This book analyses the current debate around Central Bank Digital Currencies (CBDCs) and the future of New Global Financial System. It offers deep insight into the global monetary policy in the context of digital and  cryptocurrencies and examines both the opportunities and challenges to come.The book draws a clear distinction between digital and cryptocurrencies and answers several research questions, such as what the consequences of forming CBDCs and their impact on the financial markets, in both advanced and developing economies, might be. Another question refers to whether the role of monetary policy easing has led to the rise of the virtual currency market, while still others relate to the impact of the pandemic on international settlements. The book also discusses the issue of investment in cryptocurrencies, and the related risks, whether this is a profitable investment vehicle, and how the digital banking system evaluates such investments. Further, the book also highlights the post-pandemic challenges for central banks, such as future monetary policy. It includes a complex review of the literature and presents elaborate econometric models of digital currencies and cryptocurrencies. The book has a wide geographic focus, examining these aspects from the perspective of several countries, including China, India and the US.The primary audience for the book is researchers, scholars and students of international finance and economics, but it also appeals to practitioners concerned with the digitalisation of financial systems, policymakers and regulatory agencies.