According to the Atlantic Council CBDC tracker, 114 countries, representing over 95 percent of global GDP, are exploring a CBDC. 11 countries, including Nigeria and the Bahamas, have already launched theirs. China is currently piloting a system that will expand to the entire country this year.
The Bank of Finland introduced the Avant smart card in 1993, intended to work as an electronic form of cash. Even though the Finnish government eventually abandoned the project in the early 2000s, it is widely considered the world’s first CBDC.
Their appeal for central governments is obvious: they give central banks — the issuers of currency — an electronic version for them to monitor and control. For vendors, they offer a way of sending and receiving payments that are near instantaneous and do not require an intermediary like a commercial bank.
Currently, when we pay for a good or service, we rely on intermediaries to handle the transaction. Card payments, mobile money, and electronic transfers all require them. A CBDC would be a peer-to-peer exchange, similar to exchanging banknotes or sending BTC or ETH .
Atlantic Council ( @AtlanticCouncil ) tracks the CBDC programs in 119 countries. Out of 119 countries tracked: • 11 have launched a CBDC • 17 are piloting a CBDC • 33 are developing a CBDC • 39 are researching a CBDC > 50% of countries are already creating CBDCs
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