"Wow, there are many countries that have joined the CBDC, do you think Malaysia is included?"
Through analysis conducted by the Atlantic Council, 130 countries are reported to be exploring central bank digital currency (CBDC) but 11 countries including China have successfully launched it fully.
In addition to expecting 95 districts to join the CBDC race in the past three years, 130 countries now such as Japan, South Korea, Australia and the United Kingdom (UK) have introduced several programs.
Then, 46 countries are currently in the research phase while 21 are launching pilot tests.
Like to be informed that almost every G20 country has invested in CBDC projects over the past six months but China, Nigeria, Bahamas, Jamaica and other Caribbean islands are among the most determined countries that want to issue CBDC.
The Chinese authorities have introduced several initiatives to popularize the digital yuan and major local cities such as Shenzhen, Jinan and Lianungan which aim to encourage the use of CBDC have offered various activities for this year's Spring Festival.
There is no denying that the development of retail CBDC in the United States (US) has stalled, but the world's largest economy is moving forward with wholesale CBDC* while Japan and the UK are negotiating with many people regarding the eventual release of CBDC.
*Complete wholesale (large value) financial transactions, such as interbank transfers and securities transactions
The European Central Bank (ECB) also intends to introduce the digital euro as part of its aim for payment solutions to be widely used in online and offline commerce.
Meanwhile, Brazil and India want to launch their CBDC next year while Banco Central do Brasil authorized Mercado Bitcoin , brokerage firm Genial and others to participate in the project.
In summary, the Atlantic Council truly believes that CBDC can provide various benefits such as providing access to money to the unbanked population, increasing settlement efficiency and lower transaction fees.
