Colombia CBDC Tracker

CBDC Information

Economic Information

Monetary Base

$33,732,497,026

Cash Issued

$24,739,062,793

GDP

$343,939,000,000

Country Information

Freedom Rankings

Cato and Fraser Human Freedom Index:

6.54/10

Freedom House Index:

7/10

Reporters Without Borders Freedom Index:

4.52/10

Colombia is in the pilot phase. The Central Bank of Colombia and Ministry for the Information and Communications Technologies are working with the company Ripple Labs to pilot a CBDC, according to reporting in Decrypt.

Columbia is generally considered free, but many issues are still present in the country. Although improvements have been made over the years, Freedom House notes that “Colombia faces enormous challenges in consolidating peace and guaranteeing political rights and civil liberties outside of major urban areas.” As it relates to the issuance or use of a CBDC, the most relevant concerns surround issues of widespread corruption.

“Corruption occurs at multiple levels of public administration,” according to Freedom House. In fact, Freedom House further reported that “more than 200 individuals were sentenced on corruption charges [in 2022], including a group of corrupt public officials led by a former congressperson.” The existence of pervasive corruption is a major concern with CBDCs because it calls into question any promises that might be made by the government to limit surveillance, control, or other risks of CBDCs. Furthermore, the existence of corruption calls into question whether CBDC policies might be designed to exert political favoritism through subsidies, price controls, or other targeted restrictions.

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.