CBDC pioneers: Which countries are currently testing a retail central bank digital currency?

Authors: Jonas Weisbrodt, Jonas Gross

Please find an updated analysis here (July 2021).

Central bank digital currencies (CBDC) are currently a hot topic. A study by the Bank for International Settlements (BIS) from January 2020 shows that 80% of worldwide central banks are engaged in CBDC-related research (Boar et al. 2020, p. 3). The percentage of central banks that run experiments or proofs-of-concept is also growing, reaching almost 50%. 10% of