E-CNY
CBDC (Central Bank Digital Currency)
A digital form of central bank money issued to the public or financial institutions, distinct from physical cash and existing digital reserves, currently in various stages of research and deployment globally.
CBDC Development Tracker
Tracking central bank digital currency development across 130+ jurisdictions — research, pilot, deployment, and cancelled status.
China: The World's Largest Crypto Ban and Most Advanced CBDC
China's September 2021 total cryptocurrency ban and its e-CNY (Digital Yuan) — the world's most advanced major-economy CBDC — represent the starkest possible contrast between restricting private crypto and promoting state digital currency.
Digital Yuan (e-CNY)
China's central bank digital currency, the world's most advanced retail CBDC deployment, issued by the People's Bank of China and operated through a two-tier commercial distribution model.
Financial Inclusion or Surveillance? The CBDC Dilemma
CBDCs promise to reach 1.4 billion unbanked people globally, but programmable central bank money carries unprecedented surveillance and control capabilities. The tension at the heart of digital currency policy.
Privacy vs. Surveillance: The Central Design Battle in CBDC Policy
The most consequential debate in CBDC policy is not technical — it's political. How much transaction privacy should citizens retain when their money is digital and government-issued? The answer defines the nature of state power in a digital economy.