Research on Central Bank Digital Currencies (CBDCs) is actively being conducted in 134 countries, covering 98% of the global economy. This is a significant increase from 35 countries in 2020. The growing interest in CBDCs is driven by the decline in cash usage and challenges posed by cryptocurrencies. Countries aim to create digital versions of their national currencies to increase transparency, improve financial inclusion, and strengthen control over monetary flows.
China is leading the way with its digital yuan (e-CNY), which has been in active testing since 2014, with transaction volumes reaching nearly USD 1 trillion as of June 2024. Other countries, including Brazil, Ukraine, India, and South Africa, are also in the pilot phase of their programs. In the United States, a wholesale CBDC is under development, while Europe is testing a digital euro for cross-border payments.
This global interest in digital currencies highlights the significant influence of technology on the future of the financial system, with the potential to reshape payment methods and cross-border transactions.
