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CBDC Source Booklet:
Regulatory and policy developments
2025 Edition


Digital payments, digital money,  deposit tokens, & central bank digital currencies (CBDCs)
1. Research conducted by individuals, companies, associations and universities
1.1. January
1.1.1. International

  • Ulrich Bindseil, Charles-Enguerrand Coste & George Pantelopoulos, Digital money and finance: a critical review of terminology, SUERF - The European Money & Finance Forum, January 2025, accessible here; 

1.2. February

1.2.1. International

  • OMFIF Digital Monetary Institute & Giesecke+Devrient, CBDC's: It's time for action - Why central banks should take the next step on CBDCs, February 2025, accessible here; 

1.2.2. Europe

1.2.2.1. European Union

  • Sebastian Omlor, Rechtsgutachtliche Stellungnahme zu Commercial Bank Money Tokens (CBMT) - Rechtsnatur, Vertragsbeziehungen, Erlaubnispflichten, Interbankenverhältnis (Legal Opinion on Commercial Bank Money Tokens (CBMT) - Legal Nature, Contractual Relationships, Licensing Requirements, Interbank Relationship), Institut für das Recht der Digitalisierung, February 2025, accessible here; 

1.3. March

1.3.1. International

  • Duane Block et al., Modernizing the U.S. Dollar for the Future of Digital Networks, The Digital Dollar Project, Accenture, David Kretz Consulting, Oliver Wyman, March 2025, accessible here; 

1.3.3. North America

1.3.3.1. Canada

  • Benjamin Klassen, Central Bank Digital Currency? What it is and how it could impact your privacy, security, and autonomy, Justice Centre for Constitutional Freedoms, March 2025, accessible here; 

1.4. April

1.4.1. International

  • Citi Institute, Digital Dollars - Banks and Public Sector Drive Blockchain Adoption, Global Perspectives & Solutions, April 2025, accessible here; 

1.5. June

1.5.1. Europe

1.5.1.1. European Union

  • Digital Euro Association, DEA Position Statement, June 2025, accessible here; 

1.6. July

1.6.1. International

  • Higginson & Garry Spanz, The stable door opens: How tokenized cash enables next-gen payments, McKinsey & Company, July 2026, accessible here; 

1.6.2. Europe

1.6.2.1. European Union

  • Fernando Navarrete, Do we really need the digital euro: a solution to what problem exactly?, Círculo de Empresarios, Fundación ICO, Instituto Español de Analistas, July 2026, accessible here; 

1.7. September

1.7.1. Europe

1.7.1.1. European Union

  • Volker Brühl, How will the digital euro work? A preliminary analysis of design, structures and challenges, Electronic Markets (2025) 35:78, Springer Nature, September 2025, accessible here; 

1.7.2.1. Switzerland

  • Swiss Banking, The Deposit Token - Proof of Concept, September, accessible here; 

2. Reports, guidelines, recommendations and other documents published by regulatory and supervisory authorities, international organizations, and other public institutions and agencies
2.1.    January
2.1.1. International

  • International Telecommunication Union, Digital Currency Global Initiative - Central Bank Digital Currency Reference Architecture - Report of CBDC Workstream of Architecture, Interoperability Requirements and Use Cases Working Group (AIRU), January 2025, accessible here; 

  • Raphael Auer et al., Privacy-enhancing technologies for digital payments: mapping the landscape, Bank for International Settlements (BIS), BIS Working Papers  No 1242, January 2025, accessible here; 

2.1.2. Europe

2.1.2.1. European Union

  • European Court of Auditors, Special report 01/2025: Digital payments in the EU – Progress towards making them safer, faster, and less expensive, despite remaining gaps, January 2025, accessible here; 

2.1.3. North America

2.1.3.1. Canada

  • Rakesh Arora et al., Privacy-Enhancing Technologies for CBDC Solutions, Bank of Canada, Staff discussion paper 2025-1, January 2025, accessible here; 

2.2. March

2.2.1. International

  • Marianne Bechara et al., Private Law Aspects of Token Based Central Bank Digital Currencies,  International Monetary Fund (IMF), March 2025, accessible here; 

2.2.2. Europe

2.2.2.1. European Union

  • Dimitris Georgarakos et al., Consumer attitudes towards a central bank digital currency, European Central Bank (ECB), Working paper Series No 3035, March 2025, accessible here; 

2.3. April

2.3.1. International

  • World Federation of Exchanges (WFE), The Value of Central Bank Digital Currencies to Public Markets, April 2025, accessible here; 

  • Organisation for Economic Co-operation and Development (OECD), Safeguarding consumers’ access to cash in the digital economy - Policy considerations and approaches, OECD Business and Finance Policy Papers No. 81, April 2025, accessible here;

2.3.2. Europe

2.3.2.1. Netherlands

  • Frank van der Horst & Anneloes van Gent, The offline digital euro and holding limits: a user-centred approach - An online experiment among Dutch consumers, De Nederlandsche Bank, Occasional Studies, Volume 25 – 2, April 2025, accessible here;

2.3.3. North America

2.3.3.1. United States of America

  • Congressional Research Service (CRS), Central Bank Digital Currencies, Economy & Finance; Trade & International Finance, IF11471, April 2025, accessible here; 

2.4. May

2.4.1. International

  • Bank for International Settlements (BIS) & Federal Reserve Bank of New York, Central bank open market operations with smart contracts, Project Pine, Innovation Hub, May 2025, accessible here; 

2.5. June

2.5.1. International

  • United Nations Development Programme (UNDP), Driving Financial Inclusion Through Central Bank Digital Currencies - A Methodology for CBDC Implementation, June 2025, accessible here; 

2.5.2. Europe

2.5.2.1. European Union

  • Dirk Bezemer et al., Stablecoins and digital euro: friends or foes of European monetary policy?, European Parliament, Monetary Dialogue Papers, Economic Governance and EMU Scrutiny Unit (EGOV), Directorate-General for Economy, Transformation and Industry, PE 764.387, June 2025, accessible here; 

  • European Central Bank (ECB), Bridging innovation and stability: the Eurosystem’s exploratory work on new technologies for wholesale central bank money settlement, June 2025, accessible here; 

2.5.3. North America

2.5.3.1. Canada

  • Sriram Darbha et al., A Retail CBDC Design for Basic Payments: Feasibility Study, Bank of Canada, Staff discussion paper 2025-9~, June 2025, accessible here; 

2.6. July

2.6.1. Europe

2.6.1.1. United Kingdom

  • Bank of England, Design note - Product strategy - This design note outlines the Bank's emerging thinking on the product strategy for a potential digital pound, July 2025, accessible here; 

  • Bank of England, Design Note – Interoperability models for UK based payments: This design note sets out the Bank of England’s emerging thinking on potential interoperability models for a digital pound, July 2025, accessible here; 

2.6.2. Asia

2.6.2.1. United Arab Emirates

  • Central Bank of The UAE, Digital Dirham - Selected Issues and Policy Considerations, Working Paper No. 1/2025, July 2025, accessible here; 

2.6.2.2. Malaysia

  • Ahmad Khairuddin et al., Fundamentals of Modern Money and its Application to Central Bank Digital Currency (CBDC): An Exploratory Shariah Analysis, Bank Negara Malaysia, Working Papers WP3/2025, July 2025, accessible here; 

2.6.2.3. Japan

  • Bank of Japan, Central Bank Digital Currency Experiments - Progress on the Pilot Program (May 2025), July 2025, accessible here; 

2.7. August

2.7.1. International

  • Herve Tourpe et al., Technology Solutions to Support Central Bank Digital Currency with Limited Connectivity - A Review of Existing Approaches, International Monetary Fund (IMF), NOTE/2025/005, August 2025, accessible here; 

2.8. September

2.8.1. International

  • Bank of Canada, the Swiss National Bank, the European Central Bank, the Bank of England, the Bank of Japan, the Board of Governors Federal Reserve System & the Sveriges riksbank, & Bank for International Settlements (BIS), Wholesale central bank money in the context of technological innovation, September 2025, accessible here; 

2.8.2. Europe

2.8.2.1. European Union

  • Charles-Enguerrand Coste & George Pantelopoulo, Central bank money as a catalyst for fungibility: the case of stablecoins, European Central Bank (ECB), Working Paper Series No 3111, September 2025, accessible here; 

  • European Central Bank (ECB), Digital euro innovation platform Outcome report: pioneers and visionaries workstreams, September 2025, accessible here; 

2.9. October

2.9.1. International

  • Syngjoo Choi et al., Predicting the payment preference for CBDC: a discrete choice experiment, Bank for International Settlements (BIS), Monetary and Economic Department, Working Papers No 1296, October 2025, accessible here; 

2.9.2. Europe

2.9.2.1. European Union

  • European Central Bank (ECB), A view on recent assessments of digital euro investment costs for the euro area banking sector, October 2025, accessible here; 

  • Ipsos, ECB Digital Euro User Research, European Public Affairs, October 2025, accessible here; 

2.9.3. Asia

2.9.3.1. Hong Kong

  • Hong Kong Monetary Authority (HKMA), e-HKD Pilot Programme - Phase 2 Report, Hong Kong Monetary Authority (HKMA), October 2025, accessible here; 

2.10. November

2.10.1. International

  • Manisha Patel, Edona Reshidi, & Marco Reuter, The Impact of Central Bank Digital Currency on Payments Competition, International Monetary Fund (IMF), NOTE/2025/007, November 2025, accessible here; 

  • Majid A. Malaika, Gabriel Söderberg & Kateryna Zhabska, Payment Resilience in Fragile and Conflict-Affected States: Lessons for Central Bank Digital Currency (CBDC), International Monetary Fund (IMF), NOTE/2025/009, November 2025, accessible here;

  • Kathleen Kao et al., Financial Integrity Implications of Retail Central Bank Digital Currencies (rCBDCs), International Monetary Fund (IMF), NOTE/2025/010, November 2025, accessible here;

  • Markus Brunnermeier & Jonathan Payne, Big techs, credit, and digital money, Bank for International Settlements (BIS), Monetary and Economic Department, Working Papers No 1306, November 2025, accessible here;

  • Jon Frost et al., Competing digital monies, Bank for International Settlements (BIS), Monetary and Economic Department, Working Papers No 1301, November 2025, accessible here; 

  • Marco Gross et al., Evaluating the Implications of CBDC for Financial Stability, International Monetary Fund (IMF), NOTE/2025/008, November 2025, accessible here;

  • Marianne Bechara, Adrian Dorel Dumitrescu Pasecinic, & Tomoyuki Kubota, Selected Legal Considerations for Central Bank Digital Currencies, International Monetary Fund (IMF), NOTE/2025/006, November 2025, accessible here;

  • International Monetary Fund (IMF), Central Bank Digital Currency: Further Navigating Challenges and Risks, November 2025, accessible here;

2.10.2. Europe

2.10.2.1. European Union

  • European Commission Staff Working Document, Accompanying the document Proposal for a Regulation of the European Parliament and of the Council on the establishment of European Business Wallets {COM(2025) 838 final}, November 2026, accessible here;

2.10.2.2. Austria

  • Helmut Elsinger, Helmut Stix & Martin Summer, Consumer preferences for a digital euro: insights from a discrete choice experiment in Austria, Bank for International Settlements (BIS), Monetary and Economic Department, Working Papers No 1302, November 2025, accessible here; 

2.10.2.3. United Kingdom

  • Bank of England, The role of holding limits for sterling-denominated systemic stablecoins and a potential digital pound, November 2025, accessible here;

2.11. December
2.11.1. International

  • Tansaya Kunaratskul et al., Central Bank Exploration of Tokenized Reserves, International Monetary Fund (IMF), December 2025, accessible here;

  • Bank for International Settlements (BIS), Project Rialto - Technical report: Improving instant cross-border payments using central bank money settlement, BIS Innovation Hub, Banca d'Italia, Bank Negara Malaysia, Banque de France, Monetary Authority of Singapore (MAS), December 2025, accessible here; 

2.11.2. Europe

2.11.2.1. European Union

  • Dimitris Georgarakos et al., The digital euro: awareness, adoption and household portfolios, European Central Bank (ECB), Research Bulletin no. 138, December 2025, accessible here; 

3. Legislations, regulations, & other legislative instruments

3.1. January

3.1.1. Europe

3.1.1.1. European Union

  • Decision (EU) 2025/222 of the European Central Bank of 27 January 2025 on access by non-bank payment service providers to Eurosystem central bank operated payment systems and central bank accounts (ECB/2025/2), January 2025, accessible here;

3.2. March

3.2.1. North America

3.2.1.1. United States of America 

  • Executive Order 14247—Modernizing Payments to and From America's Bank Account, Administration of Donald J. Trump, March 2025, accessible here; 

3.3. November

3.3.1. Europe

3.3.1.1. European Union

  • Proposal for a Regulation of the European Parliament and of the Council on the establishment of European Business Wallets, COM/2025/838 final, November 2026, accessible here; 

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