Central bank digital currency (CBDC) is a digital form of national currency that is issued and regulated by a country’s central bank. CBDCs are designed to be secure, efficient, and accessible to the general public. Many countries around the world are exploring the concept of CBDCs and some have already launched their own digital currencies. In this article, we will explore the countries that have launched or are planning to launch their own CBDCs.
China
China is one of the leading countries in the development of CBDCs. The People’s Bank of China (PBOC) has been working on its digital currency electronic payment (DCEP) system since 2014. In 2020, the PBOC launched pilot projects for DCEP in several cities across the country. The DCEP is designed to be used for everyday transactions, and it can be accessed through a mobile app. The PBOC has stated that the DCEP will be rolled out nationwide in the near future.
Sweden
Sweden is another country that is exploring the concept of CBDCs. The Riksbank, Sweden’s central bank, has been studying the feasibility of an e-krona since 2017. The e-krona would be a digital complement to physical cash, and it would be designed to be used for everyday transactions. The Riksbank is currently conducting a pilot project to test the e-krona in a simulated environment.
Bahamas
The Bahamas launched the Sand Dollar in 2020, becoming the first country in the world to launch a CBDC. The Sand Dollar is designed to improve financial inclusion in the country, as it can be used by people who do not have access to traditional banking services. The Sand Dollar is accessible through a mobile app and can be used for everyday transactions.
Turkey
Turkey is another country that is exploring the concept of CBDCs. The Central Bank of the Republic of Turkey has been working on a digital lira since 2019. The digital lira is designed to be used for everyday transactions, and it can be accessed through a mobile app. The Central Bank of the Republic of Turkey has not yet announced a timeline for the launch of the digital lira.
Bermuda
Bermuda is currently developing a CBDC called the digital Bermudian dollar. The digital Bermudian dollar is designed to be used for everyday transactions, and it can be accessed through a mobile app. The Bermuda Monetary Authority has not yet announced a timeline for the launch of the digital Bermudian dollar.
Thailand
Thailand is currently exploring the concept of CBDCs. The Bank of Thailand has been studying the feasibility of a digital baht since 2018. The digital baht would be designed to be used for everyday transactions, and it could be accessed through a mobile app. The Bank of Thailand has not yet announced a timeline for the launch of the digital baht.
Uruguay
Uruguay is currently developing a CBDC called the e-peso. The e-peso is designed to be used for everyday transactions, and it can be accessed through a mobile app. The Central Bank of Uruguay has not yet announced a timeline for the launch of the e-peso.
Conclusion
CBDCs are a new and exciting development in the world of finance. They have the potential to improve financial inclusion, increase efficiency, and reduce costs. Many countries around the world are exploring the concept of CBDCs, and some have already launched their own digital currencies. As technology continues to advance, it is likely that more countries will follow suit and launch their own CBDCs in the future.