Governments looking to get into crypto sphere have to lead the sphere to ask, Can central bank digital currencies curb financial crimes? With the evolution of economic systems, the paper currency now plays a marginal role in the circulation of money and tends to represent the direct relationship between the central banks and the users. Central banks are not aware of its absolute use; hence; there is always a possibility of illegal use of paper currency. Just like it is assumed about the cryptocurrency. However, Central banks can initiate the digitizing process of paper currency and therefore, creating their cryptocurrency.