As of December 2022, all G7 economies had moved into the development stage of a central bank digital currency, according to the Atlantic Council (AC).
The AC found that — despite slow development progression — “11 countries have fully launched a digital currency.”
China’s CBDC pilot is set to expand to most of the country in 2023 — currently reaching 260 million people, according to the AC.
Geared towards improving cross-border payments, mitigating financial crime, increasing financial inclusion and addressing risks posed by other forms of digital currency — CBDC establishment is already being rolled out by:
- The Bank of England
- Federal Reserve Bank of New York
- Monetary Authority of Singapore
- Central banks in Spain and Switzerland
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