Status : Research

Usecase : Retail

The Central Bank of Chile (CBC) is currently researching and exploring the use case of a Central Bank Digital Currency (CBDC). They have established the Technological Observatory and TechLab to address fintech challenges. The CBC is also considering the feasibility of issuing blockchain-based bonds and has an ongoing proof-of-concept. In May 2022, the CBC released a report on CBDC issuance in Chile, stating that a decision will be made by the end of the year. To gather public feedback, the central bank conducted a public poll on the potential CBDC. The sources for this information are the Central Bank of Chile and Atlantic Council Research.

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Status : Research

Usecase : Undecided

The content discusses the current status of Central Bank Digital Currencies (CBDCs) and various aspects related to it. The properties of CBDCs are not explicitly mentioned in the content. The research on CBDCs is ongoing, and there is no clear use case or architecture defined yet. The technology and infrastructure for CBDCs are also undecided, as well as the access to CBDCs. The CBP (Central Bank of Paraguay) considers CBDCs as a potential alternative to the risks associated with cryptocurrencies. The sources of information for this content are the Central Bank of Paraguay and Atlantic Council Research.

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Status : Development

Usecase : Retail

The Central Bank of Brazil (BCB) has released general guidelines for the digitization of the real, with the aim of modernizing the country’s economy. The Digital real will be intermediated by the National Financial System and the Brazilian Payments System, and the BCB has specified goals such as security, privacy, interoperability, and integration for cross-border payments. A pilot of the Digital Real is expected to go live in the second half of 2022, following the successful implementation of PIX, an instant payments system that does not require intermediaries and is already being used by over 70 percent of the Brazilian population. The BCB has shared additional details, including a mockup app that integrates the Digital Real with private crypto assets and traditional financial services. The central bank is currently testing the Digital real privately and plans to launch a public pilot program in 2023, with the aim of launching a CBDC in 2024. The motivations behind the Digital real include providing a safe environment for innovation and potential financial inclusion benefits.

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Status : Research

Usecase : Retail

The National Bank of Georgia (NBG) announced in May 2021 that it would explore the possibility of introducing a digital lari. The NBG plans to develop a central bank digital currency (CBDC) in collaboration with private sector companies, and is currently engaging with fintech firms to join the initiative. The CBDC is expected to have a modular design, be cost-effective, and provide convenience for retail transactions. Interoperability is also a key feature of the planned CBDC. In November 2022, the NBG reaffirmed its commitment to launch a CBDC pilot program to gather more information on potential use cases and benefits. In February 2023, the NBG invited fintech companies to participate in research for the Digital Lari project, with the intention of selecting a technology partner to provide CBDC technology for the pilot project.

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Status : Research

The Central Bank of Azerbaijan (CBA) is reportedly developing a Central Bank Digital Currency (CBDC) prototype, as announced in June 2022. However, the CBA Chairman, Alim Guliyev, had previously expressed concerns about the risks associated with CBDCs, particularly in terms of money laundering. The status of the CBDC project is currently undecided, and the CBA is still in the research phase. The use case, architecture, technology, infrastructure, and access of the CBDC are all undecided at this point. The CBA has not yet formed any technology partnerships or initiated any crossborder projects related to the CBDC. The timeline for the development and launch of the CBDC is not specified in the available sources.

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Status : Research

Usecase : Retail

The Magyar Nemzeti Bank (MNB) launched the Digital Student Safe project to test a retail Central Bank Digital Currency (CBDC) and wallet. The pilot aimed to promote financial inclusion and literacy among students aged eight to fourteen. Students could collect and exchange digital assets like medals and stamps through educational programming. These assets could later be redeemed for toys or sports equipment. The mobile app was released in 2020, and over 700,000 quizzes were completed by school children. The pilot helped the MNB understand the procedural aspects of CBDC development, test operability and scalability, and improve user experience. The MNB plans to further develop the pilot program in 2022-23. Although the MNB did not identify a market gap for widespread CBDC introduction, the pilot served as a testing ground for a digital currency system.

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Status : Research

Usecase : Undecided

In 2021, the Czech National Bank Board members discussed the benefits and challenges of a Central Bank Digital Currency (CBDC) in an interview. They announced the establishment of an internal working group to evaluate global CBDC projects and determine the necessity of a domestic retail CBDC. However, in April 2022, the Bank stated in a BIS paper that it would focus on upgrading the existing payments infrastructure rather than developing a CBDC. The sources for this information include the Czech National Bank, Atlantic Council Research, and coindesk.com.

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Status : Research

Usecase : Undecided

The National Bank of Rwanda (BNR) is currently researching the status of Central Bank Digital Currencies (CBDCs). The research, which began in June 2021, is expected to conclude by December 2022, with future policy decisions being made public at that time. The motivations behind this research include creating a foundation for increased innovation and improving the efficiency of the Rwandan financial system. The BNR is working with various sources, including the National Bank of Rwanda, Atlantic Council Research, coindesk.com, and bloomberg.com, to gather information and insights on CBDCs. The specific properties, use cases, architecture, technology, infrastructure, access, technology partnerships, crossborder projects, and timeline for implementation of CBDCs in Rwanda are currently undecided.

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Status : Pilot

Usecase : Retail

Ghana is currently researching a Central Bank Digital Currency (CBDC) and considering a pilot project in a sandbox environment. The central bank has launched a fintech regulatory and innovation live testing pilot, with a preference for projects using blockchain technology. In partnership with Giesecke+Devrient (G+D), the Bank of Ghana plans to pilot a retail CBDC in the country. G+D is providing technology and developing solutions tailored to Ghana’s requirements. The Bank of Ghana has published a paper on the design principles of the e-Cedi, expressing interest in both software and hardware wallets. Pilot testing, including offline functionality, has also begun. The primary motivations behind this initiative are to increase access to financial services and enhance the simplicity and safety of payment systems in Ghana.

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Status : Research

Usecase : Undecided

The Finance Minister’s key objectives were to promote innovation and quell the expansion of privately issued cryptocurrencies. These priorities reflect the government’s commitment to stimulating technological advancements while simultaneously addressing concerns related to the proliferation of non-governmental digital currencies, ensuring stability and security in the financial landscape.

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