Central bank digital currencies (CBDCs) are being investigated by around 90% of central banks around the world. Work is at different stages, with some engaging in research, some experimenting with proofs-of-concept and others performing pilots. Perhaps surprisingly, it appears that central banks are researching retail CBDCs more extensively than wholesale CBDCs. Indeed, about 60% of central banks envisage the possibility of issuing retail CBDC in the next one to six years, according to a recent