A CBDC is a digital national currency that is a direct liability of a country’s central bank. This means the central bank is the ultimate authority, possessing absolute power over the network and its users.
A “retail CBDC” is a CBDC meant for retail, or consumer, use. While the technical details do differ significantly, it would generally resemble a debit card or prepaid card that is provided by the central bank.
An “intermediated CBDC” is a CBDC provided for retail use, but the accounts or wallets those CBDCs are held in are maintained by the private sector (e.g., banks, credit unions, fintechs, etc.).
A “wholesale CBDC” would be restricted to financial institutions for use during interbank settlement. In other words, a wholesale CBDC would serve as a way for banks to send money between themselves.
A “synthetic CBDC” a CBDC in name only. The use of this term is not recommended because it is used to refer to a stablecoin with the reserves backing its value held in a central bank master account. Therefore, it is not a CBDC at all.