A central bank digital currency (CBDC) is the digital form of a country's fiat currency, which is regulated by its central bank. Many countries are developing them.

A central bank digital currency (CBDC) is a form of digital currency issued by a country’s central bank. It is similar to cryptocurrencies, except that its value is fixed by the central bank and is equivalent to the country’s fiat* currency.

Many countries are developing CBDCs, and some have even implemented them. Because so many countries are researching ways to transition to digital currencies, it’s important to understand what CBDCs are and what they mean for society.

*Most modern paper currencies are fiat currencies [for details here]

Note: I do not agree with how CBDCs are portrayed here, because it is actually the institutional point of view. Still, I think this article makes it easy to get a first glance on this topic.