81 countries are exploring the opportunities and challenges of central bank digital currency (CBDC)

Original title: Countries that account for more than 90% of global GDP are exploring CBDC

Governments around the world are investing more resources in CBDC research and exploratory use cases. Among the major economies, China appears to be leading and plans to implement the use of digital renminbi during the 2022 Beijing Winter Olympics.

A new tracker from the Atlantic Council shows that 81 countries are exploring the opportunities and challenges of central bank digital currencies (CBDC), and 5 of them are fully implementing digital versions of their currencies.

The Caribbean is home to all five CBDCs currently in use, of which the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia and Grenada are all implementing their digital cash systems.

The tracker shows that 14 countries, including South Korea and Sweden, are also in the CBDC pilot phase.

The Atlantic Council was founded in 1961 and claims to be a non-partisan organization designed to promote America’s leadership on various world issues. The CBDC tracker was announced on July 22 and currently monitors 83 countries and currency unions.

Among the countries with four major central banks—the Federal Reserve Bank of the United States, the European Central Bank, the Bank of Japan, and the Bank of England—the United States is the least behind in CBDC development.

The Federal Reserve has been studying CBDC for several years, and Chairman Jerome Powell said in January this year that the development of the digital dollar is a “very priority” in the fight against financial crime. At the same time, the President of the Federal Reserve Bank of New York, John Williams, believes that the emergence of cryptocurrencies has brought challenging problems for the central bank.

China recently stated that during the 2022 Winter Olympics, foreign tourists will be allowed to use digital renminbi-as long as they share passport information with the People’s Bank of China. A group of U.S. senators, including Bitcoin supporter Cynthia Lummis, called on U.S. Olympians to boycott the digital renminbi. According to a report in the South China Morning Post, Beijing’s response was to tell the U.S. senator to “stop making trouble.”

According to the People’s Bank of China, nearly 21 million people have opened virtual wallets for the use of digital renminbi.

Text: SAM BOURGI

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/81-countries-are-exploring-the-opportunities-and-challenges-of-central-bank-digital-currency-cbdc/
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