Cyprus CBDC Tracker

CBDC Information

Economic Information

GDP

$28,439,052,741

Population

1,260,138

Government Information

Form of Government

Electoral Democracy

Freedom Rankings

Cato and Fraser Human Freedom Index:

8.25/10

Freedom House Index:

9.2/10

Reporters Without Borders Freedom Index:

6.31/10

Cyprus is in the pilot phase of its central bank digital currency (CBDC) development. The government is currently “building its own electronic payment platform to facilitate transactions between the government and citizens, professionals, and businesses.” While this statement was made immediately after mentioning the rise of CBDCs, it should be noted that it is possible that this “payment platform” is something different.

Note: This page is dedicated to the work done by the government in Cyprus. However, Cyprus is a member of the European Union and Eurozone. If the European Central Bank launches a CBDC (referred to as a digital euro), then this page will be changed to reflect that. Until then, the Eurozone page has notes about the development of the digital euro.

CBDC History and Development

In July 2023, Central Bank of Cyprus official Philippos Hadjizacharias said the government was “building its own electronic payment platform to facilitate transactions between the government and citizens, professionals, and businesses.” While this statement was made immediately after mentioning the rise of CBDCs, it should be noted that it is possible that this “payment platform” is something different.

Speaking to Cyprus Mail in May 2025, Central Bank of Cyprus official Stelios Georgakis said that the Eurozone was working on a CBDC to combat the rise of cryptocurrencies. Georgakis said, “If central banks were to overlook such potentially disruptive developments, we may likely witness an oligopoly of private issuers.”

Human Rights and Civil Liberties Concerns

Cyprus earned a 92 out of 100 in Freedom House’s 2023 Freedom in the World report. Furthermore, it must be said that the ability of the government to abuse a CBDC directly is debatable because the CBDC that would be used in Cyprus would be provided by the European Central Bank—representing the European Union. 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.