The ongoing digitalization of economic and financial systems has brought about significant changes to the way in which money is exchanged and controlled. In light of this, central banks are facing increasing pressure to consider the implementation of central bank digital currencies (CBDCs) in order to maintain monetary sovereignty and control over the money supply. In addition, CBDCs have the potential to improve the efficiency of cross-border payments. However, digitalization raises concerns about increased currency substitution and competition between countries. This thesis explores the relationship between CBDCs and monetary sovereignty and evaluates the potential impacts on the global monetary system. The research question of this thesis is: What are the driving factors behind the implementation of CBDCs in China, the EU, and the USA, and what are the potential consequences of CBDCs on the global financial system? The findings of this thesis suggest that the objectives of China, the EU, and the US in issuing CBDCs are vastly different. The EU's objective is to achieve financial and monetary autonomy within the Eurozone, while the United States objective is to preserve the position of the US dollar as a global reserve currency. On the other hand, China aims to internationalize its currency through CBDCs in cross-border transactions with the ultimate goal of replacing the dollar as a global currency. China's "first mover" advantage has the potential to threaten the hegemony of the US dollar in the global monetary system.