top of page

Countries Going Digital

Here's a list of all the countries looking at, testing, or already implemented a

Central Bank Digital Currency (CBDC) - 

Governments Creating or Exploring CBDCs

According to the Atlantic Council’s CBDC Tracker (March 2024) and other sources, 134 countries and currency unions, representing 98% of global GDP, are exploring CBDCs, up from 35 in May 2020. This includes all G20 countries, with 19 in advanced stages (development, pilot, or launch). Below is a categorized list of governments actively creating or looking to create CBDCs, based on verified data:

​

Launched (Fully Operational CBDCs)

​

These countries have fully implemented a CBDC as legal tender:

  • Bahamas: Launched the Sand Dollar in October 2020, the world’s first CBDC, to enhance financial inclusion in underserved communities. Adoption remains low due to public confusion with private cryptocurrencies and limited merchant acceptance.

  • Jamaica: Launched Jam-Dex in 2022, focusing on expanding retail use domestically to reduce cash dependency.

  • Nigeria: Launched eNaira in October 2021 to improve financial inclusion and reduce transaction costs. Uptake has increased in 2024 with USSD access for feature phones, targeting 100 million non-smartphone users.

  • Eastern Caribbean Currency Union (ECCU): Launched DCash in 2021 across seven countries (Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines). A new pilot began in 2024 after technical issues halted the initial program.

  • Kyrgyzstan: Signed a law in April 2025 granting the Digital Som legal tender status, with the National Bank holding exclusive issuance rights. Full launch is pending, with a decision expected by end-2026.

​​

​

Pilot (Testing CBDCs)

​

These countries are running pilot programs to test CBDC functionality:

  • China: Piloting the e-CNY (Digital Yuan) since April 2020, the largest CBDC pilot globally. By June 2024, transactions reached 7 trillion yuan ($986 billion) across 17 regions, used in education, healthcare, and tourism. PetroChina completed a 2023 cross-border oil trade in e-CNY. A full launch is predicted for 2026, aiming to reduce dollar reliance in trade.

  • Brazil: Piloting the Digital Real (DREX), with a first-phase launch planned for May 2024, targeting financial services and interbank settlements.

  • India: Piloting the Digital Rupee since 2022, with a goal of 1 million daily transactions by 2023. It’s being tested in the interbank call money market, aiming to boost efficiency and counter private cryptocurrencies.

  • Russia: Piloting the Digital Ruble since 2023, with plans for mass adoption by 2027. The Russian Parliament passed a digital ruble bill in August 2023 to reduce U.S. dollar dependency.

  • Japan: Running a CBDC pilot since 2023, testing retail and wholesale applications to enhance payment efficiency.

  • Australia: Piloting a CBDC since 2023, exploring innovative payment solutions for households and businesses.

  • South Korea: Planning a pilot for retail and wholesale CBDC testing, with wholesale tests starting in 2024 and retail in late 2024, in collaboration with the Financial Services Commission.

  • Thailand: Piloting a CBDC as part of Project mBridge, a cross-border wholesale project with China, UAE, Hong Kong, and Saudi Arabia.

  • United Arab Emirates: Participating in Project mBridge for wholesale CBDC, focusing on cross-border trade settlements.

  • Hong Kong: Piloting a CBDC and participating in Project mBridge, exploring retail and wholesale applications. Hong Kong’s crypto-friendly policies may influence mainland China.

  • Saudi Arabia: Engaged in Project mBridge for wholesale CBDC to streamline trade payments.

  • South Africa: Running a pilot to test CBDC for financial inclusion and payment efficiency.

  • Philippines: Piloting Project Agila, a wholesale CBDC using Hyperledger Fabric, to enhance cross-border transfers and reduce settlement risks.

  • Sweden: Piloting the e-Krona since 2017, testing R3’s Corda platform to ensure access in a cashless society, especially for the elderly and disabled.

  • Norway: Collaborating with Sweden and Israel on a BIS project to test international retail and remittance CBDC payments.

  • Israel: Part of the BIS project with Norway and Sweden for cross-border CBDC testing.

  • Malaysia: Piloting a CBDC to enhance domestic payment systems.

  • Ukraine: Piloting a CBDC since 2022 to advance payment infrastructure, led by the Ministry of Digital Transformation.

  • Lithuania: Piloting a collectible CBDC coin, the only Eurozone country with a separate CBDC project alongside the digital euro.

  • Austria: Researching a wholesale blockchain-based CBDC, distinct from the EU’s digital euro.

  • Switzerland: Piloting the Swiss Franc wCBDC with six commercial banks and the SIX Swiss Exchange for wholesale transactions.

​

​

Development (Advanced Exploration or Prototyping)

​

These countries are actively developing CBDC frameworks or prototypes:

  • European Union: Developing the Digital Euro, with the ECB’s preparation phase launched in October 2023, aiming for a potential pilot by late 2025. It will complement cash, enhance financial inclusion, and ensure EU sovereignty in payments.

  • United Kingdom: Developing a Digital Pound, with the Bank of England establishing a CBDC unit and forums in 2021. The investigation phase continues, with no launch commitment yet, focusing on privacy and innovation.

  • Canada: Developing a CBDC, exploring retail and wholesale applications to counter private digital assets.

  • Marshall Islands: Developing the Marshallese Sovereign (SOV) on the Algorand blockchain, emphasizing financial inclusion and privacy.

  • Bhutan: Building the Digital Ngultrum on Ripple’s CBDC platform, in advanced development.

  • Montenegro: Exploring Ripple’s CBDC platform for a digital currency.

  • Palau: Developing a USD-backed stablecoin pilot on XRPL, treated as a CBDC precursor.

  • Turkey: Developing a CBDC, with early pilots reported in 2019, focusing on payment efficiency.

  • Uruguay: Developing a CBDC since 2019 to modernize payments.

​

​

Research (Early Exploration)

​

These countries are studying CBDC feasibility without active pilots or prototypes:

  • United States: Researching a Digital Dollar, with the Federal Reserve exploring its impact on payments and inclusion. A 2022 Biden executive order mandated reports on CBDC feasibility, but a May 2024 House bill prohibits direct retail CBDC issuance without Congressional approval. The U.S. participates in Project Agorá, a cross-border wholesale CBDC project.

  • Bolivia: Despite banning decentralized cryptocurrencies since 2014, Bolivia is researching a CBDC to complement its state-backed electronic currency, aiming to enhance financial control and inclusion. No pilot or launch timeline is confirmed.

  • Russia: Beyond its pilot, Russia is researching broader CBDC applications for financial sovereignty.

  • Saudi Arabia: In addition to Project mBridge, researching domestic CBDC use cases.

  • Indonesia: Researching a Digital Rupiah to enhance digital payments.

  • Chile: Studying a CBDC to improve financial inclusion and payment efficiency.

  • Mexico: Exploring a CBDC to modernize financial infrastructure.

  • Iran: Researching a CBDC to counter sanctions and enhance trade.

  • Tunisia: Despite banning decentralized crypto, researching a CBDC for financial control.

  • Other Countries: 67 additional countries and 2 currency unions (per Atlantic Council) are in early research, including Argentina, Colombia, Egypt, Ghana, Morocco, and Peru, focusing on financial inclusion, payment efficiency, and countering private cryptocurrencies.

​

​

Notes on Specific Countries

​

  • China: The e-CNY is a global leader, with significant transaction volume and cross-border use (e.g., 2023 oil trade). Its focus on state control contrasts with decentralized crypto bans, highlighting a dual approach.

  • Bolivia: Unique for banning decentralized crypto while researching a CBDC to align with its state-controlled financial system, reinforcing monetary sovereignty.

  • European Union: The digital euro aims to complement cash, not replace it, addressing privacy concerns with encryption and hashing. It’s a unified effort across 27 member states, distinct from Lithuania’s separate pilot.

  • Overlap with Crypto Bans: Countries like China, Bolivia, Tunisia, and Morocco ban decentralized crypto but explore CBDCs, reflecting a preference for state-controlled digital finance over decentralized systems.

​

​

Total Count

​

  • Launched: 5 countries (Bahamas, Jamaica, Nigeria, Kyrgyzstan, ECCU’s 7 countries count as one union).

  • Pilot: 21 countries (including Hong Kong as a separate entity).

  • Development: 8 countries.

  • Research: 100+ countries (including the U.S., Bolivia, and others listed).

  • Total: 134 countries and currency unions, with 66 in advanced stages (development, pilot, or launch).

bottom of page