There at the moment are 105 international locations which can be exploring central financial institution digital currencies (CBDCs). Amongst them, 50 international locations are in a complicated part of digital foreign money exploration (growth, pilot, or launch).
105 Nations Are Exploring CBDCs
The Atlantic Council’s Geoeconomic Centre has launched a serious update to its Central Financial institution Digital Forex (CBDC) Tracker. In response to the tracker:
105 international locations, representing over 95 p.c of worldwide GDP, are exploring a CBDC … A brand new excessive of fifty international locations are in a complicated part of exploration (growth, pilot, or launch).
Moreover, the tracker particulars that “10 international locations have totally launched a digital foreign money, with China’s pilot set to develop in 2023.”
Among the many G20 international locations, 19 are exploring a CBDC, with 16 already within the growth or pilot stage. They embody South Korea, Japan, India, and Russia.
Final month, the Financial institution of Worldwide Settlements (BIS) launched a report stating that 9 out of 10 central banks globally are exploring CBDCs. The BIS mentioned, “the emergence of stablecoins and different cryptocurrencies have accelerated the work on CBDCs.”
Some international locations are additional forward than others, reminiscent of China. The Chinese language central financial institution, the Folks’s Financial institution of China (PBOC), has been actively testing and giving away its digital yuan.
India can also be actively engaged on its digital rupee. The Indian central financial institution, the Reserve Financial institution of India (RBI), mentioned it should take a “graded approach” to launching a CBDC. The central financial institution is anticipated to introduce the digital foreign money this financial year. This week, an RBI official acknowledged that CBDCs may kill cryptocurrencies like bitcoin and ether.
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