What are central bank digital currencies (CBDCs)?

Central bank digital currencies (CBDCs) are national currencies issued by a central bank in programmable digital form: a digital euro or digital dollar the state itself runs, with rules written into the money. I predict governments keep pushing them while the debate turns fierce: convenience versus surveillance, privacy versus control. The receipts: China's digital yuan is live, the digital euro pilot starts in 2027 with rollout in 2029, and the US banned a retail digital dollar by executive order in January 2025. A programmable currency can settle payments instantly and also track, limit, or freeze every transaction you make. Programmable money is conditional money: conditional on your tax compliance, your political behavior, your carbon score. The technology is neutral. The rules written around it are anything but. I fear people, not technology. Watch the governance, not the code.