China, Cambodia, and the Bahamas Are Leading CDBC Race, Taskforce Launched by the UK

Cryptocurrency Cryptocurrency Regulation News

At present, several countries from all over the world working day and night to launch their own central bank digital currencies (CDBCs). While every country is trying its best to gain higher ground in terms of CBDC, three countries are currently taking the lead.

The names of these three countries are China, Cambodia, and Bahamas that are ahead of the rest in terms of CDBC advancement. The particular countries have made so much progress and development in the CBDC sector; they are almost close to launching CBDCs publicly.

The recent stats show that out of all countries working on CBDC projects, only 23% of the countries have managed to make enough progress that they are now at the implementation phase.

In addition to the above, 70% of the countries working on the same projects are currently undergoing pilot and testing phases. PwC has shared this information, which is a popular international consultancy.

While these countries continue making progress in the CBDC sector, a new Taskforce has been formed in the United Kingdom. The sources have confirmed that the Taskforce has been formed with the collaboration between Her Majesty’s Treasury and the Bank of England (BoE).

The local media sources have confirmed that the formation of the Taskforce is the first step that the United Kingdom has taken in order to start its work in the CBDC sector.

Similar to other countries from around the world, the United Kingdom also wants to aboard the CBDC train. It is the right time for UK to make the move and have the right teams collaborate in order to work on the CBDC project.

While the rest of the countries continue making progress in the CBDC adoption and launch, Cambodia and the Bahamas have already taken the lead.

Both countries have reportedly made official announcements that the central bank digital currencies (CBDCs) are now public in their regions.

On the third spot is China, which is also in its final stages but has been walking its digital-yuan through extensive testing before the official launch. Just recently, the central bank of China has confirmed they plan to launch the digital yuan (CBDC) by 2022.

A spokesperson from the People’s Bank of China has recently confirmed that the regulator is determined to launch the digital yuan before the 2022 Winter Olympics.

The country aims to make the digital yuan available for foreign visitors and athletes who will be participating in the Olympics. The goal is to let them use the digital yuan and get used to it, which would bring significant exposure to the digital yuan project internationally.

After China, several other countries will be following its trails such as Canada, Singapore, South Korea, Japan, and Venezuela who are also in the process of finalizing their CBDC.

Leave a Reply

Your email address will not be published.