{"id":286125,"date":"2023-01-04T21:50:18","date_gmt":"2023-01-04T21:50:18","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=286125"},"modified":"2023-01-05T00:21:51","modified_gmt":"2023-01-05T00:21:51","slug":"g7-economies-move-into-development-stage-of-cbdcs","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/g7-economies-move-into-development-stage-of-cbdcs\/","title":{"rendered":"G7 economies move into development stage of CBDCs"},"content":{"rendered":"<p>As of December 2022, all G7 economies had moved into the development stage of a central bank digital currency, according to the Atlantic Council (AC).<\/p>\n<p>The AC found that \u2014 despite slow development progression \u2014 &#8220;11 countries have fully launched a digital currency.&#8221;<\/p>\n<p>China's CBDC pilot is set to expand to most of the country in 2023 \u2014 currently reaching 260 million people, according to the AC.<\/p>\n<p>Geared towards improving cross-border payments, mitigating financial crime, increasing financial inclusion and addressing risks posed by other forms of digital currency \u2014 CBDC establishment is already being rolled out by:<\/p>\n<ul>\n<li>The Bank of England<\/li>\n<li>Federal Reserve Bank of New York<\/li>\n<li>Monetary Authority of Singapore<\/li>\n<li>Central banks in Spain and Switzerland<\/li>\n<\/ul>\n<p>With roughly a dozen CBDCs launched so far, a further 17 are in currently in the pilot phase \u2014 alongside 72 in the research and development phase, according to <a href=\"https:\/\/www.atlanticcouncil.org\/cbdctracker\/\">a tracker<\/a> from the AC.<\/p>\n<p>Despite speculation and interest in recent years, the AC key findings report that over 20 countries &#8220;will take significant steps towards piloting a CBDC&#8221; in 2023. These countries include:<\/p>\n<ul>\n<li>Australia<\/li>\n<li>Thailand<\/li>\n<li>Brazil<\/li>\n<li>India<\/li>\n<li>South Korea<\/li>\n<li>Russia<\/li>\n<\/ul>\n<p>This pivot towards CBDCs was <a href=\"https:\/\/cryptoslate.com\/indian-central-bank-governor-calls-for-crypto-ban-champions-cbdcs\/\">recently evidenced<\/a> by the Indian central bank governor on Dec. 21, 2022 \u2014 despite calling for a ban on crypto \u2014 stating that the country should adopt CBDCs to reduce the need to print fiat currencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of December 2022, all G7 economies had moved into the development stage of a central bank digital currency, according to the Atlantic Council (AC). The AC found that \u2014 despite slow development progression \u2014 &#8220;11 countries have fully launched a digital currency.&#8221; China&#8217;s CBDC pilot is set to expand to most of the country [&hellip;]<\/p>\n","protected":false},"author":1398,"featured_media":286298,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,76669],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>G7 economies move into development stage of CBDCs<\/title>\n<meta name=\"description\" content=\"G7 economies and over 20 additional countries are in development stages for CBDCs, according to the Atlantic Council.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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