Fantasy of Programmable CBDCs

Programmable CBDCs are envisioned as a tool for control, conditioning access to money based on compliance with various criteria like vaccine schedules, carbon credits, or dietary habits. Despite the concept, the attempted implementation of a CBDC in Nigeria failed drastically within 108 days, leading to societal unrest, political repercussions, and the imprisonment of the central bank governor overseeing the project. The failure in Nigeria has deterred other countries from testing similar systems, indicating that the practical application of programmable CBDCs is unlikely to materialize and will likely remain a topic of discussion rather than a reality.