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81 Countries Now Exploring Central Bank Digital Currencies – 5 CBDCs Fully Launched – Regulation Bitcoin News

According to a new tracker, 81 countries are now exploring central bank digital currencies (CBDCs). This number is 46 more countries than the number of May last year. In addition, five countries have fully launched their own digital currencies.

81 central banks explore the possibility of launching their own digital currencies

The Atlantic Council’s Geoeconomics Center unveiled a new central bank digital currency (CBDC) tracker last week featuring an interactive database.

The Geoeconomics Center describes itself as “a non-partisan organization that inspires American leadership and engagement in the world in partnership with allies and partners to shape solutions to global challenges,” its website said. has gone.

The original version of the CBDC tracker launched in April last year has been used by the US Federal Reserve and the Bank of International Settlements (BIS), with the center claiming that according to the new tracker:

81 countries (representing more than 90 percent of global GDP) are now exploring CBDCs. In our original report published in May 2020, only 35 countries were considering CBDCs.

The center noted that “out of the countries with the 4 largest central banks (the US Federal Reserve, the European Central Bank, the Bank of Japan and the Bank of England), the United States lags behind in developing a state-backed one”. digital currency.

Federal Reserve Chairman Jerome Powell said in February that the digital dollar was a “very high priority” for the Fed. However, he specifically emphasized the need to “fix it” rather than rushing to launch a digital dollar to compete with China’s digital yuan. Still, the president recently said, “You wouldn’t need stablecoins, if you had a digital US currency you wouldn’t need cryptocurrencies. I think that’s one of the strong arguments in favor of it.”

Meanwhile, “5 countries have now fully launched a digital currency,” the Geoeconomics Center said. They are the Bahamas, St. Kitts and Nevis, Antigua and Barbuda, St. Lucia and Grenada.

World map of central bank digital currencies. Source: Geoeconomics Center of the Atlantic Council.

The center further elaborated that “14 other countries including major economies such as Sweden and South Korea are now in the pilot phase with their CBDCs and preparing for a possible full launch.”

Josh Lipsky, Director of the Geoeconomics Center and former Senior Adviser to the International Monetary Fund (IMF), commented:

Before COVID, central bank digital currencies were largely a theoretical exercise. But with the rise of cryptocurrencies, coupled with the need to distribute unprecedented monetary and fiscal stimulus around the world, central banks have quickly realized that they cannot let money development pass them by.

What do you think about the 81 central banks exploring their own digital currencies? Let us know in the comments section below.

image credit: Shutterstock, Pixabay, WikiCommons

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