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xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-drawer-arrow" href="#icon-drawer-arrow"></use> </svg></div> <ul id="mntl-toc__list_1-0" class="comp mntl-toc__list mntl-toc__list-heading expert-content"><li id="mntl-toc__list-item_1-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_1-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-what-is-a-central-bank-digital-currency-cbdc" rel="nocaes" id="mntl-toc__list-item-link_1-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">What Is a CBDC?</span></a></div></li> <li id="mntl-toc__list-item_2-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_2-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-understanding-central-bank-digital-currencies-cbdcs" rel="nocaes" id="mntl-toc__list-item-link_2-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Understanding CBDCs</span></a></div></li> <li id="mntl-toc__list-item_3-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_3-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-purposes-of-cbdcs" rel="nocaes" id="mntl-toc__list-item-link_3-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Purposes</span></a></div></li> <li id="mntl-toc__list-item_4-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_4-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-types-of-cbdcs" rel="nocaes" id="mntl-toc__list-item-link_4-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Types</span></a></div></li> <li id="mntl-toc__list-item_5-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_5-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-issues-concerning-cbdcs" rel="nocaes" id="mntl-toc__list-item-link_5-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Issues</span></a></div></li> <li id="mntl-toc__list-item_6-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_6-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-cbdcs-vs-cryptocurrencies" rel="nocaes" id="mntl-toc__list-item-link_6-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">CBDCs vs. Cryptocurrencies</span></a></div></li> <li id="mntl-toc__list-item_7-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_7-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-cbdcs-in-use-and-in-development" rel="nocaes" id="mntl-toc__list-item-link_7-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">CBDCs at a Glance</span></a></div></li> <li id="mntl-toc__list-item_8-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_8-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-what-is-the-purpose-of-a-cbdc" rel="nocaes" id="mntl-toc__list-item-link_8-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">FAQs</span></a></div></li> <li id="mntl-toc__list-item_9-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_9-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-the-bottom-line" rel="nocaes" id="mntl-toc__list-item-link_9-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">The Bottom Line</span></a></div></li></ul></div></div></div></div> </div><div class="loc article-pre-content"><ul id="breadcrumbs_1-0" class="comp breadcrumbs mntl-breadcrumbs mntl-block" data-tracking-container="true"><li id="mntl-breadcrumbs__item_1-0" class="comp mntl-breadcrumbs__item mntl-block"><a href="https://www.investopedia.com/cryptocurrency-4427699" rel="nocaes" id="mntl-text-link_1-0" class="mntl-text-link mntl-breadcrumbs__link" data-tracking-container="true" ><span class="link__wrapper">Cryptocurrency</span></a></li></ul> <header id="article-header_1-0" class="comp article-header mntl-block right-rail__offset js-toc-appear"><h1 id="article-heading_1-0" class="comp article-heading mntl-text-block">What Is a Central Bank Digital Currency (CBDC)?</h1> <div id="sponsorship-wrapper_1-0" class="comp sponsorship-wrapper mntl-block"></div> <div id="article-meta_1-0" class="comp article-meta mntl-block" data-tracking-container="true"><div id="finance-bylines_1-0" class="comp finance-bylines mntl-bylines"><div id="mntl-bylines__group_1-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--author"><div id="mntl-bylines__item_1-0" class="comp mntl-bylines__item mntl-attribution__item mntl-attribution__item--has-date"> <span class="mntl-attribution__item-descriptor">By</span> <a href="https://www.investopedia.com/contributors/53524/" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="0" >Shobhit Seth</a> </div> <div class="mntl-attribution__item-date">Updated June 14, 2024</div></div> <div id="mntl-bylines__group_2-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--finance_reviewer"><div id="mntl-bylines__item_2-0" class="comp 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She holds a Bachelor of Science in Finance degree from Bridgewater State University and helps develop content strategies.</p> </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div></div> </div></div></header> </div><div class="loc article-content"><div id="article__primary-video-container--jw_1-0" class="comp article__primary-video-container--jw mntl-block"></div> <div id="article__broad-video--jw_1-0" class="comp article__broad-video--jw mntl-jwplayer-broad mntl-block is-hidden" data-pixel-depth="100"><div id="mntl-jwplayer-broad__video_1-0" class="comp mntl-jwplayer-broad__video mntl-jwplayer mm-video lazyload" data-bgset data-sizes="auto"></div> <div id="mntl-jwplayer-broad__title_1-0" class="comp mntl-jwplayer-broad__title mntl-block"><div id="mntl-jwplayer-broad__title--text_1-0" class="comp mntl-jwplayer-broad__title--text mntl-text-block type--mouse"></div> <button id="mntl-jwplayer-broad__title-icon--close_1-0" class="comp mntl-jwplayer-broad__title-icon--close mntl-block type--shrew-bold" data-click-tracked="false"><span id="mntl-text-block_1-0" class="comp mntl-text-block">Close</span> <svg class="icon close-icon " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#close-icon" href="#close-icon"></use> </svg></button></div></div> <div id="article-body_1-0" class="comp article-body mntl-block" data-contain-tooltips="true"><div id="mntl-sc-page_1-0" class="comp mntl-sc-page mntl-block article-body-content" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true"><span class="heading-toc" id="toc-what-is-a-central-bank-digital-currency-cbdc"></span><h2 id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What Is a Central Bank Digital Currency (CBDC)? </span> </h2> <p id="mntl-sc-block_2-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> A central bank digital currency (CBDC) is a form of digital currency issued by a country's central bank. It is similar to cryptocurrencies, except that its value is fixed by the central bank and is equivalent to the country's fiat currency. </p> <div id="mntl-sc-block_3-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_4-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Many countries are developing CBDCs, and some have even implemented them. Because so many countries are researching ways to transition to digital currencies, it's important to understand what CBDCs are and what they mean for society. </p> <div id="mntl-sc-block_5-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_6-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_7-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-whatyouneedtoknow" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_1-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Key Takeaways</h3> <div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block"><ul> <li>A central bank digital currency (CBDC) is the digital form of a country's <a href="https://www.investopedia.com/terms/f/fiatmoney.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">fiat currency</a>.</li> <li>A nation's monetary authority, or central bank, issues a CBDC, which promotes financial inclusion and simplifies the implementation of monetary and fiscal policies.</li> <li>Many countries are exploring how CBDCs may affect their economies, financial networks, and stability.</li> <li>It's important for people and nations to understand central bank digital currencies because some of the world's economies are moving toward their use.<br></li> </ul></div></div></div> <span class="heading-toc" id="toc-understanding-central-bank-digital-currencies-cbdcs"></span><h2 id="mntl-sc-block_8-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Understanding Central Bank Digital Currencies (CBDCs) </span> </h2> <p id="mntl-sc-block_9-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Fiat money is a government-issued currency that has no physical commodity like gold or silver backing it up. It is considered a form of <a href="https://www.investopedia.com/terms/l/legal-tender.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">legal tender</a> that can be exchanged for goods and services. </p> <div id="mntl-sc-block_10-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_11-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Traditionally, fiat money has been banknotes and coins, but technology has allowed governments and financial institutions to supplement physical fiat money with a credit-based currency model that records balances and transactions digitally. </p> <div id="mntl-sc-block_12-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_13-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Physical currency is still widely exchanged and accepted. However, some developed countries have experienced a drop in its use, and that trend accelerated during the pandemic.<span class="ql-inline-citation" data-cite="26"></span> </p> <div id="mntl-sc-block_14-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_15-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The introduction and evolution of cryptocurrency and blockchain technology have spurred additional interest in cashless societies and digital currencies. </p> <div id="mntl-sc-block_16-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_17-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_18-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-note" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_2-0" class="comp mntl-sc-block-callout-heading mntl-text-block no-title"></h3> <div id="mntl-sc-block-callout-body_2-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>Governments and <a href="https://www.investopedia.com/terms/c/centralbank.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">central banks</a> worldwide are exploring the possibility of using government-backed digital currencies. When and if they are implemented, these currencies would have the full faith and backing of the government that issues them, just as fiat money does.</p></div></div></div> <span class="heading-toc" id="toc-purposes-of-cbdcs"></span><h2 id="mntl-sc-block_19-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Purposes of CBDCs </span> </h2> <p id="mntl-sc-block_20-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> In the U.S. and many other countries, many individuals don't have access to financial services. In the U.S. alone, 6% of adults had no bank account in 2023.<span class="ql-inline-citation" data-cite="35"></span> In many other countries, the numbers are much higher. With that in mind, the main purposes of CBDCs are: </p> <div id="mntl-sc-block_21-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_22-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>To provide businesses and consumers conducting financial transactions with privacy, transferability, convenience, accessibility, and <a href="https://www.investopedia.com/articles/retirement/06/10secureretirementtips.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">financial security</a>.</li> <li>Decrease the cost of maintenance that a complex financial system requires, reduce cross-border transaction costs, and provide those who currently use alternative money-transfer methods with lower-cost options.<span class="ql-inline-citation" data-cite="34"></span></li> <li>Reduce the risks of using digital currencies, or cryptocurrencies, in their current form. Cryptocurrencies are highly volatile, with their value constantly fluctuating. This volatility could cause severe financial stress in many households and affect the overall stability of an economy. CBDCs, backed by a government and controlled by a central bank, would give households, consumers, and businesses a secure means of exchanging digital currency.</li> </ul> <div id="mntl-sc-block_23-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_24-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_25-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-note" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_3-0" class="comp mntl-sc-block-callout-heading mntl-text-block no-title"></h3> <div id="mntl-sc-block-callout-body_3-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>A CBDC also provides a country's central bank with the means to implement monetary policies to ensure stability, control growth, and influence inflation.</p></div></div></div> <span class="heading-toc" id="toc-types-of-cbdcs"></span><h2 id="mntl-sc-block_26-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Types of CBDCs </span> </h2> <p id="mntl-sc-block_27-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> There are two types of CBDCs: wholesale and retail. Financial institutions are the primary users of wholesale CBDCs, whereas consumers and businesses use retail CBDCs.<span class="ql-inline-citation" data-cite="22"></span> </p> <div id="mntl-sc-block_28-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_29-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Wholesale CBDCs </span> </h3> <p id="mntl-sc-block_30-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Wholesale CBDCs function similarly to holding reserves in a central bank. The central bank grants an institution an account in which to deposit funds or to use to settle interbank <a href="https://www.investopedia.com/terms/t/transfer.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">transfers</a>. Central banks can then use monetary policy tools, such as reserve requirements or interest on reserve balances, to set interest rates and influence lending.<br> </p> <div id="mntl-sc-block_31-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_32-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Retail CBDCs </span> </h3> <p id="mntl-sc-block_33-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Retail CBDCs are government-backed digital currencies used by consumers and businesses. Retail CBDCs eliminate intermediary risk—the <a href="https://www.investopedia.com/terms/r/risk.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">risk</a> that private digital currency issuers might become bankrupt and lose customers' assets. </p> <div id="mntl-sc-block_34-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_35-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> There are two types of retail CBDCs. They differ in how individual users access and use their currency:<span class="ql-inline-citation" data-cite="22"></span> </p> <div id="mntl-sc-block_36-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_37-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>Token-based retail CBDCs are accessible with <a href="https://www.investopedia.com/terms/p/private-key.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">private keys</a>, <a href="https://www.investopedia.com/terms/p/public-key.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">public keys</a>, or both. This method of validation allows users to execute transactions anonymously.</li> <li>Account-based retail CBDCs require digital identification to access an account.<span class="ql-inline-citation" data-cite="22"></span></li> </ul> <div id="mntl-sc-block_38-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_39-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_40-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-note" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_4-0" class="comp mntl-sc-block-callout-heading mntl-text-block no-title"></h3> <div id="mntl-sc-block-callout-body_4-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>It is possible to develop and implement the two types of CBDCs and have them function in the same economy.</p></div></div></div> <span class="heading-toc" id="toc-issues-concerning-cbdcs"></span><h2 id="mntl-sc-block_41-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Issues Concerning CBDCs </span> </h2> <p id="mntl-sc-block_42-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The Federal Reserve has identified issues addressed by CBDCs, as well as matters that must be addressed before a CBDC can be designed and implemented.<span class="ql-inline-citation" data-cite="21"></span> </p> <div id="mntl-sc-block_43-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_44-0" class="comp mntl-sc-block finance-sc-block-comparisonlist mntl-block"><div id="mntl-sc-block_45-0" class="comp mntl-sc-block mntl-sc-block-comparisonlist"> <div class="mntl-sc-block__wrapper mntl-sc-block-comparisonlist__wrapper"> <span class="mntl-sc-block__heading mntl-sc-block-comparisonlist__heading">Issues Addressed By CBDCs</span> <ul class="mntl-sc-block__list mntl-sc-block-comparisonlist__list"> <li><p>Free from credit and liquidity risk</p></li> <li><p>Lower cross-border payment costs</p></li> <li><p>Support the international role of the dollar</p></li> <li><p>Aim for financial inclusion</p></li> <li><p>Expand access to the general public</p></li> </ul> </div> <div class="mntl-sc-block__wrapper mntl-sc-block-comparisonlist__wrapper"> <span class="mntl-sc-block__heading mntl-sc-block-comparisonlist__heading">Issues Created by CBDCs</span> <ul class="mntl-sc-block__list mntl-sc-block-comparisonlist__list"> <li><p>Financial structure changes</p></li> <li><p>Financial system stability</p></li> <li><p>Monetary policy influence</p></li> <li><p>Privacy and protection</p></li> <li><p>Cybersecurity</p></li> </ul> </div> </div></div> <div id="mntl-sc-block_46-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_47-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Issues Addressed by CBDCs </span> </h3> <ul id="mntl-sc-block_48-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>Eliminate the third-party risk of events like bank failures or <a href="https://www.investopedia.com/terms/b/bankrun.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">bank runs</a>. Any residual risk that remains in the system rests with the central bank.</li> <li>Can lower high cross-border transaction costs by reducing the complex distribution systems and increasing jurisdictional cooperation between governments.</li> <li>Could support and protect U.S. dollar dominance; the U.S. dollar is still the most-used currency in the world.<span class="ql-inline-citation" data-cite="27"></span><br></li> <li>Remove the cost of implementing a financial structure within a country to bring financial access to the unbanked population.</li> <li>Can establish a direct connection between consumers and central banks, thus eliminating the need for expensive infrastructure.<br></li> </ul> <div id="mntl-sc-block_49-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_50-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Issues Created by CBDCs </span> </h3> <ul id="mntl-sc-block_51-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>If the U.S. financial structure drastically changes, it's unknown how it would affect household expenses, investments, banking reserves, <a href="https://www.investopedia.com/terms/i/interestrate.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">interest rates</a>, the financial services sector, or the economy.</li> <li>A switch to a CBDC could have an unknown effect on a financial system's stability. For example, there may not be enough central bank liquidity to facilitate withdrawals during a financial crisis.</li> <li>Central banks implement monetary policy to influence inflation, interest rates, lending, and spending, which in turn affects employment rates. Central banks must ensure that they have the tools needed to impact the economy positively.</li> <li>Privacy is one of the most significant drivers behind cryptocurrency. CBDCs would require an appropriate amount of intrusion by authorities to monitor for financial crimes; monitoring is also important because it supports efforts to combat money laundering and the financing of terrorism.</li> <li>Cryptocurrencies have been the target of hackers and thieves. A central bank-issued digital currency would likely attract the same crowd of thieves. Therefore, efforts to prevent system penetration and theft of assets and information would need to be robust.</li> </ul> <div id="mntl-sc-block_52-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-cbdcs-vs-cryptocurrencies"></span><h2 id="mntl-sc-block_53-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> CBDCs vs. Cryptocurrencies </span> </h2> <p id="mntl-sc-block_54-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The cryptocurrency ecosystem provides a glimpse of an alternative currency system in which cumbersome regulations don't dictate the terms of each transaction. Such transactions are hard to duplicate or <a href="https://www.investopedia.com/financial-edge/0412/the-most-counterfeit-proof-currencies.aspx" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">counterfeit</a> and are secured by consensus mechanisms that prevent tampering. </p> <div id="mntl-sc-block_55-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_56-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_57-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-note" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_5-0" class="comp mntl-sc-block-callout-heading mntl-text-block no-title"></h3> <div id="mntl-sc-block-callout-body_5-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>Central bank digital currencies are designed to be similar to <a href="https://www.investopedia.com/terms/c/cryptocurrency.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">cryptocurrencies</a>, but they may not require blockchain technology or consensus mechanisms.<span class="ql-inline-citation" data-cite="24"></span></p></div></div></div> <p id="mntl-sc-block_58-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Additionally, cryptocurrencies are unregulated and decentralized. Their value is dictated by investor sentiments, usage, and user interest. They are volatile assets more suited for speculation, which makes them unlikely candidates for use in a financial system that requires stability. CBDCs mirror the value of fiat currency and are designed for stability and safety. </p> <div id="mntl-sc-block_59-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-cbdcs-in-use-and-in-development"></span><h2 id="mntl-sc-block_60-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> CBDCs in Use and in Development </span> </h2> <p id="mntl-sc-block_61-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Central banks in many countries have launched pilot programs and research projects to determine the viability and usability of a CBDC in their economies.<span class="ql-inline-citation" data-cite="31"></span> </p> <div id="mntl-sc-block_62-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_63-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> As of March 2024, three countries had a functioning CBDC: the Bahamas, Jamaica, and Nigeria. The Eastern Caribbean Currency Union halted its CBDC for technical reasons and started a new pilot program.<span class="ql-inline-citation" data-cite="31"></span> </p> <div id="mntl-sc-block_64-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_65-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> There are 36 CBDC pilots in operation and 8 of the G20 have programs in development. The BRICS countries—Brazil, Russia, India, China, and South Africa—are exploring a CBDC.<span class="ql-inline-citation" data-cite="31"></span> </p> <div id="mntl-sc-block_66-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_67-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> One example of a failed CBDC attempt is the <a href="https://www.investopedia.com/terms/b/britcoin.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">United Kingdom's Britcoin</a>, which existed between 2011 and 2019.<span class="ql-inline-citation" data-cite="36"></span> </p> <div id="mntl-sc-block_68-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_69-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> According to the Federal Reserve, the U.S. is one of those countries that is exploring whether a <a href="https://www.investopedia.com/us-cbdc-6740586" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">CBDC</a> "could improve on an already safe and efficient U.S. domestic payments system."<span class="ql-inline-citation" data-cite="33"></span><span class="ql-inline-citation" data-cite="31"></span> </p> <div id="mntl-sc-block_70-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_71-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-what-is-the-purpose-of-a-cbdc"></span> <h2 class="mntl-sc-block-questionandanswer__question">What Is the Purpose of a CBDC?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>CBDCs are government-backed digital currencies that use blockchain or distributed ledger technology. Their purpose is to expand accessibility to financial services and lower the maintenance costs of current monetary systems.</p></div> </div> <div id="mntl-sc-block_72-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_73-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-is-the-us-going-to-digital-currency"></span> <h2 class="mntl-sc-block-questionandanswer__question">Is the U.S. Going to Digital Currency?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>Not yet. The Federal Reserve and its branches are researching CBDCs and ways to implement them in the U.S. financial system. President Joe Biden ordered the development of a national strategy on digital currencies.<span class="ql-inline-citation" data-cite="30"></span><span class="ql-inline-citation" data-cite="24"></span></p></div> </div> <div id="mntl-sc-block_74-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_75-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-has-any-country-launched-a-cbdc"></span> <h2 class="mntl-sc-block-questionandanswer__question">Has Any Country Launched a CBDC?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>Yes, Jamaica, Nigeria, and The Bahamas have launched CBDCs.</p></div> </div> <div id="mntl-sc-block_76-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_77-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-is-cbdc-a-threat"></span> <h2 class="mntl-sc-block-questionandanswer__question">Is CBDC a Threat?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>CBDCs should be implemented to enhance existing financial networks and fiat currencies, not replace them. If one was launched to replace a fiat currency, it might cause problems in a system—but no country has tried it yet, so the effects it might have are unknown or theoretical at best.</p></div> </div> <div id="mntl-sc-block_78-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-the-bottom-line"></span><h2 id="mntl-sc-block_79-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> The Bottom Line </span> </h2> <p id="mntl-sc-block_80-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Many countries are researching or developing central bank digital currencies, and three have implemented them. A CBDC's main purpose is to provide businesses and consumers with privacy, transferability, convenience, accessibility, and financial security. </p> <div id="mntl-sc-block_81-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_82-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Many individuals throughout the world have no access to bank accounts, so a CBDC would give them a way to be paid, hold their money, and pay bills. CBDCs could also decrease the maintenance a complex financial system requires, reduce cross-border transaction costs, and give people who use alternative money-transfer methods lower-cost options. </p> <div id="mntl-sc-block_83-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_84-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <em>The comments, opinions, and analyses expressed on Investopedia are for informational purposes online. 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"<a href="https://www.pwc.com/us/en/industries/banking-capital-markets/library/a-cashless-world.html" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">There Are Pros and Cons to a Cashless World. Here Are Three Steps To Make It Work</a>."</p></li> <li class="mntl-sources__source" id="citation-35"><p>Board of Governors of the Federal Reserve System. "<a href="https://www.federalreserve.gov/publications/2024-economic-well-being-of-us-households-in-2023-executive-summary.htm" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Report on the Economic Well-Being of U.S. Households in 2023 – May 2024</a>."</p></li> <li class="mntl-sources__source" id="citation-34"><p>The White House. "<a href="https://www.whitehouse.gov/ostp/news-updates/2022/09/16/technical-possibilities-for-a-u-s-central-bank-digital-currency/" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Technical Possibilities for a U.S. Central Bank Digital Currency</a>."</p></li> <li class="mntl-sources__source" id="citation-22"><p>Bank for International Settlements. "<a href="https://www.bis.org/publ/arpdf/ar2021e.pdf" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Annual Economic Report June 2021</a>," Pages 70-73.</p></li> <li class="mntl-sources__source" id="citation-21"><p>Federal Reserve System. "<a href="https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Money and Payments: The U.S. Dollar in the Age of Digital Transformation</a>," Page 14-20.</p></li> <li class="mntl-sources__source" id="citation-27"><p>International Monetary Fund. "<a href="https://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Currency Composition of Official Foreign Exchange</a>."</p></li> <li class="mntl-sources__source" id="citation-24"><p>Federal Reserve Bank of Boston. "<a href="https://www.bostonfed.org/publications/one-time-pubs/project-hamilton-phase-1-executive-summary.aspx" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Project Hamilton Phase 1 Executive Summary</a>."</p></li> <li class="mntl-sources__source" id="citation-31"><p>Atlantic Council. "<a href="https://www.atlanticcouncil.org/cbdctracker/" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Central Bank Digital Currency Tracker</a>."</p></li> <li class="mntl-sources__source" id="citation-36"><p>Yahoo!Finance. "<a href="https://finance.yahoo.com/news/britcoin-hold-bank-of-england-blockchain-tech-152500661.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAL0y7EcalhpLQ0It0jOTLjnSZrhLrzE3Wg4GEcuW4yJXxJSH8tUltl5aKQFBk7b3Gya6qCDZm4wwSIxnbgzk97vhxYI6KlSUFGqH13TXrcNV-olDMFzbnwDO8b1bKdLuge6ccCD9cRhQAstJyEQS3KnLL9MSrQeF4BNrOHfzbhHM" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">'Britcoin' on Hold as Bank of England Considers Blockchain Tech</a>.</p></li> <li class="mntl-sources__source" id="citation-33"><p>Board of Governors of the Federal Reserve System. "<a href="https://www.federalreserve.gov/central-bank-digital-currency.htm" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Central Bank Digital Currency (CBDC)</a>."</p></li> <li class="mntl-sources__source" id="citation-30"><p>The White House. 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