Few Countries Have New Digital Currencies; Here's a List

Technology & Telecommunications

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Adi Ahdiat 05/12/2022 14:40 WIB

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To date, only a few countries have successfully launched a digital currency.

Number of Countries Possessing/Developing a Digital Currency (December 2022)

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Number of Countries Possessing/Developing a Digital Currency (December 2022)

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Bank Indonesia (BI) plans to issue a digital currency, or central bank digital currency (CBDC), called 'Digital Rupiah'.

According to the report *Proyek Garuda: Menavigasi Arsitektur Digital Rupiah* released by BI on Wednesday (November 30, 2022), the digital currency will be issued in two types.

First, wholesale Digital Rupiah (w-Digital Rupiah) with limited access and distributed only for wholesale transactions.

Second, retail Digital Rupiah (r-Digital Rupiah) with open public access and distributed for retail transactions.

"The future development of central bank digital currency is not a choice, but a necessity. Central banks still need to explore and test to anticipate the development of digital currency in the future," BI said in its press release on Wednesday (November 30, 2022).

Although projected to be a trend, only a few countries have implemented this financial technology to date.

According to the research institution Atlantic Council, as of December 5, 2022, only 11 countries have successfully launched a digital currency, mostly in the Caribbean:

1. The Bahamas
2. Jamaica
3. Anguilla
4. Antigua and Barbuda
5. Saint Kitts and Nevis
6. Montserrat
7. Dominica
8. Saint Lucia
9. Saint Vincent and the Grenadines
10. Grenada
11. Nigeria

Meanwhile, digital currencies in most other countries are still in the research and development phase, as detailed in the chart.

"Many countries are exploring alternatives to the international payment system. Currently, there are 9 pilot projects for central bank digital currencies for wholesale transactions and 3 pilot projects for cross-border retail transactions between banks," said the Atlantic Council on its official website on Monday (December 5, 2022).

"A total of 19 countries from the G20 group are also exploring central bank digital currencies, and 16 countries are already in the development or pilot phase, including South Korea, Japan, India, and Russia," it continued.

According to the Atlantic Council, the development of this digital currency can encourage financial inclusion for people without bank accounts, and provide cheaper access to money.

"Central bank digital currencies can also improve payment efficiency and reduce transaction costs, create programmable money, increase transparency in money flows, and provide a smooth flow of monetary and fiscal policy," it stated.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Few Countries Have New Digital Currencies; Here's a List

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Few Countries Have New Digital Currencies; Here's a List

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