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.
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npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr Profile Code
nprofile1qqsf4dnexgne40djtcpacafxfz6sdemlzsyhr9clm9e7q86cgksmrmqpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs6amnwvaz7tmwdaejumr0dsl3ta80
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Published at
2026-04-08T18:33:49+02:00 Event JSON
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Last Notes npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick ECB board member Piero Cippollone has already given 9 speeches and 3 interviews on the digital euro this year. The ECB propaganda machine is in full swing. https://cbdctracker.hrf.org/ npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Interesting... The ECCU stresses that it wanted to run “not just conduct a pilot but to run a live deployment” with “real money” and “real users” in “real time.” But the labels on this timeline call it a pilot again when it came to shutting down the CBDC. https://blossom.primal.net/e2adcb005a6ac3449f8c31a893ce3a6b6646b0412ec2f085b9f7de7c657d3346.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Fair play! npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Agreed. It's basically come to mean "people I don't like" npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick The Deutsche Bundesbank says it needs a CBDC because Visa and Mastercard "could be turned off upon instruction" by the US government. Sounds like what they really need is Bitcoin. https://blossom.primal.net/a0ccfcd9d1934afd6e11e7f0a056a0e63c11b6ada330f9759dfb32c16089a5e5.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick In a room full of law enforcement, I was the only person to raise my hand when former FinCEN director Bill Fox asked if anyone "actually believes" bad people deserve privacy. I said I believe the Constitution applies to every American, and the Fourth Amendment provides the framework for breaking through the right to privacy when an investigation justifies it. Sadly, that seemed to fall on deaf ears. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick I’m with you npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Preach npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Imagine every swipe of your card turning into a tax form. That’s what happens when spending Bitcoin. If you buy a coffee with Bitcoin, the government makes you pay capital gains taxes on top of sales taxes. Spending Bitcoin daily can turn into 70 pages in tax filings. It's time to put an end to this mess. https://blossom.primal.net/5e7376d2b25c34972111785875fa406ac0a63859ca2d799a3e0f11e55b81086e.mp4 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick I'm incredibly proud to announce the Activist Atlas. @nprofile…4j4w and I have noticed that connections between activists often fall apart in the chaos of this world. That means mistakes made get repeated and lessons learned go unheard. That Activist Atlas will change that. It will be a digital platform that allows changemakers to stay connected, discover one another’s work, and coordinate year-round while introducing freedom technologies like Bitcoin for donations and Nostr for censorship-resistant communication. A huge thank you goes to the @nprofile…rzcm for making this possible. Their grant will support the launch and help us grow a global network of activists using freedom tech. Stay tuned for more announcements soon. https://blossom.primal.net/ebfa756b6f15ccdb9185886a6a8ad7ee6357bcd802748c72f4ccc6d0fc679e9b.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 24 is my favorite, but yes. Preventing alternatives has been the driving force behind CBDCs for the longest time. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick In other news that reads like an April Fool's joke but isn't... The Federal Reserve has a closet with $1.4 million worth of laptops that were unaccounted for. https://blossom.primal.net/854be40e5a3a54967ca1abfb7751ec9d839e67612bb2c159bf1cd0c96f621f17.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick What should be done about stablecoins? The Reserve Bank of India says governments need to promote CBDCs. He says CBDCs are superior... as long as you assume every other country also has a CBDC. https://blossom.primal.net/297419d96af655808b4c79e0c957a029849fe4c71b7ef77cb895fd8371e9b86d.mp4 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick "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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick I’m not following. Where are you saying should be “states”? npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Well, I guess that settles that. https://blossom.primal.net/8706c684553b180cfff63e170f29cd1d442858b0ee13cebd185bbf64e9d0987f.mp4 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick One like = one prayer for central bankers npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Forget financial inclusion, monetary policy, and modernization. Now, CBDCs are about preventing discrimination against central bank money. https://blossom.primal.net/ab1197e9b39e0a154e53da71b239dc585b25ff8beda211dda110a041a3b1de62.png npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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.” npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Oh weird, I could have sworn it was working when it went up. Thanks for flagging! npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Roses are red, Violets are blue. Love should be private, And money should too. npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Many such cases npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Ahhh so this is what politicians meant when they said “shadowy super coders” npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick 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 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick LIVE NOW: ECB President Christine Lagarde says cash can't be used online so Europe needs a CBDC. https://blossom.primal.net/c2aed3be57995c6cd96927055e20cfcee09c9775f8c29054f64dc945021b4306.mp4 npub1n2m8jv38n27myhsrm36jvj94qmnh79qfwxt3lktnuq04s3dpk8kq2agflr EconWithNick Update: The head of the Banque de France is stepping down. https://bankingbureau.substack.com/p/the-french-central-bank-is-wrong 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