#Cbdc

Money used to be a medium of exchange. It is becoming a permission system. The shift is incremental. Each step is reasonable on its own terms. Aggregated, the steps have the property that an entity's ability to transact, to spend its own…

The off-switch on money, country by country — China's programmable e-CNY, the EU's promised-not-to ECB, India's PMLA freezes, the US sanctions record. The component the Convergence Index scores.

Programmable money, country by country — China's e-CNY, the EU digital euro, India's UPI, the US dollar rail. Who can see every transaction, and who can switch one off. The component the Convergence Index scores.

A CBDC is a digital national currency that is a direct liability of a country's central bank. The critical distinction from existing digital money: programmability. CBDCs can be hard-coded with rules that govern how, when, and on what the money can be spent.