Discussions often take longer than necessary, because people use the same term but seem to understand it differently. This also applies to central bank digital currency (CBDC). Some see CBDC as a preparation for a cashless society, a kind of European version of the ‘Chipknip’ (a now obsolete Dutch e-money product), while others see CBDC as a safe haven during an impending financial crisis. However, the implications for the economy of the various types of CBDC are radically different.