Uruguay entered the pilot phase when it launched a CBDC pilot (referred to as the e-Peso) from November 2017 to April 2018. Like China, India, and others, Uruguay would be considered in the launch phase since the pilot was open to the public. However, because the pilot closed down, 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.

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.