There at the moment are 105 nations which can be exploring central financial institution digital currencies (CBDCs). Amongst them, 50 nations are in a sophisticated part of digital foreign money exploration (improvement, pilot, or launch).
105 International locations Are Exploring CBDCs
The Atlantic Council’s Geoeconomic Centre has launched a serious replace to its Central Financial institution Digital Forex (CBDC) Tracker. In keeping with the tracker:
105 nations, representing over 95 % of worldwide GDP, are exploring a CBDC … A brand new excessive of fifty nations are in a sophisticated part of exploration (improvement, pilot, or launch).
Moreover, the tracker particulars that “10 nations have totally launched a digital foreign money, with China’s pilot set to develop in 2023.”
Among the many G20 nations, 19 are exploring a CBDC, with 16 already within the improvement or pilot stage. They embrace 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 stated, “the emergence of stablecoins and different cryptocurrencies have accelerated the work on CBDCs.”
Some nations are additional forward than others, similar to China. The Chinese language central financial institution, the Individuals’s Financial institution of China (PBOC), has been actively testing and freely giving its digital yuan.
India can be actively engaged on its digital rupee. The Indian central financial institution, the Reserve Financial institution of India (RBI), stated it’s going to take a “graded method” to launching a CBDC. The central financial institution is predicted to introduce the digital foreign money this monetary 12 months. This week, an RBI official acknowledged that CBDCs may kill cryptocurrencies like bitcoin and ether.
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