Romer, and podcaster Matthew Mezinskis were given an eight-month fellowship that led to the creation of the CBDC tracker. The Cato Institute, well-known for its opposition to CBDCs, actively contributed to the tracker’s creation. The tracker’s objective is to draw attention to the development of CBDCs in various nations, particularly those with authoritarian regimes, while fostering awareness of the dangers and civil rights issues that could arise from their acceptance.

According to the CBDC tracker on the HRF website, because CBDCs create a direct line of communication between citizens and central banks, they raise serious questions regarding human rights. According to the HRF, this relationship poses possible hazards and vulnerabilities that call for rigorous inspection and review in order to safeguard civil liberties.

HRF’s Support for Bitcoin

The HRF has long been a supporter of Bitcoin and its potential to empower individuals and promote democracy. HRF Chief Strategy Officer Alex Gladstein has previously emphasized Bitcoin’s role in fixing democracy and its potential to discourage conflicts and wars. “It’s going to be an online resource that describes the progress of central bank digital currencies around the world, especially in authoritarian countries, and the civil liberties red flags and risks that come along with this.”

Only three CBDCs have been formally launched, despite the fact that the CBDC Tracker shows that the majority of central banks worldwide are investigating CBDCs. These include the eNaira in Nigeria, the Jam-Dex in Jamaica, and the Sand Dollar in the Bahamas. The tracker also lists 14 pilot programs, one of which being China’s digital yuan. Notably, the HRF emphasizes that the digital yuan already has 300 million users.

Monitoring CBDCs for a Better Future

The HRF has committed to keeping an eye on the growth of CBDCs and any potential effects they may have on human rights and civil freedoms by launching the CBDC tracker. The tracker aims to develop a better understanding of CBDCs and their influence on society by increasing awareness and offering tools.