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130 Countries Are In Some Phase of CBDC Development. Is the US Falling Behind?

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by COINS NEWS 116 Views

The Atlantic Council has been tracking the development of CBDCs, and here are some key findings:

  1. 130 countries, which make up some 98% of the global GDP, are exploring CBDCs.
  2. 19 countries in the G20 are in the advanced stage of development.
  3. 11 countries have actually launched a CBDC.
  4. The European Central Bank will soon launch its digital Euro pilot program.
  5. The US has faced opposition and progress is stalling. Tom Emmer's "CBDC Anti-Surveillance State Act" has passed the House Financial Services Committee. However, they're moving forward with a wholesale CBDC for cross-border payments. This will just be between banks and will not involve retail customers. https://www.atlanticcouncil.org/cbdctracker/

Is the US falling behind? Will not developing a CBDC hurt the potential for USD to maintain its dominance in global trade? Will it hinder US international commerce?

submitted by /u/ChucklesFreely
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