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Central Bank Digital Currencies: Financial Infrastructure and State Visibility

Nearly every major economy is exploring CBDCs, but actual retail deployments have seen minimal public uptake, and the most advanced real-world development remains in wholesale applications — meaning the headline statistic of 146 countries masks a wide gap between research and meaningful deployment. The central unresolved tension is not whether CBDCs can be designed with privacy protections, but whether those protections will hold over time: liberal-democratic designers argue tiered anonymity can approximate cash-like confidentiality, while critics contend that once the surveillance architecture exists, institutional and political incentives make its expansion structurally likely. A design trilemma — that privacy, financial stability, and regulatory compliance cannot all be maximised simultaneously — is well-documented in specialist literature but almost entirely absent from public debate, as is the non-Western framing that treats CBDCs primarily as tools of monetary sovereignty and platform de-monopolisation rather than state surveillance.

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