105 Countries Explore Central Bank Digital Currencies, CBDC Tracker Shows Cryptocurrency
There are now 105 countries exploring central bank digital currencies (CBDCs). Among them, 50 countries are in an advanced phase of digital currency exploration (development, pilot or launch).
105 countries are exploring CBDCs
The Atlantic Council Geo-Economic 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 the world’s GDP, are exploring a CBDC… A new record of 50 countries are in an advanced phase of exploration (development, pilot or launch).
Additionally, the tracker details that “10 countries have fully launched a digital currency, with the Chinese pilot expected to expand into 2023.”
Among the G20 countries, 19 are exploring a CBDC, of which 16 are already in the development or pilot phase. They include South Korea, Japan, India and Russia.
Last month, the Bank for International Settlements (BIS) released a report indicating that 9 out of 10 central banks worldwide are exploring CBDCs. The BIS said “the emergence of stablecoins and other cryptocurrencies has accelerated work on CBDCs.”
Some countries are more advanced than others, such as China. China’s central bank, the People’s Bank of China (PBOC), has been actively testing and distributing its digital yuan.
India is also actively working on its digital rupee. India’s central bank, the Reserve Bank of India (RBI), said it would take a “graduated approach” to launching a CBDC. The central bank is expected to introduce digital currency in this fiscal year. This week, an RBI official said CBDCs could kill cryptocurrencies like bitcoin and ether.
What do you think of the 105 countries exploring CBDCs? Let us know in the comments section below.
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