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Haiti

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Haiti

Status : Development

Usecase : Retail, Wholesale

The Bank of the Republic of Haiti (BRH) is exploring the potential of a Central Bank Digital Currency (CBDC) for the country’s economy. Governor Jean Báden Dubois highlighted the transformative impact it could have during a presentation in April 2021. EMTECH, an American digital currency infrastructure provider, and HaitiPay, a Haitian FinTech company, presented a proof of concept for a CBDC in May 2022. The motivation behind this initiative is to enhance financial inclusion and improve the interoperability of payment systems in Haiti. The sources for this information include the Bank of the Republic of Haiti, Atlantic Council Research, and omfif.org.

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Tunisia

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Tunisia

Status : Pilot

Usecase : Wholesale

In July 2021, the BCT and the Bank of France conducted a round of wholesale CBDC exchange trials, involving wire transfers between commercial banks in each country without using SWIFT. The BCT is working with fintech firm ProsperUs to develop a wholesale CBDC that can improve transactions between central banks and make remittances faster and more cost-effective. Tunisia also has a blockchain-based e-dinar, issued by the government’s post office, that has been in circulation since 2015 but does not involve the BCT. Tunisia hopes to employ this CBDC in transfers among North African countries including Morocco, Algeria, Libya, and Mauritania.

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Why the Fed Needs to Start Issuing Digital Dollars

The U.S. could possibly lose the digital war to China if it doesn’t issue a digital dollar ahead of the digital yuan.

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Tunisia Denies CBDC Reports: Here Is How the False News Spread

Earlier this month, media reported that Tunisia had become the first country to issue a CBDC. Now that the central bank has denied the news, it’s time to take a closer look…

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Egypt

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Egypt

Status : Research

Usecase : Undecided

The Central Bank of Egypt (CBE) has been researching the viability of integrating a digital currency into the country’s financial system. In 2018, Vice Governor Ayman Hussein announced a study in collaboration with international financial institutions to assess the potential of a digital currency. This initiative was prompted by the high percentage of unbanked individuals in Egypt, which stood at around 84% at the time. The CBE has continued its research and development efforts, focusing on the use cases and potential partnerships for the digital currency. Additionally, they are working on the development of an electronic customer identification system.

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Kenya

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Kenya

Status : Research

Usecase : Retail

In October 2020, CBK Governor Njoroge noted that the central bank has been in discussion with global players about CBDC and that the push to study CBDCs came from the popularity of cryptocurrencies in the country. In February 2022, the CBK launched a paper comparing the benefits and costs of a CBDC, but did not arrive at any conclusion on a decision. The CBK also invited public comment on a potential CBDC. Kenya has also participated in regional discussions regarding a potential cross-border CBDC project. In June 2023, the CBK released a statement noting that a designing a CBDC is not a priority for in the short to medium term. The bank further stated that Kenya’s challenges in payments could be addressed by innovative solutions working within the existing ecosystem.

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Norway

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Norway

Status : Development

Usecase : Retail

In April 2021, the Norges Bank announced a plan for technical testing over the next two years. In 2017, the Bank established an internal working group to study digital currencies. In 2018, 2019, and 2021 they released reports on the results of their first three phases of study, mostly examining the purpose and consequences of a CBDC. The fourth phase, involving technical testing, is expected to determine whether further testing should be conducted with a preferred solution. The bank’s CBDC experimentation is set to conclude in June 2023.

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Honduras

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Honduras

Status : Research

Usecase : Undecided

In June 2021, the Central Bank of Honduras (BCH) announced it has begun an analysis into the conceptual, legal, and technical aspects of a CBDC pilot. Although the BCH acknowledged the global trend toward CBDC adoption, it also added that it is making no guarantee on the future issuance of a digital currency. Research was ongoing as of March 2022, according to a BCH statement.

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Indonesia

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Indonesia

Status : Development

Usecase : Retail, Wholesale

Bank Indonesia has confirmed its plans to launch a digital rupiah in response to the growing popularity of digital payment methods. They are considering both retail and wholesale CBDC design options. As the G20 presidency in 2022, Indonesia aimed to promote international cooperation on digital currency matters and collaborated with the Bank for International Settlements on a technology sprint to address CBDC design challenges. In November 2022, a white paper was released outlining the BI’s strategy, which involves launching a wholesale CBDC followed by retail testing. The consultation process for the wholesale CBDC began in February 2023, with a proof of concept scheduled for July. The rise of cryptocurrencies and the potential threat to monetary sovereignty are among the motivations for pursuing a CBDC, along with the goal of enhancing inclusion, innovation, and efficiency in payments.

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Indonesia lists 29 licensed crypto platforms as big exchanges explore market

Indonesia’s OJK issues whitelist of 29 licensed crypto traders as new rules take effect and Robinhood, OSL target the country’s rapidly expanding market.

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Robinhood set to enter Indonesia, targeting 17M crypto traders

Robinhood is acquiring two Indonesian firms to enter Southeast Asia's crypto market, targeting 17 million investors in the region.

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CBDC with Stablecoin Mechanics: Indonesia’s Digital Rupiah to Be Backed by Government Bonds

is advancing its central bank digital currency (CBDC) project with a new model that integrates stablecoin mechanics, making the upcoming digital rupiah one of the world’s first sovereign digital currencies backed by government bonds. The initiative, announced…

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Indonesia’s digital rupiah CBDC to get stablecoin twist with government bond backing

Bank Indonesia plans to introduce a digital rupiah-linked stablecoin backed by government bonds, marking a significant step toward integrating blockchain technology into the country’s monetary system.

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Bank Indonesia moves to issue a national stablecoin backed by government bonds

The Financial Services Authority is enforcing AML compliance for stablecoin traders. Indonesia ranks seventh in the 2025 Global Crypto Adoption Index. The government is exploring Bitcoin as a potential reserve asset. Bank Indonesia (BI) is advancing plans to …

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Report outlines reasons why stakeholders are against CBDC

The American Banking Banking Association highlighted that a CBDC issued by the U.S. Federal Reserve lacks “compelling use cases.”

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Central bank plans to make CBDC 'only legal digital tender' in Indonesia, says gov

“Collaboration and synergy on national and international level is critical to the development of Digital Rupiah,” said Perry Warjiyo.

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CBDC is a tool to combat Bitcoin, says Bank of Indonesia exec

“CBDC would be part of an effort to address the use of crypto in financial transactions,” Central Bank of Indonesia assistant governor Juda Agung said.

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Bank Indonesia Plans to Launch its Central Bank Digital Currency

Bank Indonesia is planning to launch its central state digital currency in response to the increasingly prosperous cryptocurrency market.

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Bank of Indonesia joins central bank digital currency race

After banning crypto payments back in 2017, Indonesia is looking to allow payments in a digital rupiah currency.

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Palau

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Palau

Status : Development

Usecase : Retail, Wholesale

The Republic of Palau signed a partnership with Ripple, an American technology provider, for the development of a dollar backed digital currency, that is, a stablecoin pegged to the dollar. The President of Palau stated that the country will be looking into cross-border payments and a domestic, retail CBDC. The country also stated that it chose Ripple because of its carbon-neutral technology. The digital currency has not yet been launched.

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Bahrain

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Bahrain

Status : Development

Usecase : Wholesale

In early 2020, the Central Bank of Bahrain announced that it would pilot the CBDC Policy-Maker Toolkit developed by the World Economic Forum as part of the CBB’s research on the impact of digital currencies on the economy. In May 2021, the CBB began collaborating with JP Morgan and Bahrain-based Bank ABC to pilot an instantaneous cross-border payment system using US dollars. In early January 2022, the CBB successfully completed a digital currency settlement test using JP Morgan’s JPM Coin system. It was facilitated by JP Morgan’s new blockchain-focused business unit Onyx.

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Tunisia Denies CBDC Reports: Here Is How the False News Spread

Earlier this month, media reported that Tunisia had become the first country to issue a CBDC. Now that the central bank has denied the news, it’s time to take a closer look…

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Macau

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Macau

Status : Development

Usecase : Undecided

Licenses for all six of Macau’s casino operators expire at the end of 2022, and experts anticipate their renewal being contingent on operators’ willingness to be incorporated in the e-CNY testing. In April 2021, the Macau government announced plans to conduct a feasibility study for a CBDC and amend laws to regulate the issuance of a virtual legal tender. In 2022, the Executive Council proposed to put digital currency on the same legal ground as regular fiat currency. However, no indication was given on whether it will be e-CNY or “e-Pataca.”

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Ruedex is focused on researching Central Bank Digital Currencies (CBDCs), Regulated Digital currencies, and assets. CBDCs can bring significant changes to the financial landscape, and thorough research is essential to understand their implications fully.

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