A new report reveals that 134 countries, representing 98% of the global economy, are actively exploring digital currencies, with 44 of them currently piloting CBDCs (Central Bank Digital Currencies).
According to the U.S.-based Atlantic Council think tank, CBDCs have garnered significant global interest, with nearly 99% of the world's economy focused on this emerging technology. As of September, 134 nations are studying CBDCs, a sharp increase from just 35 in May 2020.
Over 65 countries, including India, Australia, and Brazil, are in advanced stages of CBDC development, with several G20 countries deeply engaged in research and pilot programs. However, only three countries — The Bahamas, Jamaica, and Nigeria — have fully launched CBDCs, and they are expanding their domestic use.
The report also highlights that geopolitical factors are driving this push for digitization, with BRICS nations piloting CBDCs as an alternative payment system to the U.S. dollar. Since Russia's invasion of Ukraine, cross-border CBDC projects have surged, particularly in China, Thailand, and the UAE.
