Central Bank Digital Currency Tracker
Over 130 countries, representing 98% of global GDP, are currently exploring central bank digital currencies. The momentum has accelerated sharply since 2020, driven by the decline of physical cash usage, the rise of private stablecoins, and geopolitical competition for monetary sovereignty.
Countries actively exploring CBDCs over time
CBDC implementations fall into distinct architectural patterns. The choice between retail (consumer-facing) and wholesale (bank-to-bank) determines the scope and complexity of the system. Most advanced economies are pursuing a two-tier model where the central bank issues the currency but commercial banks distribute it.
Comprehensive feature comparison across major CBDC projects worldwide.
| Country | Name | Status | Type | Technology | Launch | Population Covered | |
|---|---|---|---|---|---|---|---|
| Nigeria | eNaira | Launched | Retail | Hyperledger Fabric | Oct 2021 | 223M | |
| Bahamas | Sand Dollar | Launched | Retail | NZIA (Custom) | Oct 2020 | 0.4M | |
| Jamaica | JAM-DEX | Launched | Retail | eCurrency Mint | Jul 2022 | 3M | |
| China | e-CNY | Pilot | Retail | Custom (PBoC) | 2020– | 1,400M | |
| India | e-Rupee | Pilot | Retail + Wholesale | R3 Corda (Custom) | 2022– | 1,430M | |
| South Korea | CBDC Pilot | Pilot | Retail | Ground X (Klaytn) | 2024– | 52M | |
| Brazil | DREX | Pilot | Wholesale | Hyperledger Besu | 2024– | 217M | |
| EU / ECB | Digital Euro | Research | Retail | TBD | TBD (2028?) | 450M | |
| United States | Digital Dollar | Research | TBD | TBD | TBD | 335M | |
| United Kingdom | Britcoin | Research | Retail | TBD | TBD (2030?) | 68M | |
| Japan | Digital Yen | Research | Retail | TBD | TBD | 125M | |
| Canada | Digital CAD | Research | Retail | TBD | TBD | 40M | |
| Saudi Arabia | Aber (w/ UAE) | Pilot | Wholesale | Hyperledger Fabric | 2019– | 36M | |
| Australia | eAUD | Research | Wholesale | Ethereum (Quorum) | TBD | 26M | |
| Denmark | e-Krone | Cancelled | Retail | N/A | Dropped 2022 | 6M | |
| Ecuador | Dinero Electr. | Cancelled | Retail | Custom | Shut 2018 | 18M |
The central tension in CBDC design is between transaction privacy and regulatory compliance. Most central banks are converging on a tiered privacy model: small transactions allow pseudonymity while large transfers require full identity verification. The architecture choice (token-based vs. account-based) fundamentally shapes the privacy characteristics.
Token-based CBDCs can function offline, enabling transactions in areas with poor connectivity. China's e-CNY includes hardware wallets for NFC-based offline payments.
Some designs allow smart-contract-like conditions on money: expiry dates on stimulus payments, restricted spending categories, or automated tax collection.
Project mBridge (BIS, China, UAE, Thailand, HK) demonstrates multi-CBDC platforms enabling instant cross-border settlement without correspondent banking.
Key milestones in the global development of central bank digital currencies.
PBoC establishes digital currency research institute, beginning formal e-CNY development.
The Bahamas becomes the first country to fully launch a CBDC. China begins large-scale e-CNY pilots.
Africa's largest economy launches eNaira. Global CBDC research explodes, with 87 countries actively exploring.
ECB enters preparation phase for Digital Euro. India expands e-Rupee pilot. BIS launches Project mBridge.
Over 30 countries running active pilots. Cross-border CBDC platforms emerge as the next frontier.
Digital Euro targeted for launch. Multiple G20 economies expected to enter pilot or launch phase.