Central bank digital currency (CBDC)

CBDCs are digital currencies issued by central banks – essentially digital cash.

Worldwide:

• 114 countries are researching or developing CBDCs (as of 2025)
• China: digital yuan already in pilot cities (260 million users)
• Bahamas: Sand Dollar – the world's first CBDC to be launched (2020)
• Nigeria: eNaira (2021)
• EU/ECB: digital euro in preparation (2027–2028?)

Difference from crypto:

• CBDC: issued by the state, stable (€1 = 1 digital euro), regulated, trustworthy
• Bitcoin: decentralised, volatile, unregulated, speculative

Advantages:

✅ Everyone gets access (even without a bank account)
✅ Fast cross-border payments
✅ Can be used offline (like cash)

Risks:

❌ Total surveillance by the state possible
❌ Cash could be pushed out in the long run