The debate

Arguments for and against

CBDCs divide governments, parliaments and the public. These are the main points each side makes.

The case for

Keeps public money relevant as cash use declines.
A risk-free digital option that does not depend on any bank surviving.
Resilience: a payment rail that works during outages, cyberattacks or crises, especially with offline mode.
Strategic autonomy, reducing reliance on foreign card networks and big tech.
Cheaper, faster payments and lower merchant fees through competition.
Financial inclusion for people without bank accounts.
Faster, cheaper cross-border payments.

The case against

Privacy: fears that the state could monitor spending.
Control: concern that money could be programmed or restricted.
Bank stability: deposits could flow out of banks in a crisis, which is why holding caps are proposed.
Cost for banks and retailers to integrate new systems.
Weak demand: launched CBDCs have seen very low use.
Overlap with fast payment schemes such as Pix, UPI and private wallets like Wero.
Geopolitical misuse, including sanctions evasion.