admin Countries worldwide are rapidly exploring central bank digital currencies (CBDCs). Currently, 134 nations, representing 98% of the global economy, are in various stages of CBDC development. Almost half of these nations are in advanced stages, including China, the Bahamas, and Nigeria, which are seeing increased usage.
The Atlantic Council’s recent research reveals that 44 countries are piloting CBDCs, up from 36 last year. This surge responds to declining cash usage and competition from cryptocurrencies like bitcoin and Big Tech. The Bahamas, Jamaica, and Nigeria have already launched their CBDCs and reported substantial increases in usage recently.
China’s e-CNY pilot is the world’s largest. The prototype has seen a remarkable jump in transactions, nearing $987 billion. Experts predict a full launch within a year. Meanwhile, the European Central Bank has launched a digital euro pilot, and the U.S. has joined a cross-border CBDC project. Yet, the U.S. still lags due to concerns about privacy and CBDC adoption.
The fastest-growing cross-border CBDC project, mBridge, connects China, Thailand, the UAE, and Hong Kong. More countries are expected to join this year.
The global shift toward digital currencies marks a significant transformation in the financial landscape. The future looks promising, with several countries pushing forward their digital currency initiatives.
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