G7 economies move into development stage of CBDCs

Hull Invest

According to the Atlantic Council (AC), as of December 2022, all G7 economies had moved into the development stage of central bank digital currencies.

The AC found that “11 countries have fully launched digital currencies,” despite slow development progress.

According to AC, China’s CBDC pilot is set to expand to most of the country in 2023, currently reaching 260 million people.

Towards improving cross-border payments, reducing financial crime, increasing financial inclusion, and addressing the risks posed by other forms of digital currency, the establishment of CBDCs is already being deployed by:

  • bank of england
  • Federal Reserve Bank of New York
  • Monetary Authority of Singapore
  • Central Banks of Spain and Switzerland

About 12 CBDCs have been launched so far, with another 17 currently in pilot stages, alongside 72 in research and development. tracker from AC.

Despite recent speculation and interest, the AC’s major findings report that more than 20 countries will “take significant steps towards CBDC pilots” in 2023. These countries include:

  • Australia
  • sea ​​bream
  • Brazil
  • India
  • Korea
  • Russia

This conversion to CBDC was evidenced by the Governor of the Central Bank of India on 21st December 2022. Despite calling for a ban on cryptocurrencies, he said countries should adopt his CBDC to reduce the need to print fiat currencies.

Posted In: Australia, Brazil, China, India, Russia, Singapore, Spain, Switzerland, Thailand, United Kingdom, United States, Adoption, CBDC

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