This report explores the current state of CBDC exploration efforts by central banks across the globe. In particular, it looks at key barriers that are preventing CBDCs from moving beyond research / PoCs to full-scale implementation, including why those that have launched have been unable to gain meaningful traction. Drawing on lessons from both early CBDC adopters, as well as more widely adopted forms of digital money such as stablecoins and tokenised deposits, the paper outlines what it will take for the next generation of CBDCs to achieve widespread adoption.