EconWithNick
Nick Anthony

Research Fellow 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.

Public Key

npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr

NIP-05 Address

EconWithNick@verified-nostr.com

Profile Code

nprofile1qqsf4dnexgne40djtcpacafxfz6sdemlzsyhr9clm9e7q86cgksmrmqpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs6amnwvaz7tmwdaejumr0dsl3ta80

Publishing to

relay.damus.io

nos.lol

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npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr

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Last Notes

2026-04-14 13:23:36 UTC

What's the big expected result of the Bank of Korea testing its CBDC?
Accelerating financial surveillance. https://blossom.primal.net/a8c4193476fbc4dae1d0416339a6495bcaba4282654f41d1349cee269b9c000d.png

2026-04-08 13:36:08 UTC

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They could do just about anything else and be a better net on society. Instead, they spend their days throwing up roadblocks for the people trying to better the world.

2026-04-01 13:06:57 UTC

No, this is not an April Fool's Day joke. This list really is everything policymakers claim a CBDC will do.
https://blossom.primal.net/6f044c5562ed212a774c73f91d99a08598fec1dc88459246af245cf4784773ea.png
https://www.cato.org/blog/cbdcs-cant-give-you-everything-everywhere-all-once

2026-03-26 19:10:59 UTC

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Had similar happen but I learned I was flagged for suspicious activity. Can’t imagine what that means since I only used subreddits on diy synthesizers. Only reset option was full KYC so I just stopped using it

2026-03-25 14:32:13 UTC

Well, that's sad.
I reached out to the ECB to ask about how they plan to use the digital euro for sanctions evasion. The ECB said they are unable to chat with me.
https://www.cato.org/blog/digital-euro-sanctions-evasion

2026-03-15 16:05:03 UTC

"The moment you onboard a customer, the clock starts ticking---not just toward periodic review, but toward every transaction, every change in behavior, every event that shifts risk." https://blossom.primal.net/d5582153fce50b2e01b0a62a16d363b494610ea2f71ef00962ff4a2580a08b65.jpg

2026-03-08 02:09:38 UTC

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An important point to add here: Lagarde argues that the digital euro can be used to evade US sanctions. She describes the importance of individual sovereignty in this example, but the digital euro would _not_ provide individual sovereignty.
It's probably obvious to most folks on Nostr, but digital euro users would still be subject to EU control. So, sure. You might evade US sanctions, but you're not going to escape EU sanctions.
Big ups to @nprofile…2sp4 for flagging this in the comments.
#nevent1q…u8r2

2026-03-07 18:45:45 UTC

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Ohhhhh, I see now. Thank you.
So both are true. EU sovereignty has been the driving push for the last year. However, in a new interview, Lagarde made a new argument for individual sovereignty in reaction to US sanctions.
https://youtu.be/13dPAZAET74?si=0TwFkjhJOKgguV39
Now, do I actually believe she cares about individual sovereignty for people like us? No. But that is the argument she made.
I’m with family right now but you raised a really important point: even though she says that, there’s still no individual sovereignty since the EU can target you with the digital euro. I’ll post a follow up soon

2026-03-07 07:23:32 UTC

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I’m not following. Where are you saying should be “states”?

2026-03-06 15:29:15 UTC

I'm surprised no one has noticed this... but the ECB is openly touting that the newest use case for the digital euro is sanctions evasion.
In an interview with the FT, Lagarde openly said the digital euro could be used to evade US sanctions.
Considering central bankers often label bitcoin and other cryptocurrencies as tools for criminals to evade sanctions, this is rich.
In fact, Lagarde almost sounds like a bitcoiner when she talks about the need for _individuals_ to reclaim their financial sovereignty.
So forget financial inclusion, monetary policy, or any of the other popular items officials have proclaimed about CBDCs.
The digital euro is about sanctions evasion.
https://www.cato.org/blog/digital-euro-sanctions-evasion

2026-03-04 17:03:08 UTC

Well, I guess that settles that. https://blossom.primal.net/8706c684553b180cfff63e170f29cd1d442858b0ee13cebd185bbf64e9d0987f.mp4

2026-03-02 15:22:15 UTC

Allow me to translate this ECB paper from academic to plain English:
'We found that showing people government propaganda made them more likely to want the digital euro.'
https://blossom.primal.net/b96bd6b00fa4ab33493126c8ccff5ca488c6b0d47af6638dd405b352e966da93.png

2026-03-02 02:12:17 UTC

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One like = one prayer for central bankers

2026-03-01 14:54:58 UTC

Forget financial inclusion, monetary policy, and modernization. Now, CBDCs are about preventing discrimination against central bank money.
https://blossom.primal.net/ab1197e9b39e0a154e53da71b239dc585b25ff8beda211dda110a041a3b1de62.png

2026-02-27 21:31:56 UTC

Your bank may soon call asking you to prove your citizenship if this executive order goes through.
https://www.cato.org/blog/know-citizenship-says-trump-banks

2026-02-26 14:38:41 UTC

Bank of Albania governor says it is "essential to remain aligned with European processes" when asked if Albania will have a CBDC. https://blossom.primal.net/a2a2d1046694664270a672a07473e6dcb9a64160658db0eb3ee2686406a64050.png
Learn more in the @nprofile…rzcm CBDC Tracker. https://cbdctracker.hrf.org/home

2026-02-24 21:24:05 UTC

It looks like Trump is joining Secretary Bessent in calling for more financial surveillance...
On the bright side, the freedom to transact without having to show your papers is why Bitcoin exists. https://www.wsj.com/politics/policy/trump-administration-considers-action-requiring-banks-to-collect-citizenship-info-8e26f6d2

2026-02-24 21:07:14 UTC

That's going to be a no from me.
Ironically, in making the case for greater state involvement, the CD Howe authors completely overlook that it was state regulation that caused the problems during America's free banking era.
https://blossom.primal.net/50759d2cd58a525dbe7576672c2fa323477169f7ee9b4980691cf5d5beff4e65.png

2026-02-24 15:37:01 UTC

Interest payments have dominated the market structure debate. In the process, too few have really taken note of the financial surveillance buried in the bill.
https://www.cato.org/blog/market-structure-brings-market-surveillance

2026-02-23 14:19:12 UTC

You'd think someone previously convicted of misusing public funds would be more careful about this sort of thing... https://blossom.primal.net/2bb5ace436164f7917d3a33cda55a3564232529db9dc40373d74cf08b42ac202.png

2026-02-22 15:21:59 UTC

For once, the ECB gets it right. Despite countless speeches saying a CBDC is needed for the euro's international role, it doesn't even make the list of important factors.
Sadly, this was probably just an oversight by the social media manager. But once in a while, you get shown the light.
https://blossom.primal.net/494d7f46f3e98e428e1d6b0ba370cc5eacf526f269b5b0cc31ada41423c4942f.png

2026-02-17 17:31:29 UTC

Under the Bank Secrecy Act, one of the most common reasons for filing a suspicious activity report (often abbreviated as SAR) is because someone deposited or withdrew nearly $10,000 in cash. That’s all it takes for you to get labeled as “suspicious” in an official report to the government.
https://www.cato.org/blog/how-suspicious-activity-can-get-you-debanked

2026-02-16 03:53:28 UTC

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Yeah, there are two sides and both drive me mad.
1) “we” to imply support without any actual polling
2) “we” to imply participation by people who did nothing

2026-02-15 20:34:45 UTC

Am I the only one who finds the royal we frustrating?
Every time I hear “we did this as a nation,” I find myself thinking “We? I had no part in that.”

2026-02-15 17:28:19 UTC

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Oh weird, I could have sworn it was working when it went up. Thanks for flagging!

2026-02-14 20:57:59 UTC

Roses are red,
Violets are blue.
Love should be private,
And money should too.

2026-02-14 20:52:34 UTC

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Many such cases

2026-02-14 20:51:18 UTC

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Ahhh so this is what politicians meant when they said “shadowy super coders”

2026-02-09 19:13:42 UTC

After hearing opposition to the digital euro, MEP Lukas Sieper suggests that cash is only for criminals so the EU needs a CBDC. https://blossom.primal.net/e0ecff7685043c055840e40a51a8b6ed24b3ed93e664c00c768523232845048e.mp4

2026-02-09 17:59:44 UTC

LIVE NOW: ECB President Christine Lagarde says cash can't be used online so Europe needs a CBDC. https://blossom.primal.net/c2aed3be57995c6cd96927055e20cfcee09c9775f8c29054f64dc945021b4306.mp4

2026-02-09 15:00:53 UTC

Update: The head of the Banque de France is stepping down.
https://bankingbureau.substack.com/p/the-french-central-bank-is-wrong

2026-02-08 01:21:13 UTC

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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.

2026-02-08 01:19:52 UTC

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Fair play.

2026-02-08 01:19:26 UTC

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Me too. Or at least a stunt. I didn't realize they were actually going to go through with it.

2026-02-07 21:12:03 UTC

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.

2026-02-06 21:43:45 UTC

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10/10 No notes

2026-02-05 17:24:48 UTC

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There are two paths. Choose wisely.
https://blossom.primal.net/9209cfc2d10a6cb644a5c1bce369cb34300aea8b3bc5901432b7001e5d79e6ae.jpg
#nevent1q…s752

2026-02-05 15:38:31 UTC

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

2026-02-05 14:05:01 UTC

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Oh it can be…
https://blossom.primal.net/0f4389679182af604d0e6b2a7f194a248487e6b10d75b673c8cf400a06a12adb.mov

2026-02-05 14:04:04 UTC

Live Now🔴: Christine Lagarde of the ECB says it is “vital” to “rapidly adopt” the digital euro.
https://blossom.primal.net/0f4389679182af604d0e6b2a7f194a248487e6b10d75b673c8cf400a06a12adb.mov

2026-02-05 13:43:11 UTC

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/

2026-02-03 18:27:48 UTC

Ratio the White House side quest: Complete. https://blossom.primal.net/7f864f7329dbf057f038d23402538951b77e6c9f825ce01bff07a8dc651a2506.png

2026-02-03 17:03:43 UTC

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/

2026-01-30 17:51:04 UTC

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I do have a problem with being too polite sometimes lol

2026-01-30 12:39:39 UTC

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

2026-01-28 14:58:51 UTC

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

2026-01-28 14:14:18 UTC

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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

2026-01-27 17:42:48 UTC

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

2026-01-27 14:17:07 UTC

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I had not seen this site before. This is great!

2026-01-27 14:14:00 UTC

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I do agree that someone is this thread isn't making sense

2026-01-26 16:50:26 UTC

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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

2026-01-26 15:13:47 UTC

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Resorting to ad hominem without addressing questions speaks volumes.

2026-01-26 15:13:01 UTC

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inb4 "many such cases"

2026-01-26 15:12:41 UTC

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

2026-01-26 14:52:34 UTC

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Are you suggesting that CBDCs will fix shrinkflation?

2026-01-26 14:49:45 UTC

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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

2026-01-26 14:17:43 UTC

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You accuse me of misinformation and then repeat exactly what I said.

2026-01-26 14:15:25 UTC

The ECB says concerns about CBDCs are "disinformation" and "nonsense."
https://blossom.primal.net/480032690b26d2428607cf746745a0c64f3b3709b35d710bbac2be377803cf2f.png

2026-01-26 13:50:43 UTC

The ECB isn't hiding it. Europeans will be forced to use the digital euro.
https://blossom.primal.net/e924bde25544239f5579a7c5e6517c6b9f88fbb066f8d944c505bf56d93b1061.png

2026-01-23 14:23:50 UTC

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.

2026-01-21 14:32:19 UTC

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Thank you for this! I've been struggling with getting vibe-coded plugins out of the testing environment and into the real world.

2026-01-21 14:20:24 UTC

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

2026-01-19 14:42:47 UTC

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Correction: 70 economists, not 68.
#nevent1q…ucc7

2026-01-19 13:36:59 UTC

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.

2026-01-15 20:26:37 UTC

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Sorry, 17 months*

2026-01-15 20:25:03 UTC

It took two years, but the Reserve Bank of Malawi has selected eCurrency to build its CBDC. https://blossom.primal.net/0140eb182768f861ed1dd893c1ad3087a3ebd66024063378935440aaf5579e8b.png

2026-01-13 14:47:54 UTC

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

2026-01-09 18:38:27 UTC

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Sadly, it really has blinded so much of the MAGA base.

2026-01-09 18:37:44 UTC

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Exactly. Yet every time the government solution to a government problem seems to be another government problem.

2026-01-09 18:36:40 UTC

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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.

2026-01-09 14:18:18 UTC

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.

2026-01-08 16:47:34 UTC

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

2026-01-08 14:02:57 UTC

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

2026-01-07 16:35:20 UTC

This is your reminder that you can just do things.

2026-01-01 16:48:46 UTC

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/

2026-01-01 16:24:22 UTC

@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/

2025-12-26 17:16:02 UTC

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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

2025-12-25 16:53:42 UTC

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

2025-12-25 15:17:29 UTC

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.

2025-12-15 17:33:16 UTC

Ironically, "CBDCs do not serve a purpose" is what I've been saying for years.
https://blossom.primal.net/ab115a474d22827dffa8e238e2e2809ef1d564790bdc510230de156fdbfefe7a.png

2025-12-12 22:24:08 UTC

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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

2025-12-12 16:46:45 UTC

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

2025-12-11 18:24:26 UTC

Some good news on the CBDC front!
Norway has joined the growing list of countries saying no to CBDC. https://cbdctracker.hrf.org/

2025-12-08 14:51:16 UTC

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

2025-12-08 14:35:40 UTC

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I'm confused. Are you telling me to get out of here?

2025-12-08 14:34:28 UTC

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

2025-12-05 14:56:03 UTC

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/

2025-12-05 14:42:51 UTC

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

2025-12-04 17:46:01 UTC

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

2025-12-04 15:49:09 UTC

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/

2025-12-03 16:31:06 UTC

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

2025-12-02 14:20:51 UTC

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Agreed.

2025-12-02 14:18:54 UTC

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.

2025-11-30 14:10:16 UTC

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2025-11-30 14:09:52 UTC

Did you know Peru has 7.9 million sols ($2.36 million) in CBDC in circulation?
https://cbdctracker.hrf.org/

2025-11-29 14:51:42 UTC

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Can confirm. I never leave home with an onion, a tomato, a knife, and a towel.

2025-11-28 19:35:04 UTC

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

2025-11-27 17:20:55 UTC

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

2025-11-27 02:38:50 UTC

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Great team up!

2025-11-25 14:22:32 UTC

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