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Central bank digital currencies could add a digital form of public money to payment systems, but they are not an inevitable replacement for cash, bank deposits or private payment services. Their effects will depend on each jurisdiction’s choices about who can use them, how payments work, what privacy protections apply and how the system connects to existing finance. Central banks are widely exploring CBDCs; exploration is not the same as a decision to issue one.
What is a CBDC, and how does it differ from other money?
A central bank digital currency is a digital form of money issued by a central bank. It is a public-money claim, unlike a commercial bank deposit, which is a claim on a private bank. A privately issued stablecoin also has a different issuer and underlying claim. The word “digital” describes the form of the money, not a requirement to use blockchain: system architecture is a design choice.
CBDCs are commonly discussed in two forms, defined mainly by who would use them and for what purpose:
| Form | Intended users | Purpose |
|---|---|---|
| Retail or general-purpose CBDC | The public, potentially including individuals and businesses | Digital payments using central-bank money |
| Wholesale CBDC | Financial institutions or participants in wholesale financial arrangements | Financial-market or interbank uses |
A proposal may use public or private organizations to provide services such as wallets, onboarding, payment processing and customer support. The central-bank claim and the organizations that help people access it are separate parts of the design.
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Why are central banks exploring CBDCs?
As routine payments become more digital, central banks are considering how people and financial institutions might continue to access central-bank money in new payment environments. The BIS reports that maintaining the role of central-bank money as cash use declines and asset tokenization develops is a key motivation for many authorities. More than one in three jurisdictions surveyed also said that developments in stablecoins and other cryptoassets had accelerated their work.
These are reasons to investigate an option, not proof that it will work better than existing payment methods. Whether a CBDC answers a real need depends on its usefulness to people and merchants, how it fits with existing services, and the policy goals its issuer sets.
How widespread is CBDC exploration—and does it mean one is coming?
In a survey covering 2024, 85 of 93 central banks—91%—said they were exploring retail CBDCs, wholesale CBDCs or both. The BIS published those findings on 22 August 2025 in its survey results. Across the surveyed central banks, wholesale work was at a more advanced aggregate stage than retail work; that comparison does not mean wholesale projects are all ready to launch.
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Exploration can mean research or development. It does not establish that a central bank has approved issuance, selected a final design or set a launch date. Issuance is a sovereign decision, and the legal authority, public-policy objectives and project status differ by jurisdiction. The joint central-bank report published by the BIS and seven central banks in 2021 puts it directly: “CBDC issuance and design are sovereign decisions.” That report is foundational policy analysis, not a current country-by-country status register.
What would determine how a CBDC works?
The CBDC label does not specify a single payment system. A proposal’s effects depend on a set of linked decisions, including:
- Purpose and users: whether the system is for public payments, wholesale settlement or both.
- Claim and intermediaries: who holds the liability and which public or private organizations provide wallets, identity checks, processing and support.
- Privacy and data governance: what merchants, intermediaries, central banks and other authorities can see, what information is retained, and which laws limit its use.
- Security and resilience: how the system handles cyber threats, outages, recovery and, if included, offline payments.
- Access and adoption: who can use the system, whether it is accessible, whether merchants accept it, what costs users face and whether it meets an unmet need.
- Interoperability: how it connects with domestic payment systems and, where relevant, cross-border arrangements.
- Financial stability: whether users can move deposits into CBDC, how that could affect bank funding and lending, and whether safeguards are appropriate.
- Legal and policy fit: whether the system is authorized and consistent with the jurisdiction’s laws and public objectives.
A feature that advances one goal can make another harder. Offline payments may improve access or continuity but raise technical and security challenges. Privacy objectives interact with rules for preventing illicit finance and with data-management requirements. Limits that slow a rapid shift into CBDC could also affect convenience or acceptance. The BIS Innovation Hub’s 2024 system-design report describes these choices as interconnected: “These issues are multi-dimensional and often interconnected.” Its report examines those design questions without prescribing one system for every jurisdiction.
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Would a CBDC protect payment privacy?
Not automatically. Payment records can reveal sensitive details about a person’s life, but a CBDC does not necessarily give the government unrestricted access to every transaction, nor does any one design guarantee cash-like anonymity. The answer depends on the rules and technical arrangements governing what information is created, who can access it, how long it is retained and how it is protected.
Privacy analysis should consider more than whether a system is “account-based” or “token-based.” It should ask what transaction partners can learn about each other, what operators and intermediaries hold, how data minimization works, what legal limits apply, and what might be exposed in a cyber breach. The BIS’s 2020 technical discussion of retail CBDC explains why architecture alone does not settle privacy questions; its technical analysis is foundational, rather than evidence of current project status.
Could CBDCs weaken banks or create financial-stability risks?
A risk arises if people move substantial balances from commercial bank deposits into CBDCs. Deposits help fund banks, so a large or rapid shift could affect bank funding and lending. The size and likelihood of that effect depend on design and on how quickly institutions and users adjust; it should not be treated as identical across countries.
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A joint central-bank assessment said that effects could be limited for plausible levels of take-up if systems have time and flexibility to adapt, while abrupt structural change could create additional risks. Potential safeguards discussed in policy work include access criteria, holding or transaction limits, and choices about whether CBDC balances earn interest. These are possible design measures, not universal rules already adopted. The IMF’s November 2025 paper discusses financial stability alongside payment competition, legal and financial-integrity issues, resilience and tokenized reserves: Central Bank Digital Currency: Further Navigating Challenges and Risks.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Could CBDCs make payments more resilient, inclusive or efficient?
They might, but the benefit depends on implementation and evidence of actual use. An offline feature could help payments continue when connectivity is unavailable, but it also creates technical and security challenges. Wider access would require a system that works for its intended users; central-bank money’s safety alone does not ensure people can access it or merchants will accept it. Adoption depends on usefulness, accessibility, user needs and the surrounding payment ecosystem.
CBDCs could also contribute to more efficient cross-border payments if jurisdictions cooperate and systems interoperate. That is a possibility, not a demonstrated global result: the sources cited here do not establish a measured CBDC-driven reduction in cross-border payment cost or time. A pilot or policy proposal is not, by itself, evidence of production-scale resilience, inclusion or efficiency.
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Will CBDCs replace cash, bank deposits or private payment services?
There is no single answer inherent in the technology. A jurisdiction could choose whether to offer a CBDC alongside cash and existing payment options, whom to serve and how it should interact with banks and private providers. A public digital payment instrument could therefore complement some existing forms of money rather than displace them. Any claim that CBDCs will inevitably replace cash or ordinary bank accounts goes beyond what the global exploration data establish.
What does the digital euro’s progress show?
The European Central Bank’s digital euro project illustrates why project milestones need precise wording. The IMF’s 2026 Annual Report says the ECB concluded its preparation phase in October 2025, laying technical foundations for possible issuance. That is a preparation milestone, not confirmation that a digital euro has been issued or that a final launch decision has been made. The IMF describes it in New Frontiers for Digital Finance.
For any other jurisdiction, the relevant central bank or legislature is the appropriate source for current decisions. A global survey of exploration does not substitute for a current, complete register of national approvals or launch dates.
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