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CBDCs Current Global Adoption

CBDCs Current Global Adoption

1. China

  • The People's Bank of China is one of the most well-known examples of a nation adopting a CBDC.

  • In October 2020, the country introduced its digital currency, the Digital Currency Electronic Payment (DCEP).

  • According to the People’s Bank of China (PBoC), China’s CBDC has seen transaction volumes surpass $14 billion since the pilot began in 2020.

2. ECB

  • The European Central Bank (ECB) is another country that is looking into the possibility of a CBDC.

  • Since 2016, the ECB has been looking into the possibility of a digital euro.

  • ECB President Christine Lagarde stated in a recent speech that the bank is "exploring the potential of issuing a central bank digital currency" and that it is "accelerating" its work on a digital euro.

3. UK

  • While the UK has made some headway toward implementing a CBDC (central bank digital currency), it is still in the early stages of research and development.

  • A joint consultation on the possibility of a CBDC in the UK was launched in February 2021 by the Treasury and the Bank of England. A CBDC's potential design and implementation, as well as its potential benefits, risks, and technical difficulties, were the topics of this consultation, which sought input from the general public, industry, and academia.

  • A CBDC task force has also been established by the Bank of England to investigate and evaluate the possibility of a CBDC in the UK.

  • The task force is looking into the technical and operational requirements for the design and implementation of a CBDC, as well as the potential advantages and drawbacks of using one.

  • A ‘Head of CBDC’ role for the UK government has recently been advertised, further showing their interest in exploring a CBDC

4. Turkey

  • On December 29, 2022, the Central Bank of the Republic of Turkey (CBRT) concluded the first trial of its CBDC, the Digital Turkish Lira.

  • On December 29, the CBRT issued a statement stating that the central bank authority had successfully completed its "first payment transactions" using the digital lira.

  • Turkey has indicated that it intends to continue testing into the year 2023.

These are just a few examples of nations that are either actively investigating CBDCs or have already implemented them. It is likely that more nations will adopt digital currencies in the coming years as their use grows in popularity.

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