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Three-quarters of Central Banks Eye CBDC Launching -Breaking

by Mike Robinson

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Three-quarters Central Banks Eye CBDC launch
    • PwC has revealed in a recent report that nearly three-quarters (75%) of central banks consider or have launched a central banking digital currency (CBDC).
    • The second annual Global CBDC Index report measures any central bank’s level of maturity when it comes to developing its own digital currency.
    • CBDC research and testing will increase in 2022.

PwC’s recent survey shows that over three quarters of central banks have launched or are in the process of launching a digital currency for central banks (CBDC).

The second annual Global CBDC Index report that was released on Monday measures any central bank’s level of maturity when it comes to developing its own digital currency. This report also includes a first-ever overview of stability coins.

A blockchain and crypto specialist from PwC, Haydn Jones, stated in this report that “over 80% of central banks are considering launching a CBDC or have already done so”.

Out of 100 CBDCs, the report ranked them both as retail CBDCs and wholesale CBDCs. These are CBDCs that anyone can use, while wholesale CBDCs can only be used by financial institutions. It was found that wholesale CBDCs had a lower level of maturity than retail CBDCs.

Nigeria’s “eNaira” got a score of 95, which makes it the most developed across both the retail and wholesale categories.

With regards to the retail category, the Bahamas stood out as they are the first country to ever launch a CBDC – The Sand Dollar. The Jam-Dex in Jamaica is set to go live this year. Thailand, on the other hand, is currently developing their CBDC and is testing it.

With their joint mBridge project, which is focused on cross-border payment and Thailand and Hong Kong topping the wholesale category. France and Singapore were also awarded high marks in this category, thanks to their continuous exploration and development CBDC project projects.

According to Jones “CBDC research, testing and implementation will intensify in 2022”.

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