Countries are making progress on central bank digital currencies, latest study shows

According to their latest update in March, 134 countries and currency unions – representing 98% of global GDP – are now exploring the idea of a central bank digital currency (CBDC). Of note, 19 members in the G20 are now in advanced stages of CBDC development. And there is now a high of 36 ongoing CBDC pilots across the globe, with China of course continuing to lead on that front.

In terms of numbers, here is how things looked like back in April 2021:

And this is how things look like today:

In terms of the world map, here’s a breakdown on how countries are progressing with respect to their own CBDC:

The Atlantic Council does also note that there is a widening gap between the US and other G7 central banks though, in terms of CBDC development. The US is at risk of falling behind and that may result in “a more fractured international payments system” once other countries set new standards with regards to CBDC.

If you need a reminder, the idea of a digital dollar is also a topic of contention in US politics. Republican presidential candidate, Trump, has previously spoken against – calling it “very dangerous”. And that looks set to continue to be a sticking point ahead of the elections this year.

This article was written by Justin Low at www.forexlive.com.