Exploring the early CBDC adoption results beyond the hype
Preliminary outcomes from countries where central bank digital currencies (CBDCs) have been introduced show mixed results. Despite widespread exploration and a handful of launched projects, CBDCs are yet to achieve global adoption. According to an Atlantic Council report, 130 countries and currency unions are exploring CBDCs, with 11 nations having launched their digital currencies. Сountries launched, testing or developing CBDCs, as of July 2023 | Data source: Atlantic Council This rapid pace of exploration is a significant increase from May 2020, when only 35 countries were considering a CBDC. Now, 64 countries are in an advanced exploration phase, including development, pilot, or launch. The European Central Bank (ECB) is on track to pilot its digital euro, while Australia, Thailand, Russia, and several other nations are continuing their pilot testing. In contrast, the United States’ progress on retail CBDC has somewhat stalled, but it’s forging ahead wit...