An analysis conducted by Atlantic Council revealed that 130 nations, or 98% of the global GDP, are “exploring” a central bank digital currency (CBDC). 

11 countries have fully launched one, with China being an example.

A Closer Look at the CBDC Trends

The research estimated that 95 counties had joined the CBDC race in the past three years. As of the moment, 130 nations have introduced some programs, with many being developed economies, such as Japan, South Korea, Australia, the UK, and more. Most countries (46) are currently in the “research” phase, whereas 21 have launched pilot tests.

Almost every G20 country “has made significant progress and invested new resources in these projects over the past six months,” Atlantic Council stated. 

The nations that seem most determined to issue a digital version of their official currencies include China, Nigeria, the Bahamas, Jamaica, and other Caribbean islands.

The Chinese authorities have introduced several initiatives to popularize the digital yuan. Major local cities such as Shenzhen, Jinan, and Lianyungan offered numerous activities for this year’s Spring Festival to encourage the usage of the CBDC. Prior to that, the officials allowed digital yuan payments during the 2022 Winter Olympic Games held in Beijing. 

According to the analysis, the progress on retail CBDC in the United States of America “has stalled.” On the other hand, the world’s l