--- title: "CBDC & the Digital Euro: Explained | Digital Euro Association" description: Understand central bank digital currencies, retail and wholesale CBDCs, and the digital euro. Explore DEA research, policy perspectives and resources. --- [![DEA LOGO-3-1](https://digital-euro-association.de/hs-fs/hubfs/DEA%20LOGO-3-1.png?width=160&height=111&name=DEA%20LOGO-3-1.png "DEA LOGO-3-1")](https://home.digital-euro-association.de/en?hsLang=en) [![DEA LOGO-3-1](https://digital-euro-association.de/hs-fs/hubfs/DEA%20LOGO-3-1.png?width=140&height=97&name=DEA%20LOGO-3-1.png "DEA LOGO-3-1")](https://home.digital-euro-association.de/en?hsLang=en) - [Home](https://digital-euro-association.de) - Topics - [CBDC Resources](https://digital-euro-association.de/cbdc-resources) - [DEA Position Statement](https://digital-euro-association.de/dea-position-statement) - Projects - [Digital Euro Conference](https://digital-euro-conference.de/) - [Digital Money Academy on CBDCs](https://digital-euro-association.de/digital-money-academy-cbdcs) - [Digital Money Academy on Stablecoins](https://digital-euro-association.de/digital-money-academy-stablecoins) - [Events](https://digital-euro-association.de/events) - [Podcast](https://digital-euro-association.de/podcast) - [MiCAR Tracker](https://micatracker.digital-euro-association.de/) - [Quarterly Insights](https://digital-euro-association.de/quarterly-insights) - Engagements - [Public Affairs](https://digital-euro-association.de/public-affairs) - [Member Briefs](https://digital-euro-association.de/dea-member-briefs) - [Brussels Meetings](https://digital-euro-association.de/brussels-meetings) - [Research](https://digital-euro-association.de/research) - [Working Groups](https://digital-euro-association.de/working-groups) - [Stablecoin Committee](https://digital-euro-association.de/stablecoin-committee) - [CBDC Manifesto](https://digital-euro-association.de/cbdc-manifesto) - Community - [Core Team](https://digital-euro-association.de/core-team) - [Institutional Members](https://digital-euro-association.de/members) - [Experts](https://digital-euro-association.de/experts) - [Expert Overview](https://digital-euro-association.de/experts) - [Job Portal](https://digital-euro-association.de/vacancies) - [Blog](https://digital-euro-association.de/blog) More results [Join now](mailto:team@digital-euro-association.de) [Join Now](mailto:team@digital-euro-association.de) - [Home](https://digital-euro-association.de) - Topics - [CBDC Resources](https://digital-euro-association.de/cbdc-resources) - [DEA Position Statement](https://digital-euro-association.de/dea-position-statement) - Projects - [Digital Euro Conference](https://digital-euro-conference.de/) - [Digital Money Academy on CBDCs](https://digital-euro-association.de/digital-money-academy-cbdcs) - [Digital Money Academy on Stablecoins](https://digital-euro-association.de/digital-money-academy-stablecoins) - [Events](https://digital-euro-association.de/events) - [Podcast](https://digital-euro-association.de/podcast) - [MiCAR Tracker](https://micatracker.digital-euro-association.de/) - [Quarterly Insights](https://digital-euro-association.de/quarterly-insights) - Engagements - [Public Affairs](https://digital-euro-association.de/public-affairs) - [Member Briefs](https://digital-euro-association.de/dea-member-briefs) - [Brussels Meetings](https://digital-euro-association.de/brussels-meetings) - [Research](https://digital-euro-association.de/research) - [Working Groups](https://digital-euro-association.de/working-groups) - [Stablecoin Committee](https://digital-euro-association.de/stablecoin-committee) - [CBDC Manifesto](https://digital-euro-association.de/cbdc-manifesto) - Community - [Core Team](https://digital-euro-association.de/core-team) - [Institutional Members](https://digital-euro-association.de/members) - [Experts](https://digital-euro-association.de/experts) - [Expert Overview](https://digital-euro-association.de/experts) - [Job Portal](https://digital-euro-association.de/vacancies) - [Blog](https://digital-euro-association.de/blog) [Join Now](https://digital-euro-association.de/temp-membership-opportunities?hsLang=en) [Home](https://digital-euro-association.de/?hsLang=en)TopicsCBDC CENTRAL BANK DIGITAL CURRENCIES # Central bank digital currency (CBDC) Public money for a digital world. Understand CBDCs, the digital euro and the choices shaping the future of public money. Explore the essentials, the European debate and the work of the DEA. [Understand CBDCs](https://digital-euro-association.de/cbdc/en#essentials)[Explore DEA resources](https://digital-euro-association.de/cbdc/en#research) Independent insight from the Digital Euro Association CBDC AT A GLANCE ## Public money. A digital form. Issuer A central bank Access Retail or wholesale Claim On the central bank The issuer defines the money. Technology defines how it works. On this page[The essentials](https://digital-euro-association.de/cbdc/en#essentials)[The digital euro](https://digital-euro-association.de/cbdc/en#europe)[Design choices](https://digital-euro-association.de/cbdc/en#design)[DEA resources](https://digital-euro-association.de/cbdc/en#research)[FAQs](https://digital-euro-association.de/cbdc/en#faqs) [![CBDC Tracker](https://digital-euro-association.de/hs-fs/hubfs/CBDC%20Tracker.png?width=1718&height=750&name=CBDC%20Tracker.png)](https://cbdctracker.org/) ### [CBDC Tracker](https://cbdctracker.org/) START WITH THE ESSENTIALS ## What is a CBDC? A central bank digital currency is digital money denominated in the national unit of account and issued as a direct liability of a central bank. It brings central bank money into new digital payment or settlement arrangements. Most people already use digital money through bank accounts. The key difference is the claim: a bank deposit is a claim on a commercial bank; a CBDC is a claim on the central bank. Sources[BIS: CBDC architecture](https://www.bis.org/publications/proposal-retail-central-bank-digital-currency-cbdc-architecture.pdf) ### Retail CBDC Digital central bank money intended for everyday payments by the public. A retail CBDC can sit alongside cash and commercial bank deposits. Focus: access, payments and public trust ### Wholesale CBDC Digital central bank money for eligible financial institutions. The focus is interbank payments and settlement, including transactions involving tokenised assets. Focus: settlement and financial infrastructure ### CBDC or stablecoin? Same digital landscape. A different issuer and legal claim. [Understand the difference](https://digital-euro-association.de/stablecoins?hsLang=en) THE EUROPEAN PERSPECTIVE ## Where does the digital euro fit? The digital euro is the Eurosystem’s proposed retail CBDC. It would give people access to central bank money for digital payments, complementing euro cash. The project combines technical preparation, market engagement and an EU legislative process. A decision to issue is a separate step, to be considered after the legislation is completed. The ECB describes a potential 2029 issuance, conditional on legislation being adopted in 2026. This is a planning scenario, not a confirmed launch date. Sources[ECB project progress](https://www.ecb.europa.eu/euro/digital_euro/progress/html/index.en.html)[Digital euro overview](https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html) THE DIGITAL EURO IN CONTEXT 01 ### Everyday payments A proposed public means of payment in shops, online and between people. 02 ### Alongside cash The digital euro is intended to complement banknotes and coins. 03 ### Public and private roles The Eurosystem would issue the digital euro; banks and other payment service providers would distribute it and provide services to users. BEYOND THE DEFINITION ## The design choices that shape a CBDC A public issuer does not settle every question. The design determines who can use the money, how it works and what protections it provides. ### Privacy & trust What data is needed, who can access it and how can privacy be protected in online and offline payments? ### Access & inclusion How can people pay if they have limited connectivity, no bank account or accessibility needs? ### Banks & stability How should distribution, holding limits and funding arrangements support a functioning financial system? ### Technology & resilience How will the system connect to existing payments, resist outages and support future services? Blockchain is a design choice, not a requirement. EXPLORE THE DEA'S WORK ## Understand the debate. Explore the detail. Move from the basics to research, policy positions and a wider view of CBDC developments. DEA PERSPECTIVE ### Explore the CBDC Manifesto Discover the DEA’s principles for the design and development of central bank digital currencies, then explore our wider research and policy work. [Read the manifesto](https://digital-euro-association.de/cbdc-manifesto?hsLang=en) ### CBDC resources Find further reading on central bank digital currencies, the digital euro and their economic and technical implications. Explore the library → [CBDC resources](https://digital-euro-association.de/cbdc-resources?hsLang=en) ### The DEA’s position Read the DEA position statement and explore how we contribute to Europe’s digital money discussion. Read the statement → [The DEA’s position](https://digital-euro-association.de/dea-position-statement?hsLang=en) ### CBDC projects around the world Compare projects by stage, from research and pilots to live use. The CBDC Tracker is an external resource. Open the CBDC Tracker → [CBDC projects around the world](https://cbdctracker.org/) ### Foundational CBDC reading 10 historical publications. Expand to explore the reading list. Selected resources from this page’s original library. These are historical publications, not a description of today’s project status. - 2021 · ECB ### [Eurosystem launches digital euro project](https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210714~d99198ea23.en.html) The start of the investigation phase. Read alongside the ECB’s current progress updates. - 2021 · GBIC ### [German Banking Industry Committee policy paper on the digital euro](https://die-dk.de/en/topics/press-releases/german-banking-industry-committee-presents-policy-paper-on-digital-euro/) An early banking-sector perspective on an ecosystem of digital forms of money. - 2021 · EUROSYSTEM ### [Report on the public consultation on a digital euro](https://www.ecb.europa.eu/pub/pdf/other/Eurosystem_report_on_the_public_consultation_on_a_digital_euro~539fa8cd8d.en.pdf) Public and professional views collected during the initial consultation. - 2020 · ECB ### [Report on a digital euro](https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf) The Eurosystem’s initial assessment of a possible digital euro. - HISTORICAL ANALYSIS ### [Synthetic CBDC: public-private collaboration](https://jonasgross.medium.com/synthetic-central-bank-digital-currency-scbdc-public-private-cbdc-collaboration-46a3f4eb9808) An early model for privately issued money backed by central bank assets. It is distinct from a direct central bank liability. - HISTORICAL ANALYSIS ### [The digital euro and the role of DLT for CBDCs](https://medium.com/@philippsandner/the-digital-euro-and-the-role-of-dlt-for-central-bank-digital-currencies-b9428af6a3ce) A technology perspective from an earlier phase of the debate. - HISTORICAL ANALYSIS ### [How will blockchain technology transform the current monetary system?](https://medium.com/@philippsandner/how-will-blockchain-technology-transform-the-current-monetary-system-f98f9a6de013) An introduction to the relationship between ledgers, payments and digital money. - 2020 · FINTECH COUNCIL ### [The digital, programmable euro](https://medium.com/@philippsandner/the-digital-programmable-euro-5c1c0b39ae2c) An unofficial English translation of a German FinTech Council statement. - HISTORICAL ANALYSIS ### [Which jurisdictions led early retail CBDC development?](https://jonasgross.medium.com/which-jurisdictions-head-up-the-retail-central-bank-digital-currency-league-table-4938a996613f) A look at early projects, including the Bahamas launch in October 2020. - 2020 · HISTORICAL ANALYSIS ### [China’s digital currency project: DC/EP](https://medium.com/@jonas.ku1994/chinas-digital-currency-project-what-is-dc-ep-all-about-e3b2f47e49c) An account of China’s early pilot, using the terminology of that period. YOUR QUESTIONS, ANSWERED ## CBDC FAQs Clear answers to the questions that often get lost in the terminology. Sources[ECB digital euro FAQs](https://www.ecb.europa.eu/euro/digital_euro/faqs/html/ecb.faq_digital_euro.en.html)[CBDC Tracker](https://cbdctracker.org/) ### What is meant by a public digital euro? In this context, it means digital money issued by the Eurosystem, rather than a privately issued euro-denominated token. The digital euro project focuses on a possible retail CBDC for everyday payments. Wholesale central bank money is a separate part of the discussion. ### Is a CBDC the same as a cryptocurrency? A CBDC is issued by a central bank and denominated in an official currency. It does not depend on a decentralised issuer or a freely floating crypto-asset price. A CBDC may use different technologies, including conventional databases. ### Would the digital euro replace cash? The ECB’s stated intention is for a digital euro to complement cash. Banknotes and coins would continue alongside it. ### Is the digital euro already available? The digital euro remains a project rather than a generally available means of payment. Technical preparation and legislation do not themselves constitute an issuance decision. Check the ECB’s current project updates for the latest position. ### Would the digital euro be programmable money? The ECB distinguishes conditional payments from money whose issuer limits where, when or for what it can be spent. Its stated design excludes programmable money; users could still benefit from conditional payment services. ### How does a CBDC differ from a euro stablecoin? The key difference is the issuer and the claim. A CBDC is a central bank liability. A euro stablecoin is privately issued and aims to track the euro, with protections and risks that depend on its legal and operational arrangements. ### Where can I track CBDC implementation worldwide? Explore the [CBDC Tracker](https://cbdctracker.org/) for an overview of projects around the world and their reported stage of development. Implementation status changes over time. Research, pilots and launched CBDCs are different stages, so check the relevant central bank’s latest announcements to confirm whether a CBDC is available for use. KEEP EXPLORING ## Explore privately issued digital money How do stablecoins work, and how do euro stablecoins differ from a digital euro? [Explore stablecoins](https://digital-euro-association.de/stablecoins?hsLang=en) CONNECT WITH THE DEA ## Help shape the discussion on public digital money. Connect with the DEA’s community across central banking, finance, technology, academia and policy. [Discuss institutional membership](mailto:team@digital-euro-association.de)[Explore our expert community](https://digital-euro-association.de/experts?hsLang=en) ### Stay informed. Receive DEA news, research and event updates. 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