105 countries are now exploring central bank digital currencies (CBDCs). Of these, 50 countries are at an advanced stage of digital currency exploration (development, pilot or launch).
105 countries are exploring CBDC
The Atlantic Council’s Geoeconomic Center has released a major update to its central bank digital currency (CBDC) tracker. According to the tracker:
105 countries representing more than 95% of global GDP are exploring CBDCs… 50 countries are at an advanced stage of exploration (development, pilot or launch), a new high.
Additionally, the tracker details that “10 countries have fully rolled out digital currencies, and China’s pilot program will expand in 2023.”
Of the G20 countries, 19 are exploring CBDCs, 16 of which are already at the development or pilot stage. They include South Korea, Japan, India and Russia.
Last month, the Bank for International Settlements (BIS) released a report stating that 9 out of 10 central banks around the world are exploring CBDCs. “The emergence of stablecoins and other cryptocurrencies has accelerated CBDC work,” the BIS said.
Some countries are ahead of others, such as China. The People’s Bank of China (PBOC), China’s central bank, has been actively testing and giving away its digital yuan.
India is also actively developing its digital rupee. India’s central bank, the Reserve Bank of India (RBI), said it would take a “graded approach” to launching a CBDC. The central bank is expected to launch a digital currency this financial year. This week, a Reserve Bank of India official said that CBDCs could kill cryptocurrencies such as bitcoin and ether.
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