Authoritative bodies throughout the globe are reportedly investing an increasing amount of resources into CBDC study and exploratory use cases. 

Specifically, the objective of grasping the knowledge regarding the opportunity and challenges of a CBDC is reportedly being carried out throughout 81 nations, with five leading countries rolling out full implementation of a digitized version of their fiat currency, as disclosed by a freshly designed tracker from the Atlantic Council. 

The Caribbean area is currently hosting all five CBDCs that are in circulation at the moment, with The Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia and Grenada all working on the implementations of their digital cash networks. 

CBDCs are reportedly entering the trial phases in 14 other nations, nominally South Korea and Sweden. China seems to be ahead of the race, with plans down the pipeline to implement digital-yuan usage throughout the 2022 Winter Olympics taking place in Beijing. 

Formed in 1961, the Atlantic Council reportedly operates as a nonpartisan organization, having a primary goal of promoting U.S. leadership on a variety of global challenges. The CBDC tracker, which was introduced on July 22nd, is in charge of supervision for 83 countries and currency unions.

Throughout the nations with the top four central banks – US Federal Reserve, European Central Bank, Bank of Japan and Bank of England — the U.S. is at the last spot when it comes to CBDC development. 

The Federal Reserve has reportedly been putting in extensive efforts in studying CBDCs for numerous years, with Chairman Jerome Powell’s revelation in January that digital-dollar development is a “very high priority” to fight against financial crime.