Status : Research

Myanmar’s military government is currently working on the development of a Central Bank Digital Currency (CBDC) with the aim of supporting domestic payments and revitalizing the country’s economy. The CBDC’s status is still undecided, and further research and analysis are being conducted to determine its potential use cases and architectural framework. The government is also in the process of evaluating different technology options and partnerships to ensure the successful implementation of the CBDC. Additionally, there are ongoing discussions about potential cross-border projects and the timeline for the launch of the digital currency.

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Status : Launched

Usecase : Retail

In October 2020, the Sand Dollar, the world’s first Central Bank Digital Currency (CBDC), was officially launched in the Bahamas. It is currently being used by all Bahamian citizens, although integration with the commercial banking system is still being gradually implemented. The Central Bank of the Bahamas aims to achieve full interoperability between its various wallet providers. The motivations behind the CBDC pilot include enhancing financial inclusion and bolstering security against money laundering and illicit economic activities. The project also involves the development of new regulations for the digital currency and strengthening consumer protection, particularly in terms of data protection standards.

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Status : Development

Usecase : Undecided

In 2020, Belarus initiated a pilot program for tokenized offerings by domestic banks. However, no progress has been made towards the development of a central bank digital currency (CBDC) as of now. In 2021, the Deputy Head of the Research and Strategic Development Office of the National Bank of the Republic of Belarus stated that a decision on introducing a digital ruble has not been made yet. The national bank plans to design a pilot by the end of 2023, according to an announcement in 2023. The sources for this information include the National Bank of the Republic of Belarus, Atlantic Council Research, and cointelegraph.com.

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Status : Development

Usecase : Retail

The Central Bank of Mexico, known as Banxico, is actively developing a digital currency called the digital peso. According to the Governor, Victoria Rodríquez Ceja, the digital peso is expected to be completed within three years. Banxico had previously announced on Twitter that the digital currency would be in circulation by 2024. The Deputy Governor revealed that the digital peso would be a retail central bank digital currency (CBDC), and even non-banked individuals would be able to open an account with Banxico to use the digital peso. Banxico sees the CBDC as a way to promote financial inclusion.

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Status : Research

The Banco de Guatemala has announced the development of a central bank digital currency (CBDC) called iQuetzal, named after the country’s fiat currency. However, the central bank is taking a cautious approach and is not rushing to integrate the new digital currency into their existing financial system. The committee responsible for the CBDC project was formed only six months ago and is still in the research and investigation phase. It is unclear when the project will be completed, as the investigation is ongoing as of December 2022. The information sources for this summary are Banco de Guatemala and Atlantic Council Research.

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Status : Research

Usecase : Retail, Wholesale

Peru’s central bank, the Central Reserve Bank of Peru (BCRP), is currently researching the development of a Central Bank Digital Currency (CBDC). They are collaborating with the central banks of India, Singapore, and Hong Kong on this project. The BCRP released a report in April 2023, emphasizing the importance of launching a digital currency to enhance monetary and financial stability. The motivation behind this initiative is to promote financial inclusion and achieve greater macroeconomic stability through more effective monetary policy. The BCRP received technical assistance from the International Monetary Fund in creating their report.

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