A new Central Bank Digital Currencies
tracker shows on a map that 83 countries are exploring central bank digital currencies: 5 CBDCs are fully launched.
Interesting how small islands in the Caribbean Sea are beating the world. While 83 countries are exploring central bank digital currencies, CBDCs, some are in testing, some in development and some scrapped, there are 5 fully functioning CBDCs in 5 countries and all of them are Caribbean islands.
shows on a map the status of central bank digital currencies in the world. It indicates there how there are now 81 countries with some degree – major or minor – of exploration of these digital currencies, being more than double that of last year by this time, when there were just 35 nations exploring the topic. The
map can be seen here:
The Atlantic Council’
s Center for Geoeconomics last week unveiled its Central Bank Digital Currency Tracker (CBDC) with an interactive database.
It described itself, on its website, as “a nonpartisan organization that advances U.S. leadership and engagement in the world, in partnership with allies and partners, to shape solutions to global challenges.”
.com tells it, the original version of the CBDC tracker, launched in April last year, has been used by the U.S. Federal Reserve and the Bank for International Settlements (BIS), the center claims, adding that according to the new tracker:
“81 countries (representing more than 90 percent of global GDP) are now exploring a CBDC. In our original report published in May 2020, only 35 countries were considering CBDC.”
“of the countries with the 4 largest central banks (the U.S. Federal Reserve, the European CentralBank, the Bank for International Settlements (BIS),” the center noted.
The U.S.is lagging behind” in the development of a digital currency.
Federal Reserve (Fed) Chairman Jerome Powell said in February that the digital dollar was a “very high priority” for the Fed. However, he emphasized the need to “get it right,” rather than rushing to launch a digital dollar, particularly to compete with China’s digital yuan. However, he said recently, “I wouldn’t need stable currencies, I wouldn’t need cryptocurrencies if I had a U.S. digital currency.” I think that’s one of the strongest arguments in its favor.”
The 5 pioneering islands
Meanwhile, 5 countries have fully launched a digital currency, the Geoeconomics Center added. They are the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia and Grenada, all from the Caribbean.
DiarioBitcoin told last year how the Bahamas became the first country to have its own CBDC operational, then the other islands followed.
In addition, “14 other countries, including major economies such as Sweden and South Korea, are now in the pilot stage with their CBDCs and preparing for a possible full launch,” the center detailed. Obviously, China is in this group (in numerous articles we have told how advanced the tests are, which include – for example – the subway). Thailand, Singapore and Saudi Arabia are also in this group.
Josh Lipsky, director of the Center for Geoeconomics and former senior advisor to the International Monetary Fund (IMF), commented:
“Before Covid, central bank digital currencies were largely a theoretical exercise. But with the need to distribute unprecedented monetary and fiscal stimulus around the world, combined with the rise of cryptocurrencies, central banks have quickly realized that they cannot let the evolution of money pass them by.”
Also, in addition to the 5 CBDCs launched and the 14 in testing, there are 16 in development, 32 in research, 10 in dormant status (they started working on them and stopped them), 2 cancelled and 4 in other status.
Among the countries in the development stage are Canada, Brazil, Nigeria and Russia. While in research are, among others, the United States, Spain, Chile, United Kingdom and Italy.
Among the inactive projects, the website mentions Venezuela, Uruguay, Malaysia and North Korea, among others.
The two cancelled projects were those of Senegal and Ecuador, according to the website.
Image from Unsplash