At least 18 central banks are developing national digital currencies

By Selena 12/29/19 7:01 PM

The list of central banks is developing sovereign digital currencies, or the Central Bank’s Digital Currency (CBDC) is growing. Because the CBDC concept is becoming more and more well known and continues to thrive.

At least 18 central banks are developing sovereign digital currencies

According to a new study by Blockchain and cryptocurrency news The Block, of more than 60 central banks analyzed, 18 central banks have publicly acknowledged developing or having launched their own CBDC.

Central banks used the most common platform seems to be R3’s Corda Enterprise Blockchain. The Block’s listing shows that at least four countries/central banks have issued and launched their digital currencies. The remaining 14 names are in the process of developing or having launched pilot programs with third-party Blockchain software vendors.

The Block’s list does not list central banks claiming they are “considering” or “researching” digital currencies.

The list of central banks is developing sovereign digital currencies | Source: The Block

Will CBDC massively appear after 2020?

According to an official press release, the Bahamas Central Bank (CBOB) will test its digital currency on December 27 in the Exuma district and plans to expand the pilot in the first half of 2020 further.

The digital currency is being developed based on an initiative called “Project Sand Dollar” and will be the first Bahamas digital currency. This initiative aims to help access financial services more effectively and without discrimination.

Meanwhile, Switzerland expressed its negative attitude to the central bank’s digital currency (CBDC), the government claiming that the CBDC could do more harm than good. However, in mid-December, the Swedish Central Bank is also planning to create a pilot platform for a digital currency called e-krona. Swedish central bank said it would partner with professional service company Accenture in Ireland to create e-krona.

This move by Riksbank aims to raise awareness about the potential of digital currencies as the bank reported:

“The main goal of the e-krona pilot project is to expand the bank’s understanding of technical possibilities for e-krona.”