Hungary CBDC

Proof of concept → Pilot

Link to announcement: www.mnb.hu

Main motivation/goals of the CBDC: While the MNB sees no urgent need to launch a retail CBDC yet, it plans on exploring further possible use cases. One key incentive would be to foster financial inclusion since 13% of Hungarian adults don't have bank accounts.

Link to announcement: www.coindesk.com

Governance structure: Targeted retail CBDC pilot. The Digital Student Safe serves as an experimental field for the introduction of CBDC. On the one hand, it provides an opportunity for restricted and controlled testing, but in realistic circumstances. On the other hand, it facilitates the gamified financial inclusion of young people who are not included in the formal financial system. → MNB’s new blockchain technology-based platform is accessible via a mobile application, which provides fun and professional content on the Money Museum, and also offering a function as a digital coin register. It provides a dedicated, private blockchain-based, NFT (Non-Fungible Token) issuance platform for further technology experimenting.

Link to announcement: www.mnb.hu

Description: Central Bank of Hungary (MNB) published a book on CBDC covering monetary policy, financial stability, and cash flow impacts

Link to whitepaper: www.mnb.hu

None → Proof of concept

Announcement Year: 2020

Retail/Wholesale: Retail

Governance structure: Targeted retail CBDC pilot. The Digital Student Safe serves as an experimental field for the introduction of CBDC. On the one hand, it provides an opportunity for restricted and controlled testing, but in realistic circumstances. On the other hand, it facilitates the gamified financial inclusion of young people who are not included in the formal financial system.

Link to announcement: www.mnb.hu

Link to whitepaper: www.bis.org

Country / Region: Hungary

Central Bank(s): Central Bank of Hungary (MNB)