105 Countries are Exploring CBDCs 10 Countries have Fully Launched National Digital Currency

CBDC is a virtual money backed and issued by the Central Bank.  Different nations have different things they are looking to resolve in the process of launching their own CBDCs – unique to their nation. Not all nations welcome CBDCs.  Some of them are resistant to change citing privacy reasons. Several cryptocurrency lovers do not like CBDCs as they consider CBDCs to be a sign of centralization. Many of them consider CBDCs as a threat to privacy.  Centralization also means invasive government control.

10 Countries Who Have Launched their own CBDCs

About 95% of the GDP is represented by nearly 105 countries and all of them are exploring their own CBDCs. About 10 countries have launched their own CBDCs.

1. On November 01, 2022, The Reserve Bank of India launched their own digital rupee pilot. The use case in the pilot phase is to provide for focused settlement of secondary market transactions in government securities. They are also set to test hybrid CBDCs.
2. On November 02, 2022, the Monetary Authority of Singapore collaborated to use wholesale CBDCs. They are set to establish policy guidelines while investigating in to probabilities of reduced settlement risks using smart contracts while considering blockchain-based and centralized infrastructures.
3. On September 28, 2022, Norway, Sweden, and Central Banks of Israel have announced collaborating with Bank of International Settlements (BIS) to explore CBDCs.
4. Turkey is expected to launch its CBDC in 2023. Previously, in 2021, the Central Bank announced that they were considering to issue digital currency to complement their existing payment infrastructure.
5. Digital Euro and the legal framework are underway.
6. eNaira, the CBDC of Nigeria since October 2021 was watched closely by the global bankers and politicians.
7. Bahamas’ Sand Dollar
8. Jamaicas JAM – DEX
9. Eastern Caribbean Central Bank DCash
10. China is set to roll out digital currencies in more cities in 2023.

Meanwhile, in November 2022, in the US a 22-page reply from the clearing house expressed that, “The risks associated with the possible issuance of a CBDC in the US outweighs its potential benefits and therefore it should be determined that a CBDC is not in the national interest.”

Bad actors are those who are complicating the benefits of the inventions related to digital currency. If there were systems in place, which can help recognize the most reliable cryptocurrency and digital assets projects, the benefits are immense in the time where global economy and cross border transactions are common place between B2B, B2C, G2G and more.