#E-Cny

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.