Recently, the share of financial innovations has slightly increased. An equally important and little-studied instrument of financial innovation is the Central Bank Digital Currency (CBDC). After the COVID-19 pandemic, the demand for this tool is steadily growing. The CBDC facilitates and challenges the circulation of banknotes. This is due to several challenges, including the Central Bank’s decisions regarding the form and type of digital currency, the selection of blockchain and token technologies, the development of an appropriate legislative framework, and the implications for financial stability and monetary policy. The research aims to determine how CBDC can be implemented. For this purpose, the authors analyzed the main challenges and perspectives. Those are the CBDC design and architecture features, legislative peculiarities, financial stability, and monetary policy affections. The research was performed using the comparison of country areas and their CBDC implementation development level. As a result, some practical conclusions and recommendations were given.