According to the CBDC Tracker, 105 countries are investigating central bank digital currencies.
105 nations are now investigating central bank digital currencies (CBDCs). 50 of them are in an advanced stage of investigating digital currencies (development, pilot, or launch). The Central Bank Digital Currency (CBDC) Tracker has received a significant update from the Geoeconomic Centre of the Atlantic Council. Additionally, according to the tracker, “ten countries have completely launched a digital currency, with China’s test programme slated to expand in 2023.”19 G20 nations are considering a CBDC, with 16 being in the planning or trial stages. South Korea, Japan, India, and Russia are among them. In a report published last month, the Bank of International Settlements (BIS) stated that nine out of ten central banks worldwide are investigating CBDCs. As shown by the tracker: Over 95 percent of the world’s GDP, or 105 countries, are investigating a CBDC. 50 nations, a record level, are currently engaged in advanced exploration (development, pilot, or launch).
The development of stablecoins and other cryptocurrencies, according to the BIS, “has hastened the work on CBDCs.” China is one nation that has advanced more than others. The People’s Bank of China (PBOC), China’s central bank, has been actively testing and dispersing its digital yuan. India is aggressively developing its digital rupee as well. The Reserve Bank of India (RBI), the country’s central bank, announced that it will introduce a CBDC in a “graded manner.” This fiscal year, the central bank is anticipated to launch the digital currency. An RBI official said this week that CBDCs might put an end to cryptocurrencies like bitcoin and ether.