Central Bank Digital Currency — The new ledger of sovereign money
A digital form of central bank money. Not crypto. Not a stablecoin. The direct digital liability of a sovereign institution. The next evolution of money itself.
Two-tier distribution. Wholesale settlement. Retail access. The infrastructure mirrors banking itself -- but faster, programmable, and transparent.
Privacy. Programmability. Financial inclusion. Surveillance risk. Every design choice in a CBDC carries profound consequences for the relationship between citizen and state.