G7 Countries have Decided to Move to the Development Phase of CBDC
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The G7 economic alliance has already been working on their CBDC or Central Bank Digital Currency project. According to the latest meeting of G7 nations during the Atlantic Council or AC, the cohort has decided to move to the next stage of CBDCs.
According to the findings and discussions at AC, 11 countries around the globe have already launched their CBDC projects.
On the other hand, the G7 alliance has exclaimed that the development of CBDC has been slowed on account of various economic drawbacks. Among the developed nations, China has already introduced its eCNY project during the Beijing Olympics event last year.
However, in 2023 China is set to take its CBDC project to the nationwide scale. It meant that the nationalized digital currency of China is going to reach 260 million citizens.
Role of CBDCs in Current Fiat Monetary System
According to the observations issued at AC, CBDCs are going to play an important role in improving the limitations of fiat currencies. CBDCs can improve cross-border payments, reduce financial crimes, gear financial inclusion, and cut down the dominance of other cryptocurrencies.
Some of the biggest Central Banks in the world hailing from the UK, USA, Singapore, Spain, and Switzerland are working on rolling out CBDCs under their jurisdictions.
At present, there are around 12 CBDC projects that are already operational. Meanwhile, 17 are in pipeline and pilot phase. On the other hand, about 72 CBDC projects are in the R&D phase as per the tracker generated by the members of the Atlantic Council.
As per the metric issued by Atlantic Council, 20 countries are ready to debut their native CBDC projects in 2023. The AC has commented that some of the biggest economic contributors of the world are working on materializing their CBDC projects to fruition ASAP.
Some of the top countries with expected CBDC launches this year as per AC are Australia, Thailand, Brazil, Russia, and South Korea.
The new emphasis on CBDC has become conspicuous on account of the latest stance of the Indian Central Bank. The Indian CB governor has kept a stern stance towards cryptocurrencies throughout the last year.
Furthermore, the financial minister’s office of India has imposed heavy taxes on cryptocurrency trading. On the other hand, the Indian CB governor has emphasized the importance of the CBDC launch to reduce the damage to the money supply.
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