word

central bank digital currency

SEN-trul BANK DIJ-ih-tul KUR-un-see

ˈsɛntrəl bæŋk ˈdɪdʒɪtəl ˈkɜːrənsi

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Syllable breakdown

centralbankdigitalcurrency

Dictionary meaning

a sovereign digital currency issued and fully controlled by a nation's central bank, representing a direct liability of the state rather than a commercial bank; distinct from private cryptocurrencies in being centralised, legal-tender, and government-guaranteed; programmes include China's digital yuan (e-CNY), the Bahamas Sand Dollar, and the European Central Bank's digital euro project

Examples

The central bank digital currency pilot allowed citizens to pay taxes directly through a government wallet.
Economists debate whether a central bank digital currency would disintermediate commercial banks.

Synonyms: CBDC, digital fiat, sovereign digital currency, e-currency

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