How CBDC is Progressing Worldwide..

CBDC (Central Bank Digital Currencies) is a digital form of fiat currency that will be available in digital form. As of now, we use fiat currency for goods and services but once with CBDC we would be able to use the same money in digital form. Many countries are working on and even India is on the list of countries where we might have this available this year most probably. Digitization is making things easy and cost-effective which is good for the economy so the government is trying to adopt ways that can not just transform the economy to global but also it can lead to innovation and cost-effective solutions.

There is a tracking website where we can see the status on the global front. https://cbdctracker.org/ is one of the websites where we can see the status of various countries in CBDC. There are 5 stages and these are coded with different colors.

• Cancelled
• Research
• Proof of Concept
• Pilot
• Launched

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A major chunk is shown with green color that means these are the countries where research is going on and red means its canceled but its too little on the map.

Here is the list of the top 10 countries and years when they announced it. Brazil is the first country that had announced it in the year 2017 and they are currently in the stage of proof of concept. Its not launched there yet but soon it might get launched and even Australia is the same. They announced it in 2020 and within 2 years they are in the stage of proof of concept.

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The rest of the countries including India, Singapore, etc are still in research mode but India seems to be doing good. This project is driven by RBI here and there have been some updates in the past that CDBC will be launched in 2022. India doesn't have a clear stand about crypto but here they are leading and it would be great if they launched the CBDC and also provide the option to buy crypto using this digital form of money.

Along with CBDC, crypto regulation is another thing that is in process here in India, and the crypto community is eagerly waiting for the day when they would be able to have some clear information or policies by the government.

I think that now in the 21st century when technology is evolving and we have got the revolution in form of crypto and blockchain then its not right to say no to crypto. Its the high time when counties need to join the revolution through crypto as well as digital money in form of CBDC so that their citizens have more control over the money it all can be operated through digital mediums.

I look forward to having this launched in India this year and this will give a boost to digital payments. Indian govt has been running an initiative called digital India so this will add more value to this for sure.

Thank you so much

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