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CBDC Developments 2025: Which Countries Are Leading the Digital Currency Race?
September 4, 2025
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CBDC Developments 2025: Which Countries Are Leading the Digital Currency Race?

By the numbers:

  • 114 countries are exploring CBDCs, confirming the global shift toward central bank-issued digital money.
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    81 central banks are engaged in CBDC exploration, reflecting broad institutional interest across financial systems.
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    98% of global GDP is now covered by CBDC exploration, indicating that digital currency initiatives are no longer limited to niche economies.
  • 69 countries are in advanced CBDC stages, including pilot and development phases, showing growing readiness for potential launch.
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    Only 4 countries (Bahamas, Nigeria, Jamaica, and Zimbabwe) have fully launched a CBDC, putting them ahead of the curve globally.
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    19 G20 countries are exploring CBDCs, and 16 are already in development or pilot, underscoring strategic adoption among leading economies.

As the global economy embraces digital transformation, central bank digital currencies (CBDCs) have moved from concept to concrete reality in many parts of the world. In 2025, governments are not just exploring the potential of digital currencies; they’re competing to shape the future of money itself.

This article offers a data-driven overview of the most advanced CBDC initiatives worldwide. From early adopters like Nigeria and the Bahamas to high-profile pilots in China, India, and the European Union, we examine which countries are leading the digital currency race, what drives their strategies, and how far they've come.

Whether you're tracking CBDC developments for policy insight, investment outlook, or technological trends, this guide will help you understand where the momentum is strongestб and where hesitation still lingers.

The rise of digital currency: Is traditional money being replaced?

In recent years, the global financial landscape has been rapidly transforming with the introduction of digital currency. Unlike physical cash or coins, digital money exists purely in electronic form, offering faster transactions, enhanced security, and lower costs. As more consumers and governments explore this new currency, the question arises: when will digital currency replace money as we know it?

From Bitcoin to government-backed central bank digital currencies (CBDCs), the world is witnessing a wave of innovation. Just in recent years, new digital currency launched initiatives have emerged in multiple countries, reflecting a growing shift toward cashless economies. With these developments gaining momentum, traditional money may soon be seen as outdated by future generations.

Still, while digital money adoption is growing, it's not yet universal. Infrastructure, trust, and regulation remain hurdles. But one thing is clear: the era of digital currency is no longer a futuristic concept; it's unfolding right now.

CBDC meaning, definition, and key features

What is CBDC, and why is it becoming a global financial buzzword? A CBDC, or Central Bank Digital Currency, is a digital form of government-issued money, designed to complement or replace traditional cash. Unlike cryptocurrencies such as Bitcoin, a CBDC is centralized and backed by a nation's central bank, ensuring stability and public trust.

What is a central bank digital currency?

To put it simply, CBDC refers to digital legal tender: money that is accessible electronically but has the same value and official backing as physical currency. Suppose you're wondering what a central bank digital currency is. In that case, it's essentially a secure digital version of a country's existing fiat currency, aimed at modernizing payment systems and increasing financial inclusion.

When evaluating CBDC advantages and disadvantages, many experts highlight faster transactions, reduced costs, and improved transparency as key benefits. However, concerns such as surveillance risks, technical infrastructure, and reduced privacy are among the most cited disadvantages of CBDC.

As more governments explore or pilot digital currencies, understanding their function and potential impact is becoming essential for businesses and individuals alike.

CBDC vs cryptocurrency: How are they connected?

As digital finance evolves, many are asking: is CBDC a cryptocurrency? While both CBDCs and cryptocurrencies operate in the digital realm, they serve very different purposes. A CBDC (Central Bank Digital Currency) is issued and regulated by a nation's central bank, making it a stable and official digital version of fiat money. In contrast, cryptocurrencies like Bitcoin or Ethereum are decentralized, private-sector innovations not tied to any government.

Understanding CBDC crypto relationships is key to grasping how modern financial systems are adapting. Although a CBDC may use some blockchain-inspired technology, it does not share the decentralized nature of typical cryptocurrencies. If you’ve ever wondered what CBDC is in crypto terms, think of it as a “government-backed digital coin” rather than an independent crypto asset.

The conversation around crypto CBDC is especially active in regions like Europe. For instance, the European Central Bank Ripple discussions have drawn attention to the potential collaboration between institutional financial bodies and blockchain-based technologies, hinting at future hybrids.

In summary, CBDCs and cryptocurrencies coexist in the same ecosystem but with vastly different goals. CBDCs aim for stability and public oversight, while cryptocurrencies prioritize decentralization and autonomy.

CBDC exploration around the world: Which countries are exploring digital currencies?

Central bank digital currencies (CBDCs) are gaining global traction as governments seek secure, efficient, and inclusive financial systems. From pilot programs to large-scale rollouts, countries across every continent are exploring how digital currencies can transform monetary policy and everyday transactions.

While some nations have already launched their digital currencies, many others remain in various stages of development or research, revealing a diverse and evolving global landscape.

Number of countries and currency unions exploring CBDC

The chart below illustrates the current status of CBDC programs across the world. It categorizes countries and currency unions by the stage of their CBDC initiatives, from full implementation to cancellation or inactivity. This overview helps us better understand the global CBDC map and how far different regions have progressed in digital currency adoption.

  • 114 countries exploring CBDCs.

Number of countries by stages of CBDC programs

Stage of CBDC program Number of countries and currency unions exploring CBDC
Launched3
Pilot49
Development20
Research36
Inactive21
Cancelled2
Other6

Out of all identified participants, only 3 countries have officially launched a CBDC, while a significantly larger group (49 countries) is in the pilot phase, actively testing digital currencies in real environments. An additional 20 countries are developing their programs, while 36 are still in the research phase, indicating growing but cautious interest. Meanwhile, 21 countries have inactive projects, 2 have cancelled efforts, and 6 fall under the “other” category, possibly indicating hybrid or region-specific approaches.

According to the Bank for International Settlements, 94% of 86 responding central banks were engaged in CBDC work.

  • 81 central banks exploring CBDCs.

What share of global GDP is exploring a CBDC?

  • 98% of global GDP is covered by CBDC exploration.

List of countries engaged in CBDC work

Country Country group
AngolaEmerging Market and Developing Economy
ArgentinaEmerging Market and Developing Economy
AustraliaAdvanced Economy
BangladeshEmerging Market and Developing Economy
BelgiumAdvanced Economy
BoliviaEmerging Market and Developing Economy
BrazilEmerging Market and Developing Economy
CanadaAdvanced Economy
Cayman IslandsEmerging Market and Developing Economy
ChileEmerging Market and Developing Economy
ChinaEmerging Market and Developing Economy
Chinese TaipeiAdvanced Economy
ColombiaEmerging Market and Developing Economy
Congo (the), Democratic Republic of theEmerging Market and Developing Economy
Costa RicaEmerging Market and Developing Economy
CzechiaAdvanced Economy
DenmarkAdvanced Economy
Dominican Republic (the)Emerging Market and Developing Economy
EcuadorEmerging Market and Developing Economy
EgyptEmerging Market and Developing Economy
El SalvadorEmerging Market and Developing Economy
Euro AreaAdvanced Economy
FijiEmerging Market and Developing Economy
FinlandAdvanced Economy
FranceAdvanced Economy
GeorgiaEmerging Market and Developing Economy
GermanyAdvanced Economy
GhanaEmerging Market and Developing Economy
GuatemalaEmerging Market and Developing Economy
HaitiEmerging Market and Developing Economy
HondurasEmerging Market and Developing Economy
Hong Kong SARAdvanced Economy
HungaryEmerging Market and Developing Economy
IcelandAdvanced Economy
IndiaEmerging Market and Developing Economy
IndonesiaEmerging Market and Developing Economy
IraqEmerging Market and Developing Economy
IsraelAdvanced Economy
ItalyAdvanced Economy
JamaicaEmerging Market and Developing Economy
JapanAdvanced Economy
KosovoEmerging Market and Developing Economy
KuwaitEmerging Market and Developing Economy
LaosEmerging Market and Developing Economy
LesothoEmerging Market and Developing Economy
LithuaniaAdvanced Economy
Macao SARAdvanced Economy
MadagascarEmerging Market and Developing Economy
MalaysiaEmerging Market and Developing Economy
MauritiusEmerging Market and Developing Economy
MexicoEmerging Market and Developing Economy
MongoliaEmerging Market and Developing Economy
MontenegroEmerging Market and Developing Economy
MoroccoEmerging Market and Developing Economy
MozambiqueEmerging Market and Developing Economy
MyanmarEmerging Market and Developing Economy
Netherlands (the)Advanced Economy
New ZealandAdvanced Economy
NorwayAdvanced Economy
PakistanEmerging Market and Developing Economy
ParaguayEmerging Market and Developing Economy
PeruEmerging Market and Developing Economy
Philippines (the)Emerging Market and Developing Economy
PolandEmerging Market and Developing Economy
Saudi ArabiaEmerging Market and Developing Economy
SerbiaEmerging Market and Developing Economy
SeychellesEmerging Market and Developing Economy
SingaporeAdvanced Economy
SloveniaAdvanced Economy
South AfricaEmerging Market and Developing Economy
South KoreaAdvanced Economy
SpainAdvanced Economy
Sri LankaEmerging Market and Developing Economy
EswatiniEmerging Market and Developing Economy
SwedenAdvanced Economy
SwitzerlandAdvanced Economy
ThailandEmerging Market and Developing Economy
TĂĽrkiyeEmerging Market and Developing Economy
UgandaEmerging Market and Developing Economy
UkraineEmerging Market and Developing Economy
United Arab Emirates (the)Emerging Market and Developing Economy
United Kingdom (the)Advanced Economy
United States (the)Advanced Economy
UruguayEmerging Market and Developing Economy
VietnamEmerging Market and Developing Economy
ZimbabweEmerging Market and Developing Economy
  • There are 86 countries with CBDC interest.

While the global CBDC map includes a wide range of economies, it's especially important to look at how the world's largest and most influential nations are engaging with central bank digital currencies.

G20 countries exploring CBDCs

This table focuses on the G20 nations, representing the world’s major advanced and emerging economies, and the current stage of each country’s CBDC program. From research to pilot testing and development, the data reflect how these economic powerhouses are preparing for the digital future of money. The G20’s position in the evolving CBD geography is key to understanding broader trends in digital finance.

Country Stage of CBDC program
ArgentinaResearch
AustraliaPilot
BrazilPilot
CanadaResearch
ChinaPilot
European Union (Euro Area)Pilot
FrancePilot
GermanyDevelopment
IndiaPilot
IndonesiaPilot
ItalyPilot
JapanPilot
MexicoDevelopment
Saudi ArabiaPilot
South AfricaPilot
South KoreaPilot
TurkeyPilot
United KingdomDevelopment
United StatesOther
  • 19 G20 countries exploring CBDCs.

Among G20 members, none have fully launched a CBDC, but 13 countries, including China, India, and the Euro area, are in the pilot phase, actively testing their digital currencies. Germany, Mexico, and the United Kingdom are in development, indicating substantial progress toward implementation. Meanwhile, Argentina, Canada, and Japan remain in the research phase, showing cautious engagement. Notably, the United States is classified as “Other”, reflecting a unique or ambiguous approach rather than a conventional timeline.

The digital currency countries list within the G20 shows strong momentum, especially in Asia and Europe. The countries exploring CBDCs in this group vastly outnumber those resisting, suggesting a broad consensus on the need to modernize central bank currency systems. Still, differences in pace and structure highlight important regional and political factors. As such, understanding what countries are against CBDC becomes just as critical as tracking those advancing.

Beyond the G20, the global scope of CBDC activity reveals just how widespread the interest is, spanning emerging markets, small island nations, and major economic blocs alike.

CBDC research and development: Trends, technologies, and global adoption

CBDC program status by country

The chart below presents a comprehensive central bank digital currency list, categorizing each country based on the current status of its CBDC initiative, ranging from research and development to active pilot programs or full launch. This granular view shows the diversity of global approaches to CBDC implementation, highlighting both momentum and resistance across regions.

Country Status of CBDC
AlgeriaResearch
AndorraResearch
AnguillaPilot
Antigua and BarbudaPilot
ArgentinaResearch
ArmeniaResearch
AustraliaPilot
AustriaDevelopment
AzerbaijanResearch
BahamasLaunched
BahrainDevelopment
BangladeshResearch
BelarusDevelopment
BelizeInactive
BeninInactive
BhutanInactive
BoliviaResearch
BotswanaResearch
BrazilPilot
CambodiaOther
CameroonResearch
CanadaResearch
Cape VerdeResearch
Central African RepublicOther
ChadResearch
ChileDevelopment
ChinaPilot
ColombiaDevelopment
CuracaoInactive
Czech RepublicResearch
DenmarkInactive
DominicaPilot
Eastern CaribbeanPilot
EcuadorCanceled
EgyptResearch
Equatorial GuineaResearch
EstoniaDevelopment
EswatiniPilot
EthiopiaResearch
FijiResearch
FrancePilot
GabonResearch
GeorgiaDevelopment
GermanyDevelopment
GhanaPilot
GrenadaPilot
HondurasResearch
Hong KongPilot
HungaryPilot
IndiaPilot
IndonesiaPilot
IranPilot
IraqResearch
IsraelPilot
ItalyPilot
JamaicaLaunched
JapanPilot
JordanResearch
KazakhstanPilot
KenyaResearch
KyrgyzstanDevelopment
LaosPilot
LiberiaResearch
LuxembourgPilot
MacauDevelopment
MadagascarPilot
MalawiResearch
MalaysiaPilot
MaldivesResearch
MauritaniaResearch
MauritiusPilot
MexicoDevelopment
MontenegroPilot
MontserratPilot
MoroccoDevelopment
NamibiaDevelopment
NepalResearch
NetherlandsDevelopment
New ZealandResearch
NigeriaLaunched
NorwayPilot
OmanPilot
PakistanResearch
PalauPilot
ParaguayResearch
PeruDevelopment
PhilippinesPilot
QatarPilot
RussiaPilot
RwandaDevelopment
Saint Kitts and NevisPilot
Saint LuciaPilot
Saint Vincent and the GrenadinesPilot
Saudi ArabiaPilot
SerbiaResearch
SingaporePilot
Solomon IslandsPilot
South AfricaPilot
South KoreaPilot
SpainPilot
Sri LankaDevelopment
SwedenPilot
SwitzerlandPilot
TaiwanDevelopment
TanzaniaResearch
ThailandPilot
TongaResearch
TunisiaDevelopment
TurkeyPilot
UkrainePilot
United Arab EmiratesPilot
United KingdomDevelopment
United StatesOther
UzbekistanResearch
VanuatuResearch
ZimbabweLaunched
  • 137 countries with CBDC projects.
  • 49 countries with advanced CBDC stages (pilot).
  • 20 countries are actively developing CBDC (development stage).
  • 108 countries are researching, developing, or circulating a CBDC (launched, pilot, development, and research stages).
  • 56 countries with CBDC research and development (research and development stages).
  • 36 countries with CBDC research (research stage).

As of now, only four countries (Bahamas, Nigeria, Zimbabwe, and Jamaica) have launched a CBDC, placing them at the forefront of global innovation. A significant number of nations (over 40) are running pilot programs, signaling strong interest in programmable digital currency for real-world use. Another 30+ countries are engaged in development, transitioning from exploratory stages to active system-building. Meanwhile, dozens more remain in the research phase, with projects either inactive, cancelled, or categorized as "Other", including special regional frameworks or alternative models.

The scale and diversity of engagement align closely with global institutional interest. Initiatives like the IMF CBDC guidance and the annual BIS CBDC survey have reinforced the strategic importance of digital currencies for financial stability, cross-border payments, and inclusion. While not all countries are implementing CBDC at the same pace, the upward trend is clear: programmable, state-issued digital currencies are no longer a theoretical concept; they’re shaping the future of money.

While dozens of nations continue to experiment or research, only a select few have taken the bold step of officially launching a central bank digital currency.

Fully launched CBDCs by 2025

The chart below lists all countries using CBDC as of 2025, highlighting the four fully launched digital currencies and their issuing central banks. From Africa to the Caribbean, these nations were early adopters, demonstrating that innovation in central banking isn't limited to the largest economies. The data also provides important context around each CBDC launch date, underscoring the timeline of adoption across different regions.

  • 4 countries with fully launched CBDCs.

Countries with officially announced digital currencies

Digital currency Country Central bank Announcement year
JAM-DEX Jamaica Bank of Jamaica 2023
Sand Dollar Bahamas Central Bank of Bahamas 2017
ZiG Zimbabwe Reserve Bank of Zimbabwe 2021
e-Naira Nigeria Central Bank of Nigeria 2021

As of 2025, Jamaica CBDC (JAM-DEX), the Bahamas CBDC (Sand Dollar), Zimbabwe CBDC (ZiG), and Nigeria CBDC (e-Naira) are the only countries that have successfully launched a retail CBDC for public use. The Nigerian CBDC, e-Naira, introduced in 2021, was among the first on the African continent and has become a focal point in discussions around digital inclusion and monetary policy in emerging markets. Similarly, the Bahamas' Sand Dollar, announced as early as 2017, was the world’s first fully operational CBDC.

Although China's CBDC (the digital yuan) is still in a large-scale pilot phase and not yet officially launched, its progress remains influential on the global stage. These early examples provide valuable case studies on CBDC exchange rate stability, infrastructure readiness, and public trust.

Despite slow global rollout, each successful CBDC launch date marks a turning point for how central banks view programmable, sovereign digital money—not just as a future possibility, but as a current reality.

Beyond the countries that have officially launched CBDCs, several large economies are actively developing or piloting retail central bank digital currencies with clear strategic goals.

Advanced CBDC projects and platforms

Retail central bank digital currencies 

As of 2024, a few countries/regions are actively developing and working on CBDCs. The chart below provides an overview of leading retail CBDC platforms currently under development or in advanced testing. These digital currencies, issued directly to the public, are designed to address a range of challenges, from declining cash use and financial inclusion to system efficiency and monetary sovereignty. This evolving CBDC crypto list reflects how central banks are shaping the next generation of digital payments in response to regional needs and global digital currency trends.

  • Financial inclusion remains a core driver across jurisdictions, with countries like China, India, the Eastern Caribbean, and Peru explicitly targeting underserved populations through digital currency systems.
  • Many CBDC initiatives, such as in Sweden, Canada, and the Euro Area, are responding to the decline of cash, aiming to preserve public access to central bank money in increasingly digital economies.
  • Nations including Kazakhstan, India, and the United Kingdom emphasize payment system efficiency and innovation as key goals, aiming to modernize their financial infrastructure and boost resilience.

Primary objectives of developing digital currencies

System name Primary jurisdiction/region Exploration began Primary objectives
e-CNY China 2017 Improve the efficiency of the central bank payment system; provide a backup or redundancy for the retail payment system; improve financial inclusion
D-Cash Eastern Caribbean Currency Union 2017 Improve financial inclusion, economic growth, resilience, and competitiveness
Digital Rupee India 2020 Reduction in operational costs involved in physical cash management, fostering financial inclusion, bringing resilience, efficiency, and innovation in the payments system
Digital Tenge Kazakhstan 2021 Modernizing the financial system and improving the innovation and competitiveness of the financial market
e-Krona Sweden 2017 Decline of cash and need to preserve access to central bank money to preserve uniformity of money and support competition, innovation, and resilience
Digital Canadian Dollar Canada 2020 Decline of cash and need to preserve access to central bank money
Digital Euro Euro Area 2020 Safeguard the role of public money and maintain trust in the currency to ensure strategic autonomy and monetary sovereignty, making the payments landscape more competitive and resilient, and ensuring a secure means of payment universally accepted throughout the Euro Area
Digital Pound United Kingdom 2020 Ensure the availability of central bank money as an anchor for confidence and safety in money, and to promote innovation, choice, and efficiency in payments
CBDC in Peru Peru 2023 To improve the efficiency and interoperability of the payments system in Peru to support further digitalization and to support financial inclusion

China CBDC (e-CNY), Sweden CBDC(e-Krona), India CBDC (Digital Rupee), and Canada  CBDC(Digital Canadian Dollar) are at the forefront of retail CBDC exploration, each with distinct motivations. For instance, China’s e-CNY, initiated in 2017, focuses on redundancy in retail payments and improving system efficiency. India, on the other hand, launched its CBDC platform to reduce cash-handling costs and enhance financial inclusion.

The Digital Euro and Digital Pound, both launched as exploratory projects in 2020, reflect Europe’s intent to secure public trust in sovereign digital money while ensuring resilience and innovation in increasingly competitive payment landscapes. In Latin America, Peru’s CBDC project, which started in 2023, highlights the growing momentum in emerging economies to modernize national financial infrastructure.

These developments are increasingly featured in central bank digital currency news and are often backed by blockchain-based frameworks, although not all rely on decentralized technology. While speculative interest often focuses on CBDC mining apps, the reality of state-issued currencies centers more on regulation, trust, and infrastructure than on traditional cryptocurrency models.

As CBDC news continues to dominate fintech headlines, this retail-focused subset of projects provides a clearer picture of how governments envision the future of digital public money.

While retail CBDC programs are gaining momentum globally, it's especially important to examine how the G20 economies, those with the greatest influence over global financial systems, are progressing in their digital currency initiatives.

G20 CBDC pilot programs and development phases

The table below outlines the current CBDC pilot and development stages among G20 countries, offering a snapshot of their progress toward implementing a national digital currency payment system. The data highlights how many G20 members are actively testing digital currencies, which remain in early research phases, and which are yet to define a clear position, shedding light on leadership trends and regional priorities in the digital finance space.

G20 Country Stage of CBDC program
ArgentinaResearch
AustraliaPilot
BrazilPilot
CanadaResearch
ChinaPilot
European Union (Euro Area)Pilot
FrancePilot
GermanyDevelopment
IndiaPilot
IndonesiaPilot
ItalyPilot
JapanPilot
MexicoDevelopment
Saudi ArabiaPilot
South AfricaPilot
South KoreaPilot
TurkeyPilot
United KingdomDevelopment
United StatesOther
  • 13 G20 countries with CBDC pilot programs.
  • No of G20 countries with CBDCs in testing phases as of 2024.
  • 16 G20 countries in CBDC development or pilot as of 2024.

Among the G20 nations, 12 countries, including China, India, France, and South Korea, are currently in the CBDC pilot stage, indicating a serious commitment to testing and validating digital currencies in real-world environments. Germany, Mexico, and the United Kingdom are in the development phase, while Argentina, Canada, and the United States are either still in research or have ambiguous statuses.

The  Fed CBDC in the USA remains in exploratory stages, with the Federal Reserve yet to launch a formal pilot, though internal research and public consultations are ongoing. This contrasts sharply with countries like China, whose large-scale CBDC pilot (e-CNY) continues to be one of the most advanced globally. While Jamaica’s CBDC (JAM-DEX) has already launched outside the G20 context, it offers useful insights for larger economies preparing to scale.

These CBDC statistics reinforce the idea that while most G20 countries are actively moving forward, the pace varies significantly. The emerging trend suggests that digital currencies are becoming central to national payment strategies, yet geopolitical, regulatory, and technological differences continue to shape each country’s journey.

CBDC Tracker 

As digital finance rapidly evolves, tracking the status of central bank digital currencies (CBDCs) has become essential for policymakers, investors, and analysts alike. The CBDC tracker below provides an up-to-date overview of how central banks around the world are approaching digital currency development, whether through early-stage research, active pilot programs, or full-scale implementation.

This central bank digital currency tracker highlights the variety of motivations behind CBDC initiatives: enhancing payment efficiency, increasing financial inclusion, reducing reliance on cash, and ensuring monetary sovereignty in the digital era. While some countries have already launched operational systems, others remain cautious, focusing on experimentation and consultation before committing to deployment.

To better understand the global scope of activity, the interactive CBDC world map visualizes the progress of countries with digital currency and those still exploring. From the Caribbean and Africa to Europe and Asia, the map reflects the growing momentum of digital monetary innovation worldwide.

With dozens of nations advancing in parallel, each with its objectives, technologies, and timelines, the CBDC tracker serves as a vital tool to navigate the complex and fast-moving world of central bank digital currencies.

Conclusions

  • In 2025, the global CBDC landscape has transitioned from theory to widespread experimentation and limited implementation. With 137 countries engaged and 98% of global GDP covered by CBDC-related activity, central banks worldwide are no longer questioning if digital currencies are relevant; they’re focused on how to design and deploy them effectively.
  • The early adopters (Bahamas, Nigeria, Jamaica, and Zimbabwe) have paved the way for real-world CBDC deployment, while countries like China and India lead in large-scale testing. At the same time, the G20 economies show significant progress, with most in pilot or development stages, positioning themselves as future digital currency leaders.
  • The key motivations behind CBDC projects remain consistent: improving financial inclusion, enhancing payment system efficiency, and preserving access to public money in the digital age. Whether through blockchain-based platforms or custom infrastructure, CBDCs are becoming a strategic tool for modern monetary policy.

Sources

  1. "Central Bank Digital Currency (CBDC) - Virtual Handbook." IMF, 8 Nov. 2024, https://www.imf.org/en/Topics/digital-payments-and-finance/central-bank-digital-currency/virtual-handbook. Accessed 22 July 2025.
  2. Central Bank Digital Currency (CBDC) Tracker. https://cbdctracker.org/. Accessed 22 July 2025.
  3. "Central Bank Digital Currency Tracker." Atlantic Council, 3 June 2025, https://www.atlanticcouncil.org/cbdctracker/. Accessed 22 July 2025.
  4. Reslow, Manisha. "Positioning Central Bank Digital Currency in the Payments Landscape." IMF, 2 Oct. 2024, https://www.imf.org/en/Publications/fintech-notes/Issues/2024/10/02/Positioning-Central-Bank-Digital-Currency-in-the-Payments-Landscape-555743. Accessed 22 July 2025.
  5. https://www.bis.org/publ/bppdf/bispap147.pdf. Accessed 22 July 2025.