Central bank digital currencies (CBDCs)—digital cash—are issued in only 3 countries—the Bahamas, Jamaica and Nigeria. However, the central banks of more than 130 other countries are in the development, research, pilot testing or are inactive after exploring a CBDC. Among the 36 countries in the pilot stage are Australia, Brazil, China, India, Japan, Russia, South Africa, South Korea and Turkey. China’s digital yuan (e-CNY) has been tested in 260 million wallets in 25 cities. CBDCs are controlled by central banks that “mint” the digital-only cash and can destroy it too. Central b...