Digital currencies as a modern innovation have brought great changes to the financial world. Technological progress has enabled the development of new forms of payment. Decentralized digital currencies have been developed that serve as a means of payment and also have investment potential. The common name for decentralized digital currencies is cryptocurrencies. In the last decade, digital currencies in their decentralized form have entered all areas of the financial system. The investment potential of cryptocurrencies lies in high price volatility. Cryptocurrencies bring great risk, but also great profit. Central banks are developing central bank digital currencies. The development of digital currencies and systems that could support digital currencies pose problems for central banks. Different central banks have different approaches to these problems. Implementations of digital currencies by central banks depend on a large number of factors. Digital currencies have a significant impact on the global financial system. The technology on which decentralized digital currencies are based and the advantages that these technologies bring have caused significant effects on financial institutions. Investments in digital currencies have a great impact on the traditional capital market. More and more authors are investigating the connection between digital currencies and the traditional capital market in their research.