Finland is currently in the research phase. Unlike some other members of the European Union, Finland appears to be largely deferring to the European Central Bank’s work on its CBDC (referred to as the digital euro). However, it is worth noting that Finland technically launched the first CBDC in the 1990s when the Bank of Finland created the Avant Card. However, the concept never gained adoption, so the Bank of Finland closed the project in 1995.

According to Freedom House, Finland earned a perfect score across its treatment of political rights and civil liberties. Furthermore, it must be said that the ability of the government in Finland to abuse a CBDC directly is debatable because the CBDC that would be used in Finland 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.