A recent report reveals that 134 countries, representing 98% of the global economy, are exploring central bank digital currencies (CBDCs), with 44 currently piloting these solutions. This marks a significant increase from 35 countries in May 2020. Nearly 99% of the global economy is now engaged with CBDC technology.

Currently, over 65 countries, including India, Australia, and Brazil, are in advanced stages of CBDC development, whether in pilot, development, or launch phases. All G20 nations are investigating CBDCs, with 19 at advanced stages. Despite this global interest, only The Bahamas, Jamaica, and Nigeria have fully launched CBDCs and are working on expanding their reach.

The push towards CBDCs is also seen as a geopolitical strategy, with BRICS countries — Brazil, Russia, India, China, and South Africa — piloting CBDCs as an alternative to the dollar. The Atlantic Council notes that cross-border CBDC projects have doubled since Russia's invasion of Ukraine and the subsequent G7 sanctions, with new projects connecting banks in China, Thailand, and the UAE.

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