Experts caution that central bank digital currencies (CBDCs) could result in governments using technology to monitor payments and freeze bank accounts of dissidents. While CBDCs could help automate tax collection and combat money laundering and terrorism financing, digital privacy experts warn that they could secure control over users’ private financial data. They suggest that democratic oversight mechanisms be established to prohibit CBDCs from incorporating threats to privacy and freedom. Some 120 countries, representing over 95 percent of global GDP, are presently studying some form of CBDC, according to US think tank the Atlantic Council. CBDCs offer virtually no benefits to users, as most people have already transitioned to digital payments instead of physical cash. However, it appears that by adopting a CBDC, governments will gain unprecedented control over personal transaction behaviour, penalising individuals based on their purchase record.