CBDCs versus Crypto

Who controls the digital money ledger

CBDCs put the central bank in charge of the ledger. Cryptocurrencies such as Bitcoin distribute that role across a network. In 2026, neither has displaced the other—and dollar stablecoins have become a serious competitor to both.

Key takeaway. CBDCs, crypto assets and stablecoins carry different promises and risks. Compare the issuer, backing, privacy and payment controls before treating them as substitutes.

Two designs one question

A CBDC puts the central bank at the centre. It is a direct claim on the state, like a banknote, in digital form.

A cryptocurrency such as Bitcoin removes the centre. A network of independent computers agrees on the ledger, and no authority can issue more or reverse a payment.

Stablecoins sit between them. A private company issues a token pegged to a national currency and holds reserves against it.

Comparing three forms of digital money

The case for CBDCs

Central banks give four reasons.