The nature of money is changing, and central banks around the world are debating whether they need to change with it.

As electronic payments take off and private cryptocurrencies such as bitcoin seek to gain traction, governments are exploring whether to issue digital versions of their national currencies that could be used as a universal form of payment in the way physical cash is today. These conversations gained urgency for some last year when Facebook Inc. announced plans to launch a cryptocurrency called libra, sparking concern that one of the world’s most powerful technology firms could become even more powerful by operating its own digital money.