Recent technological innovations and increasing demand for convenience and security have expedited the shift to digital systems, including financial systems. This has become the catalyst for people and businesses to find new ways of interacting and conducting transactions digitally. As a result, central banks have shown increasing interest in the central bank digital currency (CBDC) concept to accommodate this demand. Central banks see CBDCs as not only meeting evolving needs of their constituents, but also as a way to drive financial inclusion, thereby levelling the financial playing field. Additionally, the emergence of cryptocurrencies and stablecoins has highlighted digital currencies’ potential…