Bahamas ranks first and Cambodia takes second place in the list of countries with the most progressed CBDC. Central Bank Digital Currencies (CBDC) have caught the attention of many countries in recent times.
The most popular CBDC is the digital Yuan. Early this year, the People’s Bank of China revealed its intention of launching a new digital currency in the future. The digital Yuan, like all other CBDCs will be built with blockchain as its foundation.
It therefore came as a surprise when the PwC report revealed that of all the 60 countries to have welcomed the innovation, Bahamas had the highest progress. Due to the attention of the media the digital Yuan had gotten from the U.S, a lot of people expected China to be the leading country on the list.
The Bahamas Sand Dollar and the Cambodia’s Project Bakong are already live. The Chinese digital Yuan on the other hand is still in the stage of testing.
The Future of CBDCs
A lot of speculations have been made regarding CBDCs. Many countries already see it as the future of money and finance. However, it has also attracted criticism.
The centralized and regulated nature of CBDCs make them unappealing to some. It has been argued that CBDCs are not special and are just a replica of fiat.
Should CBDCs be able to increase the speed of transactions in the future or perhaps have lower fees than the regular fiat, then it just may be another massive invention that is based on blockchain technology.