Research reveals 98% of global economy exploring CBDC solutions

A new report reveals that 134 countries, covering 98% of the global economy, are exploring digital currencies, with 44 currently piloting CBDCs.

Central bank digital currencies are gaining widespread attention, with nearly 99% of the global economy now focused on this technology, according to data from the U.S.-based Atlantic Council think tank. As of September, 134 countries all over the world are one way or the other studying CBDCs, up from 35 in May 2020.

The data shows that over 65 countries, including India, Australia, and Brazil, are in advanced stages of CBDC exploration, whether in development, pilot, or launch phases. Every G20 country is now investigating its own CBDC, with 19 in the advanced stages of exploration, per the think tank.

Countries exploring CBDCs | Source: Atlantic CouncilDespite this global interest, only three countries — The Bahamas, Jamaica, and Nigeria — have fully launched CBDCs, and all are working on expanding their domestic reach. The report notes that the push for digitization also appears to be a geopolitical goal, as all original BRICS member states — Brazil, Russia, India, China, and South Africa — are piloting CBDCs as an “alternate payments to the dollar.”

Atlantic Council points out that “since Russia’s invasion of Ukraine and the G7 sanctions response, cross-border wholesale CBDC projects have more than doubled,” with over a dozen projects now focused on connecting banks in China, Thailand, and the United Arab Emirates.