Slovenia CBDC Tracker

Slovenia is currently in the research phase.

Note: This page is dedicated to the work done by the government in Slovenia. However, Slovenia 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 June 2020, Banka Slovenije said, “Although we have not detected a serious demand or need for CBDC at the level of the Eurosystem so far, this may change very quickly with the accelerated development of the financial sector. Therefore, the ECB, with the cooperation of the central banks of the Eurosystem—including the Bank of Slovenia—is actively studying the mentioned area and looking for a single pan-European solution that will be convenient and efficient, safe and reliable, globally accepted and will enable European identity and management.” From this statement, it can be gathered that the Slovenian government is looking into CBDCs, but largely deferring to the European Central Bank.

In June 2021, Banka Slovenije issued a call to join the Digital Euro Market Advisory Group.

In July 2021, Banka Slovenije announced it was “one step closer to the digital euro” because “the Governing Council of the ECB gave the go-ahead for the investigation phase of the digital euro project.” The announcement also noted that “Banka Slovenije is playing an active role in the Eurosystem’s activities in connection with the potential issuance of a digital euro.”

In August 2021, Banka Slovenije vice governor Jožef Bradeško said in an interview that Banka Slovenije was planning to conduct meetings with tech companies and businesses to find what CBDC design would work for them. He added that the CBDC would be “a form of money that the user will find difficult to distinguish from the money of commercial banks at first glance, as the interfaces for use will also be similar - phone, smart watch, bracelet, etc.”

Banka Slovenije announced in October 2023 that it had organized a roundtable entitled “Digital Euro: Cash meets Technology” to discuss the costs and benefits of a digital euro. During the roundtable, Banka Slovenije governor Boštjan Vasle said, “Taken all together, the digitization of public money seems to be rather a necessity than merely an opportunity. At this point, readiness is [the] key concept we are following.” Banka Slovenije director of payment and settlement systems Simon Anko added that a digital euro is needed to ensure the availability of central bank money, increase resilience, and simplify payments. Banka Slovenije also issued a press release updating the public on the work conducted by the European Central Bank.

In May 2024, Banka Slovenije vice governor Tina Žumer gave a speech at the ACI FMA Adria Financial Market Conference. This speech noted that rise of cryptocurrencies and fintech innovations were the “among the reasons why the Eurosystem decided to launch the Digital Euro project in October 2020.” However, the “digital euro is still several steps, years and decisions away from being available to the Euro area residents.”

Human Rights and Civil Liberties Concerns

Slovenia earned a 95 out of 100 in Freedom House’s 2023 Freedom in the World report. Furthermore, it must be said that the ability of the government to abuse a CBDC directly is debatable because the CBDC that would be used in Slovenia would be provided by the European Central Bank—representing the European Union. 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 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, 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.

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