G7 governments move towards rollout of central bank digital currencies

In December 2022, all of the G7 economies had begun developing their own central bank digital currencies (CBDCs), according to the Atlantic Council (AC).

The AC also reported that 11 countries have already fully launched a CBDC, with China’s pilot program set to expand to cover most of the country in 2023.

The AC found that a total of roughly a dozen CBDCs have been launched so far, with 17 in the pilot phase and 72 in the research and development phase.

The Bank of England, Federal Reserve Bank of New York, Monetary Authority of Singapore, and central banks in Spain and Switzerland are among the institutions that have already begun rolling out CBDCs.

In 2023, over 20 countries, including Australia, Thailand, Brazil, India, South Korea, and Russia, are expected to take significant steps towards piloting a CBDC, according to the AC.