The most commonly cited argument for CBDCs is that they would help promote financial inclusion. However, this claim is a myth that is devoid of any empirical support.

CBDCs do not address the causes of financial exclusion, and alternative methods (e.g., reducing regulatory barriers that discourage financial innovation) would better promote financial inclusion.

To the extent that financial inclusion is even an issue in the developed world, it is an issue only in the US. Even there, many people are financially excluded because they wish to be or because government regulations make bank accounts unattractive. Financial inclusion is a more important issue in the developing world, but even there, there are much better ways to achieve financial inclusion than establishing a CBDC. Recent developments there suggest that non-CBDC digital currencies, in particular innovations driven by the spread of Quick Response (QR) transactions technology and market competition, are already drastically increasing financial inclusion and will likely eliminate the problem before CBDCs make any impact on it.