There are currently 105 countries considering central bank digital currencies (CBDCs). Of these, 50 countries are in advanced stages of digital currency exploration (development, pilot, launch).
105 countries are exploring CBDC
The Atlantic Council’s Geoeconomic Center has released a major updateto its Central Bank Digital Currency (CBDC) Tracker. According to this tracker,
105 countries representing over 95% of global GDP are considering CBDC… A record 50 countries are under consideration (development, pilot, launch)…
In addition, the tracker details that “10 countries have fully launched digital currencies, with a pilot version in China due to be expanded in 2023.”
Nineteen of the G20 countries are considering CBDCs, and 16 are already in the development or testing phase. These include South Korea, Japan, India, and Russia.
Last month, the Bank for International Settlements (BIS) released a report stating that nine of the world’s ten central banks are considering CBDCs; the BIS said that “the emergence of stablecoins and other cryptocurrencies has accelerated work on CBDCs.”
Some countries, like China, are further ahead than others. China’s central bank, the People’s Bank of China (PBOC), is actively testing and distributing digital renminbi.
India is also actively working on the digital rupee. India’s central bank, the Reserve Bank of India (RBI), has said it will take a “phased approach” to the launch of CBDC. The central bank expects to introduce the digital currency by the end of this fiscal year. This week, RBI officials said the CBDC could kill cryptocurrencies such as bitcoin and ether.
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