Most of us might think that, what with credit cards, e-transfers and online banking, money has pretty much already gone digital. But the Bank of Canada is busily working on a much bigger transformation. Canada is one of more than 100 countries worldwide that are studying, developing or even implementing central bank digital currency (CBDC). CBDC is marketed as a convenient replacement for cash once it disappears from use, as a way to provide access to financial services for the “underbanked,” and as a bulwark against volatile cryptocurrency. Gleb Lisikh untangles this little-known phenomenon and finds that, contrary to its billing, CBDC is both unnecessary and dangerous.