Uruguay CBDC Tracker

CBDC Information

Economic Information

GDP

$71,177,146,197

Population

3,423,108

Government Information

Form of Government

Liberal Democracy

Rule Of Law

6.87/10

Freedom Rankings

Cato and Fraser Human Freedom Index:

8.19/10

Freedom House Index:

9.6/10

Reporters Without Borders Freedom Index:

6.77/10

Uruguay is in the pilot phase of its central bank digital currency (CBDC) development.

CBDC History and Development

Uruguay technically launched a CBDC in November 2017. Described as a CBDC pilot (referred to as the e-Peso), the pilot was open to the public. However, because the pilot closed down in April 2018, Uruguay is currently considered as being in the pilot phase.

During the pilot, citizens were able to access the CBDC through an app. The first 1,000 users received incentives and then random, monthly incentives were given to active users, according to a presentation by the Banco Central Del Uruguay. Only $670,000 in CBDC was issued and the pilot was limited to 10,000 users. The digital wallets were limited to just $1,000. ANTEL, RGC, IBM, IN Switch, and RedPagos also worked with the Central Bank of Uruguay on the project. After the pilot finished, the CBDCs were destroyed.

In May 2025, the Banco Central Del Uruguay published a paper exploring how a CBDC might affect financial stability. Although there are consistent concerns across countries that a CBDC could worsen bank runs and financial crises, the authors of the paper argue that a “well designed” CBDC won’t have that effect.

Human Rights and Civil Liberties Concerns

Uruguay earned a 96 out of 100 in Freedom House’s 2023 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.