Bitcoin
$67,417.43
+3703.76
Ethereum
$3,721.74
+247.22
Litecoin
$89.78
-2.08
DigitalCash
$39.60
+1
Monero
$148.10
+3.3
Nxt
$0.00
-0
Ethereum Classic
$38.22
+3.89
Dogecoin
$0.18
+0.02

G7 economies move into development stage of CBDCs

0

As of December 2022, all G7 economies had moved into the development stage of a central bank digital currency, according to the Atlantic Council (AC).

The AC found that — despite slow development progression — “11 countries have fully launched a digital currency.”

China’s CBDC pilot is set to expand to most of the country in 2023 — currently reaching 260 million people, according to the AC.

Geared towards improving cross-border payments, mitigating financial crime, increasing financial inclusion and addressing risks posed by other forms of digital currency — CBDC establishment is already being rolled out by:

  • The Bank of England
  • Federal Reserve Bank of New York
  • Monetary Authority of Singapore
  • Central banks in Spain and Switzerland

With roughly a dozen CBDCs launched so far, a further 17 are in currently in the pilot phase — alongside 72 in the research and development phase, according to a tracker from the AC.

Despite speculation and interest in recent years, the AC key findings report that over 20 countries “will take significant steps towards piloting a CBDC” in 2023. These countries include:

  • Australia
  • Thailand
  • Brazil
  • India
  • South Korea
  • Russia

This pivot towards CBDCs was recently evidenced by the Indian central bank governor on Dec. 21, 2022 — despite calling for a ban on crypto — stating that the country should adopt CBDCs to reduce the need to print fiat currencies.

Leave A Reply

Your email address will not be published.