CBDC (central bank digital currency)
Digital money issued directly by a central bank – unlike bank balances, which are a claim against a commercial bank. 146 countries and currency areas are exploring a CBDC, but only three have launched one (as of May 2026).
AlsoCentral Bank Digital Currencycentral bank digital moneydigital central bank moneyretail CBDCe-CNY
CBDC stands for ‘central bank digital currency’. Today, the only central bank money you hold is cash; the balance in your current account is a claim against your bank. A CBDC for all citizens (retail CBDC) would be a direct claim against the central bank – digital cash.
Where the world stands
According to the Atlantic Council, 146 countries and currency areas accounting for more than 98% of global economic output are exploring a CBDC. Only the Bahamas, Jamaica and Nigeria have launched a retail CBDC, each with sluggish uptake; China’s e-CNY is the largest pilot (as of May 2026).[1] For the digital euroGlossaryDigital euroA planned digital form of euro cash, issued by the European Central Bank. A pilot is planned for 2027 and a first issuance is possible in 2029 – if the EU adopts the law in 2026 (as of September 2026).In the glossary →, the ECB is preparing a pilot in 2027; a first issuance would be possible in 2029 – provided the EU adopts the necessary legislation in 2026.[2] The US prohibited its agencies from establishing or promoting a CBDC by executive order in January 2025.[3]
CBDC and Bitcoin
| CBDC | Bitcoin | |
|---|---|---|
| Issuer | central bank | nobody, rules in the protocol |
| Supply | controlled by monetary policy | capped at just under 21 million |
| Value against the national currency | fixed at 1:1 | fluctuates strongly |
| Who keeps the account? | central bank or appointed banks | anyone can do it themselves |
Supporters see a public means of payment that doesn’t depend on private card providers; critics fear more surveillance and programmable restrictions. The trade-offs are covered in Digital euro, CBDCs & Bitcoin.
Related terms
These terms are closely connected.
- This termCBDC(central bank digital currency)
- Digital euroA planned digital form of euro cash, issued by the European Central Bank. A pilot is planned for 2027 and a first issuance is possible in 2029 – if the EU adopts the law in 2026 (as of September 2026).
- Fiat moneyMoney that isn’t backed by gold or other physical assets but rests on government decree and trust – such as the euro and the US dollar. Most of it is created by commercial banks, for example through loans.
- StablecoinA crypto-asset whose value is meant to be pegged to a currency such as the US dollar or the euro. Unlike bitcoin, a stablecoin has an issuer – its value depends on the issuer keeping its reserves and remaining solvent.
- DecentralisationBitcoin has no headquarters that could change the rules, freeze accounts or print more money. Instead, tens of thousands of independent nodes around the world check for themselves that all the rules are followed.
Explained in depth
These articles go into more detail:
- Deep dive · Stage 2Digital euro & BitcoinWhere does the digital euro stand (as of September 2026), how does it differ from Bitcoin and what would it mean for your privacy? Neutral, with sources.
- Deep dive · Stage 2Bitcoin is freedomWhat censorship resistance means, how activists and people in crisis-hit countries use Bitcoin – and where the limits are. Sourced, without pathos.
More from „Money & economics“
Sources3 sources · 3 publishers
The superscript numbers in the text refer to these sources.
- Central Bank Digital Currency Tracker – Atlantic Council, May 2026 (accessed 28/09/2026)
- Digital euro – European Central Bank (accessed 28/09/2026)
- Strengthening American Leadership in Digital Financial Technology (Executive Order) – The White House, 23.01.2025 (accessed 28/09/2026)
This entry is for education only and is not investment, tax or legal advice.