CBDC Tracker shows that 105 countries are investigating central bank digital currencies.

CBDC Tracker shows that 105 countries are investigating central bank digital currencies.

Currently, 105 countries are experimenting with central bank digital currencies (CBDCs). Fifty of them are in the advanced stages of exploring digital currencies (development, pilot, or launch).

The Geoeconomic Centre of the Atlantic Council has announced a significant update to its Central Bank Digital Currency (CBDC) Tracker.

According to the tracker, 105 countries, accounting for over 95% of world GDP, are considering establishing a CBDC. The number of countries in enhanced exploration has reached a new high of 50. (development, pilot, or launch).

The tracker also shows that ten countries have fully implemented a digital currency, with China’s test program slated to expand in 2023.

A CBDC is being considered by 19 G20 countries, with 16 being in the development or pilot stage. South Korea, Japan, India, and Russia are among them.

The Bank of International Settlements (BIS) published a paper last month claiming that 9 out of 10 central banks around the world are looking into CBDCs. Stablecoins and other cryptocurrencies, according to the BIS, have hastened the development of CBDCs.

Certain countries, like China, are leading the pack. The People’s Bank of China (PBOC), China’s central bank, has been constantly experimenting and disseminating the digital yuan.

India is likewise hard at work on its digital currency. The Reserve Bank of India (RBI) has stated that it will follow a “graded approach” to introducing a CBDC.

This fiscal year, the central bank is slated to launch the digital currency. CBDCs, according to an RBI official, might kill cryptocurrencies like bitcoin and ether.

African countries are not excluded from CDBC adoption, as some African countries have increased their acceptance of central bank digital currency (CDBC) due to the potential of a more effective financial system that Bitcoins and other cryptocurrencies provide.

Countries such as Nigeria and Ghana have successfully implemented the CDBC, while others such as Rwanda, South Africa, Tanzania, Kenya, Madagascar, Eswatini, Ghana, Morocco, Zambia, Mauritius, Tanzania, and Tunisia are researching its implementation.

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