CBDCs are digital currencies issued by a central bank and are pegged to the value of that country's fiat currency.
A CBDC is a new type of central bank currency that harnesses the power of the blockchain.
CBDC is an acronym for “Central Bank Digital Currency,” a new type of currency that governments around the world are experimenting with. What makes a CBDC different than traditional fiat currency is that it uses the blockchain, to potentially increase payment efficiency, lower costs and improve transparency.
How many countries are experimenting with CBDCs?
According to CBDC Tracker, almost all countries in the world are experimenting with CBDCs and are in various phases of development and implementation.
Central Bank Digital Currencies Launched
As of March 2022, there were nine countries and territories that had launched CBDCs which include:
- The Bahamas
- Antigua and Barbuda
- St. Kitts and Nevis
- Monserrat
- Dominica
- Saint Lucia
- St. Vincent and the Grenadines
- Grenada
- Nigeria
There are also +80 other countries with CBDC initiatives and projects underway.