The Bank has formed a multidisciplinary technical team to examine practical aspects of CBDC. The key considerations for the Bank involve choosing a suitable approach to adoption. This includes type of CBDC to be issued (wholesale, retail or both), models for issuance and management (direct, indirect, or hybrid), form of CBDC (token-based or account-based), instrument design (renumerated or non-remunerated) and degree of anonymity or traceability. 

The Bank is also looking at the risks and controls associated with issuance, distribution, counterfeit and usage of currencies.

The central bank noted that over 100 countries are at different stages of CBDC  adoption, with 88 at research, 20 at proof of concept, 13 at pilot and three at launch. It was also noted that six countries have cancelled their CBDC adoption mainly due to structural and technological challenges in the implementation phase. The structural challenges include dominance of cash in making transactions and existence of inefficient payment systems, high implementation cost and risk of disrupting existing ecosystem.