A technological revolution is altering our financial system and even cash itself. Along with enhancements to current fee techniques, new digital currencies have been unleashed. But societies face two forks within the street in designing digital cash. First, ought to digital currencies depend on a government or a decentralised governance system? Second, ought to entry be primarily based on verification of identification, or purely on cryptography? The reply is that if digital currencies are wanted, central banks needs to be the issuers and they need to grant entry primarily based on identification. Central financial institution digital currencies (CBDCs) can mix novel digital applied sciences with the tried and trusted basis of central banks. Growing CBDCs comes with a number of technological, authorized and financial points that warrant cautious examination earlier than issuance. Central banks – the guardians of stability – will proceed fastidiously, methodically and according to their mandates. The BIS is supporting this worldwide dialogue, making certain that central banks can proceed studying from each other and might cooperate on key design points.