# CBDC

Digital money issued by a central bank as its own direct liability, for banks only (wholesale) or for the public (retail).

Canonical: https://achivx.org/glossary/cbdc/
Updated: 2026-11-01

A central bank digital currency (CBDC) is digital money, denominated in the national unit of account, that is a direct liability of the central bank. The BIS separates wholesale CBDCs, for financial intermediaries only, from retail CBDCs for the wider economy. The Bank of Russia describes the digital ruble as a new form of the national currency that it issues, equal to cash and non-cash roubles. Brazil's central bank describes Drex as its central bank digital currency project.

## What the sources say

| Source | Quote | Link |
|---|---|---|
| BIS Annual Economic Report 2021, ch. III: definition | "CBDCs are a form of digital money, denominated in the national unit of account, which is a direct liability of the central bank." | [bis.org](https://www.bis.org/publ/arpdf/ar2021e3.htm) |
| BIS Annual Economic Report 2021, ch. III: wholesale vs retail | "CBDCs can be designed for use either among financial intermediaries only (ie wholesale CBDCs), or by the wider economy (ie retail CBDCs)." | [bis.org](https://www.bis.org/publ/arpdf/ar2021e3.htm) |
| Bank of Russia: digital ruble | "Цифровой рубль – это новая форма национальной валюты. Цифровой рубль выпускает Банк России. В обращении одновременно находятся наличные, безналичные и цифровые рубли. Они равны между собой." | [cbr.ru](https://www.cbr.ru/fintech/dr/) |
| Banco Central do Brasil: Drex | "O Drex, projeto de moeda digital de banco central (CBDC), criado e operado pelo BC" | [bcb.gov.br](https://www.bcb.gov.br/estabilidadefinanceira/drex) |

## Related terms

- [Stablecoin](/glossary/stablecoin/)
- [Settlement / settled volume](/glossary/settled-volume/)

Checked against the sources on 2026-11-01.

## Sources
- https://www.bis.org/publ/arpdf/ar2021e3.htm
- https://www.cbr.ru/fintech/dr/
- https://www.bcb.gov.br/estabilidadefinanceira/drex