Currently, 105 countries are experimenting with Central Bank Digital Currency (CBDC). Fifty of them are in the advanced stages of digital finance (development, testing, or implementation). The Atlantic Council’s Geoeconomic Center has done the following for its Central Bank Currency Tracker (CBDC).
In addition, “ten countries have fully established digital currency, and China will grow its CBDC operation by 2023,” according to the tracker.
The CBDC is considered for 19 G20 countries, of which 16 are in the development or testing phase. South Korea, Japan, India, and Russia are among them.
The Bank of International Settlements (BIS) published a paper last month demanding that 9 out of 10 banks worldwide look at CBDCs. “The development of stablecoins and other cryptocurrencies has accelerated the work of CBDCs,” according to the BIS.
Some countries, such as China, are ahead of the package. The People’s Bank of China (PBOC), China’s largest bank, has been monitoring and distributing digital yuan.
India is also working hard with its digital currency. The Reserve Bank of India (RBI) has said it will follow a “standard approach” to launch the CBDC. In this financial year, the central bank is set to launch a digital currency model. CBDCs, according to an RBI official, could kill cryptocurrencies such as bitcoin and ether.
Read more: RBI all set to adopt “Graded Approach” to launch CBDC
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