Editor’s Note: Cryptocurrencies are booming, and central banks are now getting into the game. This shift, however, comes with many risks. Jessica Davis, formerly an intelligence analyst with the Canadian Security Intelligence Service, examines how central bank digital currencies may complicate intelligence and offer a potential tool for illicit actors. She argues for developing best practices and standards around human rights while these currencies are in their early stages.
Cryptocurrencies like Bitcoin and Monero have been the subject of much debate and consternation in international security and financial crime circles. These digital payment systems enable illicit financing through their uneven regulation, transaction speed and anonymity. To date, the development and implementation of cryptocurrencies has largely been the purview of private actors. Few states have adopted cryptocurrency as a common (or…