There are actually 105 nations which are exploring central financial institution digital currencies (CBDCs). Among them, 50 nations are in a sophisticated part of digital foreign money exploration (growth, pilot, or launch).
105 Countries Are Exploring CBDCs
The Atlantic Council’s Geoeconomic Centre has launched a significant update to its Central Bank Digital Currency (CBDC) Tracker. According to the tracker:
105 nations, representing over 95 p.c of worldwide GDP, are exploring a CBDC … A brand new excessive of fifty nations are in a sophisticated part of exploration (growth, pilot, or launch).
Furthermore, the tracker particulars that “10 nations have totally launched a digital foreign money, with China’s pilot set to increase in 2023.”
Among the G20 nations, 19 are exploring a CBDC, with 16 already within the growth or pilot stage. They embody South Korea, Japan, India, and Russia.
Last month, the Bank of International Settlements (BIS) launched a report stating that 9 out of 10 central banks globally are exploring CBDCs. The BIS mentioned, “the emergence of stablecoins and different cryptocurrencies have accelerated the work on CBDCs.”
Some nations are additional forward than others, reminiscent of China. The Chinese central financial institution, the People’s Bank of China (PBOC), has been actively testing and giving away its digital yuan.
India can be actively engaged on its digital rupee. The Indian central financial institution, the Reserve Bank of India (RBI), mentioned it would take a “graded approach” to launching a CBDC. The central financial institution is anticipated to introduce the digital foreign money this financial year. This week, an RBI official acknowledged that CBDCs may kill cryptocurrencies like bitcoin and ether.
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