Belgium CBDC Tracker

Belgium is in the research phase of its central bank digital currency (CBDC) development.

Note: This page is dedicated to the work done by the government in Belgium. However, Belgium is a member of the European Union and Eurozone. If the European Central Bank launches a CBDC (referred to as a digital euro), then this page will be changed to reflect that. Until then, the Eurozone page has notes about the development of the digital euro.

CBDC History and Development

In September 2021, the National Bank of Belgium published a status update on the digital euro.

In June 2022, the National Bank of Belgium published a study on the digital euro.

Around September 2023, the National Bank of Belgium added a dedicated page to the digital euro. The page explains the status of the digital euro and says, “The National Bank of Belgium, together with the other national central banks of the Eurosystem, is currently conducting an investigation into the possible issuance of a digital euro.” At the same time, it also hosted a CBDC conference.

In October 2023, the National Bank of Belgium published a blog on the digital euro. It was largely supportive, but ended with a note: “The history of money is riddled with challenges and opportunities, and it’s unlikely that this story will be any different!”

The digital euro was mentioned in the National Bank of Belgium’s 2025 Financial Stability report. The report noted that “The Bank also continues to work on preparations for the potential introduction of a digital euro, in cooperation with the ECB and the other national central bank members of the high-level task force.”

Human Rights and Civil Liberties Concerns

Belgium earned a 96 out of 100 in Freedom House’s 2025 Freedom in the World report. Even then, however, it’s important to recognize that the creation of a CBDC could open the door to risks to financial privacy and financial freedom.

For additional information regarding metrics, the methodology page explains each of the data points and provides their respective sources.

For additional information on concerns regarding violations of human rights and civil liberties, see the following reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, the Tyranny Tracker, and the U.S. Department of State. For additional information on concerns regarding the risks of CBDCs, see the following webpage and report by the Cato Institute: The Risks of CBDCs and Central Bank Digital Currency: Assessing the Risks and Dispelling the Myths.