The rise of Bitcoin and other cryptocurrencies has prompted the greatest push yet among central banks to develop their
own digital currencies. In 2020, the Bahamas launched its sand dollar to make payments more efficient across the archipelago’s 700 islands, and China is likely to be one of the next to
follow suit after numerous consumer pilot tests. The topic will be a key focus at a Bank for International Settlements event this week, where central bank officials are set to discuss the future of digital money.

— With assistance by Anna Andrianova, Catherine Bosley, Chanyaporn Chanjaroen, Moses Mozart Dzawu, Michelle Jamrisko, Dana Khraiche, Sam Kim, Anirban Nag, Ken Parks, Ragnhildur Sigurdardottir, Alonso Soto, Yuko Takeo, and Alexandra Veroude