South African economist Dawie Roodt warned that central bank digital currencies, or CBDCs, could become instruments of authoritarian control if governments exploit their programmable features.

Speaking at a recent conference, Roodt explained that CBDCs allow authorities to directly influence how citizens use their money. He cautioned that governments could theoretically restrict purchases, seize funds, or manipulate spending behavior.

“They could reduce or increase the value of the wallet that is on your cellphone,” Roodt said, adding that CBDCs would make every transaction visible to the issuing authority.

Although he acknowledged that safeguards would likely be built into real-world CBDCs, Roodt stressed that the potential for abuse remains significant.

The economist contrasted CBDCs with private-sector stablecoins, which he described as the “natural antidote” to state-controlled digital money. Stablecoins are pegged to fiat currencies or assets, designed to maintain a stable value and avoid the volatility of cryptocurrencies like bitcoin.

Roodt predicted their adoption would accelerate, citing the GENIUS Act signed into U.S. law in July 2025, which requires issuers to hold 100% reserves in high-quality liquid assets. In South Africa, rand-pegged projects such as ZARP and ZARU are already operational, though ZARU is limited to institutional use.

He suggested that communities could issue their own stablecoins backed by assets such as gold, tailored to local needs and offering low transaction costs.

The South African Reserve Bank has been investigating CBDCs since 2021, beginning with a retail feasibility study and later expanding into wholesale applications through Project Khokha 2x. Earlier trials tested blockchain-based interbank settlements and the tokenization of bank debentures.

Despite these efforts, Roodt warned that smaller currencies like the rand risk being displaced by U.S. dollar-pegged stablecoins with lower transaction costs.

Roodt’s remarks underscore a growing global debate over whether CBDCs represent innovation or a potential threat to financial freedom. As governments experiment with digital money, the challenge will be balancing efficiency and transparency with individual liberty.

• What are CBDCs and why are they concerning? CBDCs can allow governments to control how citizens spend their money, raising fears of authoritarian misuse.
• How can CBDCs be abused by governments? Authorities could restrict purchases, seize funds, or adjust wallet values, leading to potential invasion of privacy and freedom.
• What distinguishes CBDCs from stablecoins? Stablecoins, tied to assets like fiat currencies, provide an alternative to government-controlled money and are seen as a safeguard against abuse.
• What is the South African Reserve Bank’s stance on CBDCs? The South African Reserve Bank is exploring CBDCs through research and projects, but faces concerns about competition from dollar-pegged stablecoins.

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