What are CBDCs and who has them?

by

Summary : Understanding CBDC | List of countries with CBDC

What are CBDCs

For those needing a refresher, Central Bank Digital Currencies are cryptocurrencies backed and issued by national governments. CBDCs would allow the US Federal Reserve, for example, to issue cryptocurrencies with each token equal to 1 US Dollar instead of continuing to print money each time a new dollar needed to be minted. This would allow for a cryptocurrency whose value comes from the same confidence and promises as existing fiat currencies. On the flip side, it would allow for a fiat currency to have all the benefits we’ve previously discussed such as near-instantaneous transactions or accessibility — which are hallmarks of blockchain technology.  

Which Country has CBDCs ?

Currently, all but 7 of the global economies tracked by the Atlantic Council are working or have worked on establishing a Central Bank Digital Currency.

  • 9 countries have officially launched a CBDC including:
    • The Bahamas
    • Nigeria
    • Grenada
    • Saint Lucia
  • 15 countries with CBDCs in the pilot or testing phase include:
    • Saudi Arabia
    • South Africa
    • Sweden
    • Ukraine
    • Russia
    • China
    • Singapore
    • South Korea
  • 15 countries currently with a CBDC in development include:
    • Canada
    • Brazil
    • Australia
    • India
    • Switzerland
  • 40 countries currently researching the potential of CBDCs include:
    • The United States
    • Mexico
    • Spain
    • Germany
    • The UK
    • Italy

Leave a Comment