July 26, 2021 / Business

Research: 40% Of Countries Are Into Studying The Prospects For Digital National Currency Issuing

cbdc

A year earlier, regulators of only 35 jurisdictions were engaged in analyzing the possibilities of issuing an instrument.

Countries that account for over 90% of global GDP are engaged in exploring the possibilities of launching a central bank digital currency (CBDC). Analysts of Atlantic Council came to such conclusions.

It turned out that 40% of countries are into CBDC research. 18% of jurisdictions are already actively developing a financial instrument. A CBDC pilot has been launched in 17% of countries.

  • According to the Atlantic Council, CBDCs are being developed in 81 countries. For comparison, in May 2020, only 35 jurisdictions studied the capabilities of the tool.
  • 5 countries have already issued a central bank digital currency. The pioneers in the creation of CBDC, according to the Atlantic Council, were the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia, and Grenada.
  • Analysts did not take into account the national digital currency Petro, which was launched by the Venezuelan authorities back in 2018. Due to the fact that the project of local regulators did not find support among the population, many consider the Bahamas’ more successful sand dollar to be the first CBDC.

  • As of the end of July 2021, more than 14 countries, according to analysts’ calculations, are busy testing CBDC. These include China, Thailand, and South Korea.

Remind, earlier BIS analysts believe that CBDCs should become interoperable and cross national borders.

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