G7 economies enter CBDCs’ development phase
According to the Atlantic Council, CBDCs are in development phases in G7 economies and over 20 other nations.
According to the Atlantic Council, by December 2022, all G7 countries have entered the development phase of a central bank digital currency. Despite sluggish growth, the AC noted that “eleven nations have completely launched a digital currency.”
According to the AC, China’s CBDC pilot program will spread to the majority of the nation in 2023, now reaching 260 million people.
For the purposes of enhancing cross-border payments, reducing financial crime, expanding financial inclusion, and limiting the risks presented by other types of digital money, the CBDC is already being implemented by the UK’s central bank, The New York Branch of the Federal Reserve, Singapore’s Financial Authority, Spain and Switzerland each have a central bank.
According to an AC tracker, around a dozen CBDCs have been introduced so far, while 17 are in the pilot phase and 72 are in the research and development phase.
Despite discussion and interest in previous years, the major results of the AC indicate that in 2023, over 20 nations will “take important measures toward launching a CBDC.”
On December 21, 2022, while advocating for a ban on crypto, the governor of India’s central bank said that the government should embrace CBDCs to minimise the need to issue fiat currencies, demonstrating this shift towards CBDCs.