Yes, most currencies are mostly managed digitally. A better description of the concept may be a centralised digital ledger. Currently the government has a dat

Yes, most currencies are mostly managed digitally. A better description of the concept may be a centralised digital ledger. Currently the government has a database that tracks what you owe in taxes. Your bank has a database that tracks your savings account. Your pension manager has an account that tracks your retirement investments. And we all just kind of hope that double-entry accounting mostly keeps the whole ship afloat for most of the money. A CBDC would essentially be held on a single ledger by the government. Wherever the money goes is tracked by whoever is holding it, but the single source of truth is the government ledger. It solves a lot accounting problems but introduces privacy concerns.