The developments related to digital currencies over the past few years have resulted in a revolutionary mass impact globally. Especially, in the wake of the pandemic, there has been a huge uptick in the introduction and adoption of digital currency use cases across countries.
Money in digital form can be of different kinds. This includes virtual currencies (currency alternatives), cryptocurrencies, stable coins and Central Bank issued Digital Currencies (CBDCs). NFTs (non-fungible tokens) and credit cards can also be viewed as stores of value in digital form. This point of view paper focuses more on the developments related to CBDCs, their use cases and potential benefits, and also outlines certain underlying design constructs that help towards the success of the CBDCs.