Policymakers around the world have become consumed with the idea of launching central bank digital currencies, or CBDCs. Prior to 2019, only a small handful of central banks were exploring this idea. Yet, today, more than 139 governments are working on CBDCs. Recognizing this trend, the Human Rights Foundation launched a CBDC Tracker in 2023 to help chart it, especially in authoritarian countries.

As it stands today, 10 countries have launched CBDCs; 48 countries, the Eurozone, the Eastern Caribbean Currency Union, and Hong Kong have CBDC pilot programs; and 73 countries, the Economic and Monetary Community of Central Africa, the Monetary Union of Curaçao and Sint Maarten, and Macao are researching CBDCs. For perspective, more than 3.3 billion people live under authoritarian regimes that have launched CBDCs.

To understand why CBDCs have caught the attention of so many governments, it’s best to first understand what a CBDC is in the first place.

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