Global interest in central bank digital currencies surges with 134 countries exploring the technology
Over 65 nations, including major economies like India, Australia, and Brazil, are in advanced stages of CBDC development.
A new report reveals that 134 countries, representing nearly the entire global economy, are now exploring central bank digital currencies (CBDCs). This marks a significant rise from just 35 nations investigating the technology in 2020. According to the US-based Atlantic Council, over 65 countries, including major economies like India, Australia, and Brazil, are in advanced stages, either developing, piloting, or preparing to launch their CBDCs.
The G20 nations are particularly active, with 19 countries pushing ahead in their exploration of digital currencies. However, only three countries – The Bahamas, Jamaica, and Nigeria – have fully launched CBDCs, and each is working to expand the reach of these currencies within their borders. The report highlights the geopolitical dimensions of this digital push, especially among BRICS nations, which are piloting CBDCs as an alternative to the US dollar in international payments.
Since Russia’s invasion of Ukraine and the subsequent G7 sanctions, the number of cross-border CBDC projects has more than doubled. Several of these initiatives aim to connect banking systems across countries like China, Thailand, and the UAE, further driving global interest in digital currency solutions.
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