Our survey shows that central banks are undertaking extensive work on central bank digital currencies. Globally, emerging market economies are moving from conceptual research to intensive practical development, driven by stronger motivations than those of advanced economy central banks. Central banks representing a fifth of the world’s population say they are likely to issue the first CBDCs in the next few years. While cash is still king (Bech et al (2018)), innovations are pushing central banks to think about how new central bank digital currencies (CBDCs) could complement or replace traditional money (CPMI-MC ... (full story)