According to a recent survey by the Bank for International Settlements (BIS), as many as 24 CBDCs could be in circulation by 2030.

This means even more government control over your money.

According to the BIS, 93% of the 86 central banks surveyed said they are conducting work on developing a CBDC. Meanwhile, "The uncertainty about short-term CBDC issuance is fading."

The survey suggests there could be 15 retail and nine wholesale CBDCs circulating by 2030.

CBDCs exist as virtual banknotes or "coins" held in a digital wallet on a computer or smartphone. The difference between a central bank (government) digital currency and peer-to-peer electronic cash such as bitcoin is that the value of the digital currency is backed and controlled by the government, just like traditional fiat currency.

Central bank digital currencies are part of a broader "war on cash."

A cashless society is sold on the promise of providing a safe, convenient, and more secure alternative to physical cash. We're also told it will help stop dangerous criminals who like the intractability of cash.

But there is a darker side – the promise of control.

The elimination of cash creates the potential for the government to track and control consumer spending. Digital economies would also make it even easier for central banks to engage in manipulative monetary policies such as negative interest rates.

So far, the Bahamas, the Eastern Caribbean, Jamaica and Nigeria have issued retail CBDCs. Many other countries, including China, India, and the US have launched pilot programs. Based on the BIS survey, "More than half of central banks are conducting concrete experiments or working on a CBDC pilot."