Policy Analyst at the Cato Institute's Center for Monetary and Financial Alternatives and Fellow at the Human Rights Foundation. Covering CBDCs, financial privacy, and cryptocurrency. Opinions are my own.
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2025-08-04T01:47:26Z Event JSON
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Last Notes npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick That is the silver lining here. Maybe people seeing officials acting like children will make them realize that the government shouldn't have so much power. The might be too optimistic, but I'm keeping my fingers crossed. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Fair play. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Me too. Or at least a stunt. I didn't realize they were actually going to go through with it. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Apparently this is a hot take, but no party should be using gerrymandering to artificially draw lines and cut off voices of the other party. Don’t say you value democracy if you support your party doing this. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 10/10 No notes npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick There are two paths. Choose wisely. https://blossom.primal.net/9209cfc2d10a6cb644a5c1bce369cb34300aea8b3bc5901432b7001e5d79e6ae.jpg #nevent1q…s752 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Responding to my work, Treasury Secretary Scott Bessent says, "I don't read the Cato Institute, but I do believe in financial surveillance" https://www.youtube.com/watch?v=0nz06pPayjE npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Oh it can be… https://blossom.primal.net/0f4389679182af604d0e6b2a7f194a248487e6b10d75b673c8cf400a06a12adb.mov npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Live Now🔴: Christine Lagarde of the ECB says it is “vital” to “rapidly adopt” the digital euro. https://blossom.primal.net/0f4389679182af604d0e6b2a7f194a248487e6b10d75b673c8cf400a06a12adb.mov npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick I guess it shouldn't be surprising that two members of Congress who tried to create a CBDC also oppose strengthening financial privacy. Get the full break down in @nprofile…dkaf https://www.therage.co/rep-lynch-bank-secrecy-act/ npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Ratio the White House side quest: Complete. https://blossom.primal.net/7f864f7329dbf057f038d23402538951b77e6c9f825ce01bff07a8dc651a2506.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick There is nothing better than seeing a problem and deciding to fix it. Massive respect to @nprofile…kkyd. Another great addition to the CCN 2025 top 100. Remember, folks: You can just do things. https://blossom.primal.net/cd965db8b4d4072be63990e35c14c62db6bcca9bba14937b009c3df431d6f757.png https://www.ccn.com/top-101-in-crypto/ivan-on-tech-and-lorraine-marcel/ npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick I do have a problem with being too polite sometimes lol npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Step 1: Campaign against CBDCs Step 2: Become President and issue an EO against CBDCs Step 3: Nominate the one pro-CBDC candidate, Kevin Warsh, for Federal Reserve Chair? Trump really is the president of contradictions. https://blossom.primal.net/352eef4d33164ec76834b1535ee47178be07ebfb5ae17e5b8ab06e6843af52e5.jpg npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Apologies all. I normally limit my Substack posts to one a week, but I managed to send two... at the exact same time. I'll hold off on any posts next week. https://bankingbureau.substack.com npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick I saw you already linked to the HRF CBDC Tracker (Merci!). Please do feel free to pull as much as you want from it as you make updates. In addition to the Eurozone and the CBDC 101 pages you linked, I also have a page dedicated to what the Banque de France is up to. (Note: I'm about to roll out updates on the economic data snapshots, so that's a bit dated. However, everything else is up to date.) https://cbdctracker.hrf.org/currency/france npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Ignorant about economic history? Biased against Bitcoin? Fond of making proclamations without research? Congratulations. You can lead a central bank. https://www.cato.org/blog/french-central-bank-wrong npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick I had not seen this site before. This is great! npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick I do agree that someone is this thread isn't making sense npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Darn. I thought it was open, but I guess I had a one-time link. I got you. I'll cross-post it to my Substack later this week, too, so it's available for all. https://blossom.primal.net/0853a3c7571290dcc130d944ee321ca665e72fabaff452b3627903b2f8d3e1c6.png https://blossom.primal.net/74e45caaf65f9cfdd5d41a3a667df5fe2d050ff0dbfd0d0be79191edcbd714f3.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Resorting to ad hominem without addressing questions speaks volumes. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick inb4 "many such cases" npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick A big thanks goes out to the FT for publishing my CBDC critique. TL;DR: It seems 70 economists don't understand economics. https://www.ft.com/content/b498c21a-ffda-4cc1-9079-a0f758bfb810 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Are you suggesting that CBDCs will fix shrinkflation? npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Me: "Europeans will be forced to use the digital euro." You: "They might force the use upon everyone, but don't spread false news." So sure, it's not verbatim if that's the hill you want to die on. However, you directly acknowledge what I posted is true and then label me "false news" for quoting the central bank. One of us is ngmi, but I'm pretty sure it's the one who claims to be creating a "refuge from centralized systems" while defending CBDCs. #nevent1q…hrrf npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick You accuse me of misinformation and then repeat exactly what I said. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick The ECB says concerns about CBDCs are "disinformation" and "nonsense." https://blossom.primal.net/480032690b26d2428607cf746745a0c64f3b3709b35d710bbac2be377803cf2f.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick The ECB isn't hiding it. Europeans will be forced to use the digital euro. https://blossom.primal.net/e924bde25544239f5579a7c5e6517c6b9f88fbb066f8d944c505bf56d93b1061.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Thank you for this! I've been struggling with getting vibe-coded plugins out of the testing environment and into the real world. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Banque de France Governor François Villeroy de Galhau: Central banks are more democratic and independent than "private issuers of bitcoin." Brian Armstrong: "In the sense that central banks have independence, Bitcoin is even more independent. There's [no one] who controls it." https://blossom.primal.net/f825bf6b04f8dfbf5a334f2f41c9ddd28226bd319c91d0bc56817d2d3d334902.mp4 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Correction: 70 economists, not 68. #nevent1q…ucc7 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 68 economists have come out of the woodwork calling for the ECB to launch a CBDC. I guess this is a good reminder that just because a lot of people say something doesn’t mean it’s right. https://blossom.primal.net/0b6949efd6aedcdd8b4daece6d262dde4f3f9aab01318dc7eb9b56967a1f7286.png 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. https://cbdctracker.hrf.org/home Yet, even within Europe’s borders, the economists appear to misunderstand economic history. Pointing to the dominance of non-European financial institutions, the authors say the only defense is for the European government to intervene. Yet, interventions by the European government are partly why European businesses have struggled to gain ground. https://www.cato.org/blog/europe-blames-america-its-payment-problems-digital-euro-wont-help Rather than being free to serve customers, European businesses must navigate a maze of red tape: customer-surveillance mandates, extensive reporting rules, and regulatory fragmentation. Making matters worse, price controls—such as caps on interchange fees—prevent new entrants from generating the revenue needed to manage these compliance burdens. It’s not a market failure if the source of the issue is government intervention. If the economists are right about one thing, it’s that the European Parliament should be careful about who it takes advice from. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Sorry, 17 months* npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick It took two years, but the Reserve Bank of Malawi has selected eCurrency to build its CBDC. https://blossom.primal.net/0140eb182768f861ed1dd893c1ad3087a3ebd66024063378935440aaf5579e8b.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick For the crime of calling out corruption in Russia, Anna Chekhovich has seen the financial system weaponized against her time and again. However, that hasn't stopped her. Tune in to the Cato Institute podcast below to hear her story. https://www.cato.org/multimedia/cato-podcast/debanked-dissent-how-putins-reach-extends-abroad npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Sadly, it really has blinded so much of the MAGA base. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Exactly. Yet every time the government solution to a government problem seems to be another government problem. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Preach! I mean... they quite literally have a list of everyone on government assistance. All they need to do is review the list. They don't need to sweep up everyone else in the process. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Secretary Scott Bessent is building a legacy of financial surveillance and control. The announcement that he is stopping Americans from sending their money abroad and increasing surveillance under the Bank Secrecy Act should be condemned. Yet, it should be no surprise. https://blossom.primal.net/e23d7989b86e04fcd3c8037999595811678e6845f3cf4a8d1dd82a21c5027843.mp4 Yet, it should be no surprise. It was only just last year that Secretary Bessent increased financial surveillance to target transactions as little as $200. After being sued for this violation of fundamental freedoms, he responded by expanding surveillance to cover even more Americans. This playbook has been used time after time. When the Bank Secrecy Act was first passed, Congress claimed Americans were hiding money in Swiss bank accounts. Then it was expanded to fight the war on drugs. Then it was expanded again for the war on terror. Now it seems it’s the war on fraud. Fighting crime is a worthy endeavor. However, we cannot sacrifice the freedoms that make America great in the process. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick With my new report on debanking out, I decided to sit down with @nprofile…72g6 to talk about her experience being debanked. Anna's case serves as a cautionary tale about how authoritarians can reach beyond their borders. https://www.cato.org/multimedia/cato-podcast/debanked-dissent-how-putins-reach-extends-abroad npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick My newest Cato Institute report is out now and breaks down what you (and Congress) need to know about debanking. https://www.cato.org/policy-analysis/understanding-debanking-evaluating-governmental-operational-political-religious npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick This is your reminder that you can just do things. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Bulgaria is officially part of the Eurozone. With the end of the lev, Bulgaria now falls under the ECB when it comes to CBDC developments. https://cbdctracker.hrf.org/ npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick @nprofile…rzcm asked me to share one of my favorite freedom tech projects. Here's what I had to say about @nprofile…3f4a https://blossom.primal.net/7f351e955f82be880024ec69fe8188f94eebd4621e126485716a12db88005150.png While I was limited to just one, I also have to give shout-outs to Skot building Bitaxe, @nprofile…h36r 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. https://hrf.org/latest/top-15-freedom-tech-projects-of-2025/ npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick From an efficiency standpoint, I think I'd rather it be AI. However, the jump cuts suggest it was pre-recorded. https://youtu.be/P-u78U8u-3I?si=ruNuAbezhrmIsQl9 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick I guess there are no days off. The latest in ECB CBDC marketing is a Christmas post from president Christine Lagarde. To be honest, I would have preferred coal, but here we are... so let me put down the eggnog and break down what's happening here. https://blossom.primal.net/2069da3df3f2b5e44efdc5887eac0a9244f5adb14d98a10df24eb0372d39bbc5.png 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 @nprofile…8xhx noted on X, the ECB is just waiting for the Parliament's rubber stamp to move forward. https://blossom.primal.net/e582f7723aaed84a03e98a4eb6f6e35e133aa0906dc907da62e58588db0de2fd.png 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 @nprofile…rzcm CBDC Tracker. https://cbdctracker.hrf.org/home npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick If you want to give yourself a gift this Christmas, follow @npub1key…lt3h and @nprofile…kul9. Hands down the best organization accounts in the game if financial freedom banter is your thing. And if it isn’t, it should be… so follow them anyway. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Ironically, "CBDCs do not serve a purpose" is what I've been saying for years. https://blossom.primal.net/ab115a474d22827dffa8e238e2e2809ef1d564790bdc510230de156fdbfefe7a.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Apparently, I crossed the line? Aurore Lalucq is officially the first government official to block me on social media. I was following her for 11 minutes before I got the error card. #nevent1q…j4lv npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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. https://blossom.primal.net/c9e6c86448734a946f72f51c0121ad53f79facab00bae9206357e8175a52cde2.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Some good news on the CBDC front! Norway has joined the growing list of countries saying no to CBDC. https://cbdctracker.hrf.org/ npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick After reading more than 300 pages of congressional transcripts from 1968-1970, I finally found the first instance in which someone said the Bank Secrecy Act would harm financial privacy. Clifford Sommer (American Bankers Association) urged Congress to reconsider what it was doing. Not a single witness before him (albeit, all government officials) seemed to be concerned about the Fourth Amendment or people's privacy. https://blossom.primal.net/7246c761c6cba46c18f515a7fee5da75c01a3981018f92cfdd1f55ab1a058170.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick I'm confused. Are you telling me to get out of here? npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick The New York Times points to the absence of interest payments on stablecoins as a negative. Yet, what it doesn't point out here is that it was _Congress_ that prohibited stablecoins from doing that. https://blossom.primal.net/26c42384988ad45f69e758ee418c1ae0989f011a9f071632d68094f30dd02a40.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Congratulations to @nprofile…w9y4, @nprofile…3re3, @nprofile…rj62, @nprofile…xncl, and the whole @nprofile…rzcm team on 100 editions of the Financial Freedom Report. If you're not signed up, this is one of the few newsletters I read from top to bottom. https://hrf.org/program/financial-freedom/financial-freedom-reports/ npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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. https://blossom.primal.net/0e703f2ae628cc1eaec7b482afa8b0b070cf430d54db1de994861af25fbed996.png 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. https://x.com/EconWithNick/status/1942230482995048751?s=20 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 @nprofile…rzcm CBDC Tracker to learn more about what's happening in Africa, Europe, Asia, and elsewhere. https://cbdctracker.hrf.org/home npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick After hearing the Bank Secrecy Act would be too expensive to comply with, Congress brought in "experts" to say how much it will cost. Congress: Would you agree that bankers exagerate the cost? The Expert: Oh, I have no idea. https://blossom.primal.net/284ceb4adddd91f9a1833f21d233382c2b252fc5ea7f3ac64edff19a7e53ff82.jpg npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick It's day two of #ABC2025 so let's look at some of the pilot projects in Africa by digging into what's been happening in Mauritius, Tunisia, and Ghana. The Bank of Mauritius received assistance from the IMF to research CBDCs back in 2020. After 4 years of research, the central bank launched a pilot in 2024. Details, however, have been pretty limited. It only said one commercial bank was involved and more pilots would follow. https://blossom.primal.net/51c927e186a3b290748b1f5e5ed3b0ae790f2ff669739642e540bb2615991baf.jpg The Banque Centrale de Tunisie had an early start in 2019 when rumors spread that it launched a CBDC, but the central bank quickly denied these claims. It did, however, launch a CBDC pilot in collaboration with the Banque de France in 2021 to test cross-border transactions. https://blossom.primal.net/3ddff54743743bd7a54cc041e1c7677b242d960a6db3283d32c0f58fa6c4f4c9.jpg The Bank of Ghana also got its start in 2019. It ran a pilot in 2022 and planned to go live in 2023, but it delayed those plans due to the high inflation experienced at the time. The central bank continues to be active in the space, but the timeline is unclear. https://blossom.primal.net/98eaba20d2fcb724b423b3127523501981d3fc6009745390bade4679a2f24fba.jpg Tomorrow, I'll spotlight the only launched CBDC in Africa. However, if you can't wait... you can find out who it is in the @nprofile…rzcm CBDC Tracker. https://cbdctracker.hrf.org/ npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick I couldn't make it to #ABC2025, but I'm there in spirit. So for anyone else stuck at home, let's look at some of the African countries in the @nprofile…rzcm CBDC Tracker that are researching CBDCs: Botswana, Namibia, and Kenya. The Bank of Botswana kicked off its CBDC exploration in 2021. However, a central bank official confirmed this summer that they are still "at an early stage of exploration." https://blossom.primal.net/e96804a60c5c9b4803392d914e12c09c1c70facba976322629a50b67c938e068.jpg The Bank of Namibia began its research in 2020 and eventually received assistance from the IMF on at least three different occasions. However, in 2024, the IMF “did not find a strong case for issuing a [retail CBDC] at the moment." https://blossom.primal.net/c4f5dc6f3158d9e948568553c580bdaf0817da8361d3c7a3426fc3819189d756.jpg The Central Bank of Kenya had a bit of a late start in 2022, but it has repeatedly found that CBDCs are a solution in search of a problem. The central bank said many of Kenya's problems "cannot be solved with CBDCs" and that launching a CBDC is not "a compelling priority." https://blossom.primal.net/83854302639a8c3e3a65240382eff1a0f82e5d76b76beeb1fb04a026f7b20769.jpg Curious to learn more? You can find more information in the HRF CBDC Tracker. And tomorrow, I'll spotlight the pilot projects. https://cbdctracker.hrf.org/home npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Agreed. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick If you run or work in financial services (banking, bitcoin, or anything else) in the Eurozone, dm me! I'm working on a follow-up to my piece calling out the ECB's "freedom money" campaign, and the perspective on the ground would be very helpful here. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick gm npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Did you know Peru has 7.9 million sols ($2.36 million) in CBDC in circulation? https://cbdctracker.hrf.org/ npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Can confirm. I never leave home with an onion, a tomato, a knife, and a towel. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Something to be thankful for: the South African Reserve Bank has officially announced "that while a retail CBDC is technically feasible ... there is no compelling immediate need for its implementation." More details here: https://cbdctracker.hrf.org https://blossom.primal.net/3b2c0b480e705017a54584b2d1242587ef692e755777ced27af31fc4ae6c5612.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick In a moment of reflection, Central Bank of Nigeria official Musa Itopa Jimoha admit that the Nigerian CBDC experience had not been a "rosy story." Nigerians were not interested in the eNaira because the market was already providing solutions. He warned other central banks not to issue a CBDC unless there is a real problem that it will actually solve. Interestingly, he also advised creating a separate legal entity to handle the CBDC so that operations are not directly under the central bank. cbdctracker.hrf.org https://blossom.primal.net/7ae3ce9a8fec3e51ad946ad2585f8d4c51b81b8cf4cd80aad9fe67f895dd9c4e.jpg npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Great team up! npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick If the ECB were concerned about the freedom to choose, it would have been campaigning for decades to remove financial restrictions and let new options flourish. Instead, what it’s really after is control. https://www.cato.org/blog/digital-euro-isnt-about-freedom npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick The ECB planning to force Apple to crack open its secure element is really all you need to know when it comes to whether you should trust the digital euro. https://blossom.primal.net/c8e678bad3bc2ba84afd386d6422bcdc5d90245d6296efceb6e2566fdf67ba05.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick The ECB has picked up a new buzzword for its digital euro campaign: “freedom.” But don't be fooled, CBDCs are about control, not freedom. https://www.cato.org/blog/digital-euro-isnt-about-freedom npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick To be fair, it's not an enjoyable read, and it's a long one at that. I'll keep posting the more telling gems as I go, though. For instance, here's a fun fact for you: Not a single witness raised concerns about privacy and surveillance until after two years of congressional hearings. That witness was from the American Bankers Association and his testimony marked the first time Congress brought in bankers to hear their views on the Bank Secrecy Act. Every witness from the previous 2 years was a government official. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Good question. I should have noted that. This is the transcript from the congressional hearing in 1970. I’ve been going back through it for a new project I’m working on npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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. https://blossom.primal.net/55df9875fac940db333adb66480716a9dbabf3f1f5ff83ef148bf888982e7e93.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Ah, yes, because the worst-case scenario is that people's needs are satisfied by the market. https://blossom.primal.net/8e4577074260c72b20db61b8dee7313968117d66b7987c341edeffa03320f982.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick More than half of the authoritarian regimes across the world are publicly working on CBDCs. https://cbdctracker.hrf.org npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick As part of its CBDC development, the United Arab Emirates just conducted its first "government financial transaction using Digital Dirham." https://cbdctracker.hrf.org npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick This is a wild exchange from the Bank Secrecy Act hearings in 1970. A member of Congress asks why innocent people need privacy, acknowledges Jewish people fleeing the holocaust, and then says "History is a lot of hogwash in this." https://blossom.primal.net/09122f928ae2c4c63864a431c64cbd45b6afc110f7134fba937d1a80d89fbe09.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick One of my favorite things about Bitcoin is that more people than ever are asking questions like, ‘What is money? What is privacy? What is sovereignty?’ It’s through that curiosity that people see what’s at stake. https://www.ccn.com/education/crypto/cbdcs-digital-euro-turn-money-into-control-nick-anthony/ npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Thank you! npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick It's a little funny promoting my Substack on here since followers get it directly cross-posted as reads. However, if you'd prefer my work in your inbox instead, sign up for my Substack where I cover CBDC developments, financial privacy, debanking, financial freedom, and more. Price of $0/₿0/₳0/€0/₦0/Kč0/₸0/¥0 https://bankingbureau.substack.com npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Would probably do more to improve housing prices than central banks usually do npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick That was actually what caught my eye! I was just wondering around and noticed the building I was standing next to looked strange in comparison to everything else. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Aimlessly wondering around Prague and I look up to find I’ve stumbled my way to the Czech Central Bank. It seems that even on my off days, I’m tracking central banks. https://blossom.primal.net/b956771a15a6a7f8fd1b680b8ae9c42af67f60b0ccde05f8f9530a6fafdfc53f.jpg npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Many folks are reporting that the digital euro's 2029 launch date is "breaking news." Real ones know that info has been in the @nprofile…rzcm CBDC Tracker since July. 😉 🔗: https://cbdctracker.hrf.org/home https://blossom.primal.net/68170da763975a7cec5903bfc3e4b83b2d386b579cf3b16b9f08be6f793e5603.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Remember, anon: You can just do things. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Has anyone else noticed how the ECB is ramping up digital euro propaganda? https://blossom.primal.net/f9dae2e534524ea8eaacbf7a1f66e91d5ea98dcd65fa5803652838fe704c60a7.png https://blossom.primal.net/86b0c21f954633c62cb2a0215ee0d47cfe89dffbf613454aba933895389b387b.png https://blossom.primal.net/fb89dac9b43c83052e287e7e1fafab4723e332a50e8e27c0c3b8ee646edb9fd9.png https://blossom.primal.net/ce178bf154b9569b4dacde51622c425b572f5be845829e6b52344ba14c5ecf08.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick “A purely peer-to-peer version of electronic cash.” It’s there if you want it and it’s there if you need it. And frankly, nowadays, having an escape hatch feels more necessary than ever. https://blossom.primal.net/35c3bf96c9d32a36eb0f6835c71fd3e214c0f31a57c445145748e1da3402856b.jpg npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Amen. On a related note, I actually often feel one of my favorite things about Bitcoin is not just that it provides an escape hatch, but also that it's gotten so many people to ask questions and realize what's going on here. Or in other words, it's gotten people to ask why an exit is needed. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick So many great questions came up at the Bank Secrecy Act event that I decided to follow up on all of those that couldn't be answered on stage. https://www.cato.org/blog/bank-secrecy-act-qa npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Yes. It's the worst of both worlds. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick And that's putting it lightly npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Yes! I talk about that in the article. It's insane how different $10k was then compared to now. A family could go a whole year without seeing that much. https://blossom.primal.net/e91d6f7acbc46a48f7666d802effe61138d7460b6e74ede3bc1fc05132dc7145.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 @nprofile…6ugv https://www.coindesk.com/opinion/2025/10/28/55-years-of-financial-surveillance npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Thank you! npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Thank you! npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick At @npub1awn…nnl3 , @nprofile…8ej8 asked me about the importance of financial privacy. And on a note of optimism, I shared why the rise of tools like @nprofile…a8lu , Cashu, Signal, and Proton gives me hope. https://blossom.primal.net/3c69e7d9ee26bc657bbd49d933488bee3d0294d453b7fbc955c3b8e0967ead30.mov npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick I could not agree more. Learning to strike while the iron is hot was one of the best lessons I ever learned. The next step is then realizing you have control over fanning the flames. Inspiration might feel like it is rare, but the truth is that it's everywhere. #nevent1q…xufa npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Cosigned. This year was my first time in Lugano, and I'm already looking forward to the next visit. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Dang. Hello to the tons of new folks I met in Lugano and Prague! If you want all of my latest work directly in your inbox, check out my Substack. (And yes, there's no charge.) https://bankingbureau.substack.com/ https://blossom.primal.net/693d9384d49986f5b94812ac1317c639eaf1e8795c07bb9711cc0629a44a2459.png