|
Jurisdictions Where Retail CBDC Is Being Explored (as of March 6, 2022) |
|
|
Where central banks (CBs) have launched or piloted (or soon will) |
|
|
|
|
|
Hungary (completed 2021) |
|
|
United States (2022) |
|
|
Kazakhstan (completed 2021) |
|
|
Where CBs are in advanced stages of research and development |
|
|
Where CBs have explored or are exploring (with year of last update) |
|
|
Morocco (2019)(update; 2022) |
|
|
Brazil (2021)(update, 2021) |
|
|
Chile (2021) |
|
|
Curaçao en Sint Maarten (2018) |
Pakistan (2021) |
|
Czech Republic (2021) |
Palestine (2021)(update; 2022) |
|
Denmark (2017) |
|
|
Philippines (2022) |
|
|
Eswatini (2020) |
|
|
Georgia (2021)(update; 2021) |
|
|
Hong Kong SAR (2021) |
South Africa (2021) |
|
Iceland (2018) |
|
|
Switzerland (2019) |
|
|
Taiwan (2020)(update; 2022) |
|
|
Trinidad & Tobago (2021)(update; 2022) |
|
|
Tunisia (2018)(update; 2022) |
|
|
Lebanon (2020)(update; 2022) |
|
|
Kuwait (2019)(update; 2022) |
|
|
Madagascar (2021) |
|
|
Malaysia (2021) |
|
|
Where CBs have explored or are exploring (according to reputable sources) |
|
|
Rwanda (2022) |
|
|
Macau (2021) |
|
|
|
|
|
Where CBs have launched and discontinued |
|
|
Sources: Central banks or various news sources per hyperlinks above, the Bank for International Settlements CBDC database and CBDCTracker.org. Note: Retail CBDC is a broadly available general purpose digital payment instrument, denominated in the jurisdiction’s unit of account, that is a direct liability of the jurisdiction’s monetary authority. This table does not cover wholesale CBDC, which is limited to a set of predefined user groups, typically financial institutions. |
|
Recent papers that focus on the practical aspects of CBDC issuance:
Kiff, J., J. Alwazir, S. Davidovic, A. Farias, A. Khan, T. Khiaonarong, M. Malaika, H.K. Monroe, N. Sugimoto, H. Tourpe, and P. Zhou. 2020. “A Survey of Research on Retail Central Bank Digital Currency,” IMF Working Paper No. 20/104.
Adrian, T., and T. Mancini-Griffoli. 2019a. “The Rise of Digital Money,” IMF Fintech Note 19/01.
Auer, R., J. Frost, L. Gambacorta, C. Monnet, T. Rice and H.S. Shin. 2021. “Central Bank Digital Currencies: Motives, Economic Implications and the Research Frontier,” Bank for International Settlements Working Paper No. 976, November.
Auer, R. and R. Boehme. 2021. “Central Bank Digital Currency: The Quest for Minimally Invasive Technology,” Bank for International Settlements Working Paper No. 948, June.
Bank for International Settlements. 2020. “Central Bank Digital Currencies: Foundational Principles and Core Features,” October.
Bank of England. 2020. “Central Bank Digital Currency: Opportunities, Challenges and Design,” Discussion Paper, March.
Bindseil, U. 2020. “Tiered CBDC and the Financial System,” European Central Bank Working Paper No. 2351, January.
Bossu, W., M. Itatani, C. Margulis, A. Rossi, H. Weenink and A. Yoshinaga. 2020. “Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations,” IMF Working Paper No. 20/254.
Brookings Institution. 2020. "Design Choices for Central Bank Digital Currency: Policy and Technical Considerations," Global Economy & Development Working Paper 140, July.
European Central Bank. 2020. “Report on a Digital Euro,” October.
Niepelt, D. (ed.). 2021. Central Bank Digital Currency: Considerations, Projects and Outlook, Centre for Economic Policy Research, November.
Shah, D., R. Arora, H. Du, S. Darbha, J. Miedema, and C. Minwalla. 2020. “Technology Approach for a CBDC,” Bank of Canada Staff Analytical Note 2020-6.
Soderberg, Bechara, Bossu, Che, Davidovic, Kiff, Lukonga, Mancini-Griffoli, Sun and Yoshinaga. 2020. "Behind the Scenes of Central Bank Digital Currency," IMF FinTech Note No 2022/004.
Sveriges Riksbank. 2020. Economic Review: Second Special Issue on the E-Krona.
World Bank. 2021. “Central Bank Digital Currency: A Payments Perspective.”
World Economic Forum. 2020. Central Bank Digital Currency Policy-Maker Toolkit. And the WEF’s Ashley Lannquist maintains the ultimate CBDC reading list here!
