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A recent report has shown that a total of 134 countries including BRICS states or 98% of the global economy are exploring central bank digital currencies (CBDC) in their countries. Almost half of the countries are at advanced stages. A CBDC is a virtual money backed and issued by the central bank. According to the report, pioneers of the initiative like the Bahamas, China, and Nigeria are beginning to see an uptick in usage, according to results of the study published Tuesday. A total 44 countries are piloting the CBDCs Data from US based Atlantic Council’s research shows that 65 countries including Australia, Brazil and India are now at advanced stages of exploring the CBDCs, including development stage, piloting or launch phase. The study also revealed that all the G20 nations are now looking into CBDCs while 19 are at advanced stages of exploring the CBDCs. Of these, 13 are in pilot stage, including Japan, India, Brazil, Turkey, Australia, and Russia. According to the thinktank, 44 countries are piloting the digital currencies. This represents a growth of 22 percent on the 36 countries that were recorded a year ago and is part of a global push by authorities to respond to declining cash usage as well as a threat to their money-printing powers from the likes of bitcoin and “Big Tech.” According to the study, 39 countries are at research stage including Argentina, Chile, Pakistan, and Zimbabwe. Josh Lipsky and Ananya Kumar from the Atlantic Council indicated one of the most noticeable developments was the increase the Bahamas, Jamaica and Nigeria’s CBDCs. These are the only three countries that have officially launched the program in their countries, despite the vast global interest the CBDCs have garnered. “There has been a narrative that the countries that have launched CBDCs have seen…

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Filed under: News - @ September 17, 2024 10:19 pm