Barbados CBDC Tracker

Barbados is in the research phase of its central bank digital currency (CBDC) development. The Central Bank of Barbados has hosted multiple events to discuss how a CBDC might work.

CBDC History and Development

In June 2020, the Central Bank of Barbados hosted a CBDC workshop. Michelle Doyle-Lowe, advisor to the governor and head of the central bank's Digital Transformation Unit, said “Barbados is looking to eliminate cheques, reduce the reliance on cash and increase the use of electronic forms of payment. This workshop will help us to examine one option that could potentially enhance payment efficiency, namely electronic fiat money or CBDC as it is commonly known.”

Central Bank of Barbados governor Cleviston Haynes said in July 2020 that “We are acutely aware that there remains considerable debate on CBDCs, including whether the costs of implementation outweigh the benefits.” He then added, “As we emerge from an unprecedented global public health crisis that is inflicting severe economic and social repercussions, I am reminded of the famous quote attributed to Winston Churchill, ‘never waste a good crisis.’ Our circumstances challenge us to question accepted reality and to pursue truth outside the usual compass. Our participation today is testament to Churchill’s exhortation.”

In September 2022, hosted an event to discuss the possibility of issuing a CBDC. Central Bank of Barbados official Novaline Brewster said, “The session will explore the benefits and challenges of central bank digital currencies (CBDCs) and private digital payments and explain how these solutions will transform the payments landscape in the consumer's interest.”

Human Rights and Civil Liberties Concerns

Barbados earned a 94 out of 100 in Freedom House’s Freedom in the World report. Even then, however, it’s important to recognize that the creation of a CBDC could open the door to risks to financial privacy and financial freedom.

For additional information on concerns regarding violations of human rights and civil liberties, see the following reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State. For additional information on concerns regarding the risks of CBDCs, see the following webpage and report by the Cato Institute: The Risks of CBDCs and Central Bank Digital Currency: Assessing the Risks and Dispelling the Myths.

For additional information regarding metrics, the methodology page explains each of the data points and provides their respective sources.