Like physical cash, CBDCs are issued by central banks and backed by the full faith and credit of the government. Retail CBDCs are designed to be held and exchanged between individuals and businesses, whereas wholesale CBDCs are for financial institutions. Retail CBDC pilotsLet’s begin with retail CBDCs. The Digital Dollar Project, formed by the Digital Dollar Foundation and Accenture, focuses on CBDC research in the private sector. Although FedNow will be an accessible, electronic network, it will not involve the creation or deployment of a digital dollar.