Key Takeaways
- 💰 134 countries are exploring digital versions of their currencies, representing 98% of the global economy
- 🌍 Almost half of the countries are at an advanced stage of exploring central bank digital currencies (CBDCs)
- 🔍 All G20 nations are looking into CBDCs, with 44 countries piloting them
- 📈 China, the Bahamas, and Nigeria have seen increased usage of their CBDCs
- 🇺🇸 The United States has joined a cross-border CBDC project with six other major central banks
- 👀 Privacy and other concerns about CBDCs are most vocal in the United States
- 🚀 Wholesale bank-to-bank only CBDC projects have doubled in number to 13 since Russia’s invasion of Ukraine and G7 sanctions
- 💸 The mBridge project connects CBDCs from countries like China, Thailand, the UAE, and Saudi Arabia and is expanding to more countries
- 🇷🇺 Russia has a digital rouble pilot accepted in the Moscow metro, and Iran is working on a digital rial
- ⏰ The Federal Reserve (Fed) in the United States is years behind in CBDC development.
Relevance in Digital Currency Exploration and Development Around the World
As the global financial landscape continues to evolve, digital currencies have emerged as a significant area of exploration and development for countries around the world. The key takeaways from recent developments in central bank digital currencies (CBDCs) highlight the following trends:
- 💰 With 134 countries currently exploring digital currencies, representing a substantial portion of the global economy, it’s clear that the digital currency revolution is widespread and impactful.
- 🌍 Nearly half of these countries are at an advanced stage of exploring CBDCs, indicating a rapid progression towards digital currency adoption.
- 🔍 The involvement of all G20 nations in CBDC exploration, with 44 countries already piloting CBDCs, demonstrates a concerted effort towards understanding and implementing digital currencies.
- 📈 Countries like China, the Bahamas, and Nigeria have been leading the way in CBDC usage, showcasing real-world applications and benefits of digital currencies.
- 🇺🇸 The United States, while participating in cross-border CBDC projects, is also facing significant privacy concerns regarding the implementation of CBDCs.
- 🚀 The increase in wholesale bank-to-bank CBDC projects, especially after geopolitical events like the Russia-Ukraine conflict and G7 sanctions, underlines the growing importance of digital currencies in global finance.
- 💸 Projects like mBridge, which aim to connect multiple countries through their CBDCs, highlight the potential for cross-border collaboration and efficiency in the use of digital currencies.
- 🇷🇺 Countries like Russia and Iran are also actively working on digital versions of their currencies, showcasing a diverse global landscape in digital currency development.
- ⏰ The lagging development of CBDCs by the Federal Reserve in the United States points to the varying pace at which countries are embracing and implementing digital currencies.