The evolving landscape of central bank digital currencies: a global perspective

The prominence of central bank digital currencies (CBDCs) is growing globally, with the Bank for International Settlements (BIS) Innovation Hub leading the way. The BIS recently presented six projects for its 2024 work agenda, placing emphasis on safety, security, green finance and the next generation of financial infrastructure. These projects, aimed at addressing crucial industry challenges, demonstrate the BIS's dedication to exploring inventive solutions. As the financial landscape undergoes changes, the importance of CBDCs continues to increase. Having completed twelve projects in 2023, the BIS Innovation Hub looks forward to an active year, collaborating with central banks and international partners to advance the understanding and implementation of CBDCs. The Bank of England, in collaboration with HM Treasury, is actively exploring the concept of a 'digital pound' to complement traditional banknotes rather than replacing cash. This digital currency, directly issued by the Bank …