Which Country Has CBDC?

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Are you curious about which country has implemented central bank digital currency (CBDC)? With a staggering 130 countries actively exploring CBDCs, representing almost all of the global GDP, this is rapidly becoming more than just an exciting buzzword.

Our detailed rundown will help you navigate through the sea of information about various CBDC projects globally and their implications. Get ready to dive into this compelling world of digital finance!

Which Country Has CBDC?

Several countries have developed or are actively exploring Central Bank Digital Currencies (CBDCs) as part of their monetary and financial innovation efforts.

Notable pioneers include China, which has launched a digital yuan pilot program in several cities, and the Bahamas, with the Sand Dollar already in circulation. Sweden is another frontrunner, with its e-krona project, while countries like the United States, the Eurozone, and Canada are in various stages of researching and planning CBDCs.

The motivations behind CBDC adoption vary, including enhancing financial inclusion, improving payment systems, and responding to the rise of private cryptocurrencies. As technology and regulations evolve, more nations are likely to join the CBDC journey.

Key Takeaways

  • Thailand, Hong Kong, China, and the UAE have joined forces in the mBridge project to make it easier to use digital money from any central bank for purchases.
  • Australia, Singapore, Malaysia, and South Africa are exploring the development of their own CBDCs through Project Dunbar.
  • Israel and Hong Kong are working together on Project Sela to explore the potential benefits of a CBDC.
  • France, Singapore, Switzerland are partnering in Project Mariana to test their own CBDC systems.
  • The UK is conducting Project Rosalind as its CBDC project.
  • Canada has been leading Project Jasper to understand the potential benefits of using digital currencies for payments within its financial system.
  • Sweden has already launched its own CBDC.

CBDC Projects Around the World

Several countries have embarked on the development and implementation of Central Bank Digital Currencies (CBDCs) through various projects.

Multiple CBDC Bridge (mBridge) (Thailand, Hong Kong, China, UAE)

The mBridge project is a big deal. It has four countries: Thailand, Hong Kong, China and the UAE. These places are working together. They want to make it easier to buy things with digital money from any central bank.

This could change the way money moves around the world!

Project Dunbar (Australia, Singapore, Malaysia, South Africa)

Project Dunbar is a CBDC project involving four countries: Australia, Singapore, Malaysia, and South Africa. These countries are exploring the development and implementation of their own central bank digital currencies.

While specific details about the progress and launch dates of Project Dunbar are not mentioned in the available information, it is important to note that these countries have shown interest in joining the global trend towards CBDC adoption.

With more than 130 countries exploring CBDCs worldwide, it’s clear that this technology has gained significant attention as countries aim to modernize their financial systems and enhance digital payment capabilities.

Project Sela (Israel, Hong Kong)

Israel and Hong Kong are working together on a project called Sela to explore the development of a central bank digital currency (CBDC). Both countries have shown interest in CBDCs and are conducting research to understand their potential benefits and implications.

While specific details about Project Sela are not provided, it is part of the larger global trend of countries exploring CBDCs as a way to modernize their financial systems and adapt to the changing landscape of digital payments.

Israel and Hong Kong join other countries in this endeavor, demonstrating the increasing global interest in CBDC development.

Project Icebreaker (Israel, Norway, Sweden)

Israel, Norway, and Sweden are working together on Project Icebreaker to explore the potential of a central bank digital currency (CBDC). This collaboration aims to develop a secure and efficient digital payment system that can be used for everyday transactions.

The project is in its early stage, with research and feasibility studies being conducted to determine the technical requirements and regulatory considerations. As part of their efforts, these countries are also assessing the impact of CBDCs on financial stability, monetary policy, and consumer protection.

While there is no specific timeline for the launch of their CBDC, this partnership highlights the growing interest in digital currencies among governments worldwide.

Project Mariana (France, Singapore, Switzerland)

Project Mariana is a collaboration between France, Singapore, and Switzerland. These countries are exploring the concept of central bank digital currencies (CBDCs). They are working together to develop and test their own CBDC systems.

The project aims to understand the potential benefits and challenges of CBDCs in areas such as cross-border payments, financial inclusion, and monetary policy. It is part of a global trend towards embracing digital currencies to modernize payment systems and enhance financial services.

Project Jura (France, Switzerland)

Project Jura is a collaboration between France and Switzerland to explore the development of central bank digital currencies (CBDCs). Both countries have expressed interest and are making progress in this area.

France has been actively exploring CBDCs, with the Banque de France conducting experiments and pilot tests. Meanwhile, Switzerland’s central bank, Swiss National Bank, has partnered with the Bank for International Settlements Innovation Hub to work on various CBDC projects.

Project Jura aims to leverage technology and innovation to enhance their financial systems and improve digital payment solutions. The details of specific launch dates or other implementation aspects can be found through further research.

Onyx/Multiple wCBDC (France, Singapore)

France and Singapore are working together on a project called Onyx, which focuses on developing multiple wholesale Central Bank Digital Currencies (wCBDCs). This collaboration aims to explore the potential use of CBDCs in cross-border transactions.

Both countries have made significant progress in their CBDC development, indicating their commitment to exploring digital currencies as a means of improving financial systems and transactions.

By working together, France and Singapore are contributing to the global efforts in advancing CBDC technology and its potential benefits for international trade and finance.

Project Rosalind (UK)

Project Rosalind is the CBDC project in the UK. The UK government has been exploring the possibility of launching a digital currency issued by their central bank. While there are no specific details available about the progress or timeline of Project Rosalind, it is part of the broader global trend towards countries considering and developing their own digital currencies.

With over 130 countries, including major economies like China and the European Union, exploring CBDCs, it highlights the growing interest and importance of this technology in shaping our future financial systems.

Project Helvetia (Switzerland)

Switzerland is one of the countries exploring the development of a Central Bank Digital Currency (CBDC). One of their initiatives is Project Helvetia. It aims to create a digital currency that can be used for everyday transactions, similar to cash or electronic payments.

Switzerland has a strong financial industry and is known for its innovation in banking and technology. With Project Helvetia, they are looking into the potential benefits and implications of introducing a CBDC in their country.

This project shows Switzerland’s commitment to staying at the forefront of digital finance and ensuring that their citizens have access to secure and efficient payment options.

Project Jasper (Canada)

Canada is also actively exploring the concept of a Central Bank Digital Currency (CBDC) through its project called Jasper. The project is being led by the Bank of Canada in collaboration with other financial institutions and technology partners.

Its main objective is to understand the potential benefits and challenges associated with using digital currencies for making payments in Canada’s financial system. Through research, experimentation, and testing, Project Jasper aims to provide insights into how CBDCs can enhance efficiency, security, and resilience in the payment ecosystem.

This initiative reflects Canada’s commitment to staying at the forefront of global financial innovation.

Project Polaris (Multiple countries)

Project Polaris is a CBDC project that involves multiple countries. It is part of the global trend towards developing central bank digital currencies. The specific countries involved in Project Polaris have not been mentioned in the provided outlines, but it can be inferred that they are among the 130 countries exploring CBDCs.

This project aims to create a digital currency issued by central banks that can be used for transactions and payments within each participating country. With Project Polaris, these countries are joining the growing movement towards a cashless economy and embracing digital financial technology.

Key Findings and Timeline

Throughout the past few years, we’ve seen a significant increase in the exploration and development of CBDCs around the world. Here is a timeline of some of the key findings and developments:

YearCountryCBDC ProjectKey Findings
2016-2020CanadaProject JasperCanada becomes one of the G20 countries to enter the advanced stage of CBDC development
2018-2021SwedenN/ASweden becomes one of the first countries in the world to launch a CBDC
2020The Bahamas, Eastern Caribbean Currency UnionN/AThe Bahamas and Eastern Caribbean Currency Union launch their CBDCs, contributing to the eight Caribbean countries to do so
2021Nigeriae-NairaNigeria launches its CBDC, the e-Naira
2021-2022France, Singapore, SwitzerlandProject Mariana, Project Jura, Onyx/Multiple wCBDCThese countries show progress in the development of their own CBDCs
2021-2022Israel, Hong KongProject Sela, Project Icebreaker, Project AurumThese countries initiate projects to explore the possibilities of CBDC development
2022ChinaMultiple CBDC Bridge (mBridge)China, alongside Thailand, Hong Kong, and UAE, joins mBridge and becomes one of the countries to have launched a CBDC

Keep in mind that the specific launch dates, apps, purchasing methods, and other details related to each country’s CBDC can be searched separately for more detailed information.

Importance and Implications of CBDCs

CBDCs, or central bank digital currencies, are becoming increasingly important in today’s digital world. These digital versions of national currencies have several implications for countries and their economies.

Firstly, CBDCs can promote financial inclusion by providing access to banking services for unbanked populations. With CBDCs, people can make digital transactions easily and securely without the need for traditional banks.

This can help bridge the gap between the financially included and excluded individuals.

Secondly, CBDCs offer faster and more efficient payment systems. Traditional methods like cash or even card transactions can be time-consuming and costly. With CBDCs, payments can be made instantly with lower transaction fees.

This benefits both individuals and businesses by increasing convenience and reducing costs.

Furthermore, CBDCs have the potential to enhance monetary policy implementation. Central banks can have better control over money supply as they would directly issue and manage these digital currencies.

This allows them to respond quickly to economic changes and implement effective monetary policies to stabilize the economy.

CBDCs may contribute to fighting against illegal activities such as money laundering or terrorism financing due to their traceable nature on decentralized ledgers known as blockchains.

Governments will have enhanced visibility into financial transactions which helps ensure compliance with regulations.

Lastly, CBDCs could impact global finance by potentially reducing dependency on foreign reserve currencies like the US dollar in international trade settlements. Countries that adopt their own digital currency may be less reliant on external settlement systems.


Many countries around the world are exploring and launching CBDCs. China, the Bahamas, the Marshall Islands, Sweden, and the European Union have already launched their CBDCs.

Other countries like Brazil, Ecuador, France, Switzerland, and India are also making progress in developing their own CBDCs. The interest in CBDCs is growing globally as more countries recognize the potential benefits of digital currencies.


What is a CBDC?

A Central Bank Digital Currency (CBDC) is a type of digital or virtual currency made by a country’s central bank. It uses financial technology, often called fintech.

Which countries have CBDCs now?

Some countries like Ecuador, Ghana and the Marshall Islands have their national digital currencies. Other countries like Brazil and India are at different stages in launching their CBDCs.

Does Japan have its own CBDC?

Yes! Japan has started testing its own national digital currency as part of their pilot phase for developing a CBDC.

Where else are they trying out the use of this kind of money?

Australia and Russia both show interest in making their own versions of these currencies too!

Will having this new kind of money change the way we buy things?

It might! This eCurrency means you can pay for things online with it, just like how you would use finance apps or cryptocurrency today.



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About the Author:
Jordan Adams, with a rich background in Finance and Economics and specialized knowledge in blockchain, is a distinguished voice in the cryptocurrency community. Their journey in fintech and digital currency trading has equipped them to offer unique insights into digital finance. Jordan's writing demystifies cryptocurrency concepts with well-researched, practical advice. Engaged in the crypto community, Jordan shares timely market insights, fostering understanding of complex technologies and their practical applications in the evolving digital currency landscape.