Oman CBDC Tracker

Oman is currently in the research phase. According to the Central Bank of Oman’s 2022 Financial Stability Report, the central bank set up a task force to study CBDCs “as a key priority is to keep pace with accelerating developments in the field of payments.”

CBDC History and Development

In a 2022 Financial Stability Report, the Central Bank of Oman reported that it had set up a task force to study CBDCs “as a key priority is to keep pace with accelerating developments in the field of payments.” However, no other information was shared in the report.

In a 2023 Financial Stability Report, the Central Bank of Oman reported that it was “actively monitoring developments in various emerging areas and has established task forces dedicated to studying Central Bank Digital Currencies (CBDCs) and other digital innovations.” However, no other information was shared in the report.

Human Rights and Civil Liberties Concerns

Oman earned a 24 out of 100 in Freedom House’s 2023 Freedom in the World report. For Oman, restrictions on free expression and increases in government surveillance are major issues. The issuance or adoption of a CBDC in Oman could worsen these issues.

Oman maintains strict control over citizens. According to Freedom House, “Political parties are not permitted, and the authorities do not tolerate other forms of organized political opposition.” Furthermore, “The government has broad authority to close outlets, block websites, revoke licenses, and prosecute journalists for content violations, and it has used this authority on multiple occasions in recent years. The government’s efforts to suppress critical news and commentary regularly include arrests and prosecutions of prominent individuals who are active on social media.” Unfortunately, a CBDC could be used as another tool in this effort. Across the world, governments have often turned to freezing and seizing the money of activists, political rivals, and protestors to undermine the opposition. A CBDC would make such initiatives easier by allowing governments to take direct control of each citizen’s finances.

Surveillance is also a problem in Oman. The U.S. Department of State reported that the “government monitored private communications, including cell phone, email, and social media exchanges.” Freedom House reported similar occurrences, noting that authorities “monitor personal communications, and the growing number of arrests, interrogations, and jail terms related to criticism of the government on social media has encouraged self-censorship among ordinary citizens in recent years.” Unfortunately, a CBDC could be used to greatly expand surveillance by putting financial records on government databases by default.

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.