The following is a compilation of central bank digital currencies (CBDCs) that have been launched or are currently in development:
- Bahamas: Sand Dollar (launched in October 2020)
- China: Digital Yuan (under development)
- Eastern Caribbean Currency Union: DCash (launched in April 2021)
- Nigeria: eNaira (launched in October 2021)
- Sweden: e-krona (under development)
- United Arab Emirates: UAE Coin (under development)
- Uruguay: e-Peso (under development)
- Venezuela: Petro (launched in December 2017)
These CBDCs are still in their early stages, and their impact on the global financial system remains uncertain. Nevertheless, they have the potential to transform the way we conduct transactions and could significantly influence the global economy.
CBDCs offer several potential benefits, including:
- Enhanced convenience and speed of payments.
- Reduced transaction costs.
- Improved accessibility to financial services.
- Increased security against crime and fraud.
However, CBDCs also present potential risks, such as:
- Potential infringement on financial privacy.
- Potential exploitation for money laundering and illicit activities.
- Potential for inflationary effects.
- Potential disruption to the global financial system.
In summary, CBDCs represent a significant innovation in the global financial landscape. Nevertheless, thorough evaluation of their potential benefits and risks is necessary before widespread adoption occurs.