Earmarked money, bank deposits and the digital euro
Three objects are regularly confused in conversations about payments. They have neither the same issuer, nor the same regime, nor the same effects. This page distinguishes them, with the corresponding official sources.
| Criterion | Earmarked electronic money (private offer, e.g. MAP) | Bank deposit | Digital euro project (Eurosystem) |
|---|---|---|---|
| Issuer | An authorised e-money institution. | A credit institution. | A central bank, within the framework of the Eurosystem project. |
| Nature | Value issued on receipt of funds, allocated to a programme. | A claim on the bank, recorded in an account. | Central bank money, at the project stage. |
| Remuneration | None: electronic money bears no interest. | Possible, depending on the product. | A matter for the project, not settled by this page. |
| Deposit guarantee | Not applicable. | Applicable under the conditions of the guarantee scheme. | Not applicable to central bank money. |
| Rules of use | The programme can define authorised uses. | No rule of use attached to the funds. | The ECB states that its project would not be programmable money imposing restrictions on use. |
| Status | Private offer, in service within the documented scopes. | Existing banking product. | Project under way, not launched. |
Why the confusion exists
All three objects are electronic, are settled in euros and pass through interfaces that look alike. The difference lies in who issues, which regime applies and what is attached to the funds. Earmarked electronic money can carry rules of use because a private programme has defined them, with the agreement of the parties concerned.
What this page does not assert
It does not settle the legal classification of an instrument recorded on a distributed ledger, nor the application of a particular regime to a given product. Such a classification is examined on the actual product, on the basis of its characteristics, and is not inferred from the use of a technology.
Comparative article. Last reviewed: 8 September 2026. Sources: ECB, frequently asked questions on the digital euro; ACPR, framework applicable to electronic money institutions. Consult their current version. For MAP’s scheme, see Regulatory framework.