The purpose of this Technical Paper is to garner a morerobust understanding of the potential macroeconomicimpacts and related regulatory challenges of central bankdigital currencies (CBDCs) and other digital currencyinitiatives on developing countries. This paper beginsfrom a point of recognition that the landscape of digitalcurrencies, their associated taxonomy as well as relatedregulations are stillevolving alongside their potentialimplications. As such, we focus on the different typesof digital currencies previously in circulation, delineatingthese from those on the near and immediate horizon.Weemploy an umbrella definition to encompass CBDCsand digital ledger technology (DLT)-based currenciesincluding stablecoins, as well as earlier versions of digitalmoney, as subsets of digital currency to examine theevolution of macroeconomic impacts on developingcountries as well as the emerging regulatory gaps.We cluster key elements and draw assumptionsacross common parameters in research, for the sakeof consistency and to retain the focus on advancingthe understanding of the broader macroeconomicimpacts on least developed countries (LDCs).