Eighty-one international locations at the moment are exploring central financial institution digital currencies (CBDCs), in accordance with a brand new tracker. That quantity is 46 extra international locations than the quantity in Could of final 12 months. As well as, 5 international locations have absolutely launched their very own digital currencies.
81 central banks plan to launch their very own digital currencies
Atlantic Council Geoeconomics Middle unveiled new central financial institution digital foreign money (CBDC) tracker presenting an interactive database final week.
The Geoeconomics Middle has described itself as “a non-partisan group that galvanizes U.S. management and engagement around the globe, in partnership with allies and companions, to search out options to international challenges,” its web site says. Internet.
The unique model of the CBDC tracker, launched in April final 12 months, was utilized by the US Federal Reserve and the Financial institution for Worldwide Settlements (BIS), the middle claims, including that in accordance with the brand new tracker:
81 international locations (accounting for over 90 % of worldwide GDP) are at present exploring a CBDC. In our unique report revealed in Could 2020, solely 35 international locations have been contemplating a CBDC.
The middle famous that “of the international locations with the 4 largest central banks (the US Federal Reserve, the European Central Financial institution, the Financial institution of Japan and the Financial institution of England), america is furthest behind” within the growth of a digital foreign money.
Federal Reserve Chairman Jerome Powell mentioned in February that the digital greenback was a “very excessive precedence” for the Fed. Nevertheless, he pressured the necessity to “get it proper”, as a substitute of speeding to launch a digital greenback, particularly to compete with the Chinese language digital yuan. Nonetheless, the president not too long ago mentioned, “You would not want stablecoins, you would not want cryptocurrency in the event you had a US digital foreign money. I feel that is one of many strongest arguments in its favor.
In the meantime, “5 international locations have now absolutely launched a digital foreign money,” the Middle for Geoeconomics added. These are the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia and Grenada.
The middle additional detailed that “14 different international locations, together with main economies like Sweden and South Korea, at the moment are on the pilot stage with their CBDCs and are getting ready for a doable full launch.”
Josh Lipsky, director of the Middle for Geoeconomics and former senior adviser to the Worldwide Financial Fund (IMF), mentioned:
Earlier than Covid, central financial institution digital currencies have been largely a theoretical train. However with the necessity to distribute unprecedented financial and financial stimulus on this planet, mixed with the rise of cryptocurrencies, central banks shortly realized that they may not let the foreign money evolve. .
What do you consider 81 central banks exploring their very own digital currencies? Tell us within the feedback part beneath.
Picture credit: Shutterstock, Pixabay, Wiki Commons
Warning: This text is for informational functions solely. This isn’t a direct provide or the solicitation of a suggestion to purchase or promote, nor a suggestion or endorsement of any product, service or enterprise. Bitcoin.com doesn’t present funding, tax, authorized or accounting recommendation. Neither the corporate nor the writer is accountable, instantly or not directly, for any injury or loss triggered or allegedly brought on by or in connection with the usage of or reliance on any content material, good or service talked about on this article.