Central bank digital currency: features and functionality limitations

The emergence of cryptocurrencies has motivated the central banks to issue a centralised and trusted digital currency instead of fiat currency named central bank digital currency (CBDC). CBDC is a substitute for fiat currency to meet some wants instead of cryptocurrency. However, it is still in the testing stage and has some challenges that should be addressed and focused on. The study of different research papers and published articles show three significant issues and many minor issues that reflect CBDC's challenges, including its functional limitations due to its used technology features, its effects on monetary policy, and its effects on commercial banks. The primary purpose of this study is to concisely present the previous work on the above three mentioned issues.