Venezuela is in the research phase. However, Venezuela presents a unique case. In 2021, reports emerged that the Central Bank of Venezuela was going to launch a CBDC (referred to as the digital bolivar). After the digital bolivar was launched, however, it soon became it was not a CBDC and it wasn’t even digital. Miguel López, a financial and accounting consulting partner at EY Venezuela, told Coin Desk at the time that there are no digital components that make the digital bolivar different from the sovereign bolivars, which could also be transacted electronically. So while the Central Bank of Venezuela can be said to be considering CBDCs, it has not progressed to the pilot or launch stages.

A full analysis of the CBDC developments in Venezuela and Venezuela’s treatment of civil liberties is forthcoming.

In the meantime, 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.