The digital revolution has taken a giant stride, with cryptocurrencies reaching mainstream adoption. As an indicator of this change, a study shows that 130 countries, representing 98% of the global economy, are now actively exploring digital versions of their currencies, often called Central Bank Digital Currencies (CBDCs).

With the global financial system showing an ever-increasing shift towards CBDCs, a fascinating panorama of nations experimenting with digital money is unfolding.

The Global Financial System Turns Digital

Major economies such as the G20 nations, barring Argentina, have entered the advanced phases of CBDC development. The vanguard comprises eleven countries, including Caribbean nations and Nigeria, which have already launched their digital currencies.

The sheer scale of this endeavor is visible in China. Pilot testing of their CBDC covers 260 million people across 200 diverse scenarios ranging from e-commerce to government stimulus payments.

Two other prominent emerging economies, India

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Author: Bary Rahma

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