What Is The Current State Of Global CBDC Race?

28 Aug 2020 — What is the current state of global #CBDC race?

Earlier this week, the Bank for International Settlements – BIS published a working paper that looks at the economic and institutional motives behind current CBDC projects and how they might shape the design of such currencies.

The 44 pages report focuses on the varying reasons between countries intending to issue them, their policy approaches and technical designs and is based on more than 16,000 central bank speeches, actual development efforts, technical designs published, public reports and interviews with central bank experts.

From the report, as of mid-July 2020, at least 36 central banks have published retail or wholesale CBDC work.

Ecuador, Ukraine and Uruguay have completed a retail CBDC pilot while the Bahamas, Cambodia, China, the Eastern Caribbean Currency Union, Korea and Sweden are currently ongoing.

On wholesale CBDC, 13 have announced research or development work including Singapore, Hong Kong, Thailand and Saudi Arabia.

From the report, looks like Cambodia is currently at the pole position of Southeast Asia retail CBDC race. Previous #Propine poll seemed to suggest Singapore as the front runner instead.

What are your views? Comment with thanks.

BIS full paper:

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