There are currently 105 countries exploring digital currency central banks (CBDCs). 50 of these countries are now in advanced stages (development, pilot or launch) of digital currency exploratory work.
CBDCs are being explored in 105 countries
The Atlantic Council’s Geoeconomic Centre has released a major update to its Central Bank Digital Currency (CBDC) Tracker. The tracker says:
105 countries, representing over 95 percent of global GDP, are exploring a CBDC … A new high of 50 countries are in an advanced phase of exploration (development, pilot, or launch).
Furthermore, the tracker details that “10 countries have fully launched a digital currency, with China’s pilot set to expand in 2023.”
Of the G20 nations, 19 have begun to explore a CBDC. 16 are in development or pilot stages. The list includes Russia, South Korea and India.
The Bank of International Settlements (BIS), released last month a report that stated 9 of 10 global central banks are currently exploring CBDCs. The BIS said, “the emergence of stablecoins and other cryptocurrencies have accelerated the work on CBDCs.”
China is one example of a country that has advanced faster than other countries. The Chinese central bank, the People’s Bank of China (PBOC), has been actively testing and giving away its digital yuan.
India has been actively working towards its digital currency. The Indian central bank, the Reserve Bank of India (RBI), said it will take a “graded approach” to launching a CBDC. This year, the RBI is likely to launch digital currency. A representative of the RBI stated this week that CBDCs may kill cryptocurrency like Bitcoin and Ethereum.
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