Where Central Banks Have Issued Digital Currencies

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from ZeroHedge:

Central bank digital currencies are controlled by governments like traditional currencies are and therefore represent the polar opposite of the idea of decentralized, self-sovereign bitcoins.

As Statista’s Katharina Buchholz reports, several small nations and – since October 2021, Nigeria – have launched central bank digital currencies, and several more populous countries are getting ready to jump aboard a different crypto hype train.

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The European Union today is proposing a legal framework for its planned launch of the digital euro. According to the Central Bank Digital Currency Tracker by Atlantic Council, concrete plans to launch a CBDC were also recorded in Canada, Brazil and the United States, among others.

Countries which are already in a CBDC pilot phase include Russia, Thailand, India, South Korea, Sweden, the United Arab Emirates and Saudi Arabia, according to the source. It is unclear, however, which of these programs could see a proper launch next.

CBDCs were introduced even earlier than in Nigeria in Caribbean countries, for example in the Bahamas and nations and territories that share the currency of the Eastern Caribbean dollar. The Sand Dollar of the Bahamas was the first central bank digital currency of the world upon its launch in 2019 and cleared the way for a rapid adoption around the region’s small nations.

The Chinese digital Yuan pilot made headlines in April 2019, but the project has not moved on since. Like Nigeria, China has a solid digital and mobile payment infrastructure. Large parts of the two countries’ populations leapfrogged card payments and went straight from cash to digital payment options, which became hugely popular – may they be app or text-based. In developing countries, central banks also consider the potential of digital currencies reaching the unbanked.

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