How many countries are developing CBDCs?
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As of February 2026, 130 countries representing 98% of global GDP are actively exploring or developing Central Bank Digital Currencies, marking one of the most coordinated global financial infrastructure initiatives in history.
Global CBDC Development Status (2026):
Research Phase (35 countries): Countries conducting feasibility studies, technology assessments, and policy research without active development: - United States (Federal Reserve research) - Germany (Bundesbank studies) - Various smaller economies evaluating CBDC necessity
Development Phase (66 countries): Countries with active CBDC development programs, proof-of-concept projects, or technical pilots: - European Union (Digital Euro project) - United Kingdom (Digital Pound) - Japan (Digital Yen trials with major banks) - India (Digital Rupee pilot) - Australia (eAUD project) - Thailand (Retail CBDC pilot) - South Korea (Digital Won development) - Brazil (DREX platform) - Russia (Digital Ruble pilot) - 26+ additional countries in various development stages
Pilot Phase (20 countries): Countries conducting live trials with real transactions: - China (e-CNY): 260 million+ users, billions in transactions - India (e-Rupee): Retail and wholesale pilots - European Central Bank (Digital Euro prototypes) - Hong Kong (e-HKD with banking partners) - South Africa (Project Khokha 2) - Singapore (Project Ubin advances) - 15+ additional pilot programs
Launched (3 countries with full retail CBDCs): - Bahamas (Sand Dollar): Launched October 2020, first full CBDC - Nigeria (eNaira): Launched October 2021, Africa's first CBDC - Jamaica (JAM-DEX): Launched 2022, Caribbean CBDC
Cancelled/Paused (5 countries): - Ecuador: Discontinued dinero electrónico project - Finland: Ended avant project - Few smaller nations that determined CBDCs unnecessary for their economies
Regional Breakdown:
Asia-Pacific (45 countries): - Most advanced region globally - China's e-CNY leads in scale and adoption - ASEAN nations coordinating interoperability - Australia, Japan, South Korea in advanced development
Europe (38 countries): - ECB Digital Euro covering 20 eurozone countries - UK, Switzerland, Sweden pursuing independent CBDCs - Eastern European nations in research phase
Americas (20 countries): - Brazil's DREX platform most advanced - Caribbean nations leading in launches (Jamaica, Bahamas) - US Federal Reserve moving cautiously - Canada concluded retail CBDC unlikely near-term
Africa (17 countries): - Nigeria's eNaira first major African CBDC - South Africa leading wholesale CBDC development - Ghana, Kenya, Egypt in active development
Middle East (10 countries): - UAE and Saudi Arabia joint mBridge project - Project Aber (Saudi-UAE cross-border CBDC) - Israel, Turkey in development phases
Major Multi-Country Initiatives:
Project mBridge: China, Hong Kong, Thailand, UAE, Saudi Arabia developing multi-CBDC platform for cross-border payments using distributed ledger technology.
Project Dunbar: Singapore, Malaysia, Australia, South Africa testing wholesale CBDC platform.
Nordic Payments Council: Sweden, Denmark, Norway coordinating CBDC approaches.
ECCB DCash: Eastern Caribbean Currency Union digital currency covering 8 island nations.
Why This Global Coordination?
Network Effects: CBDCs become more valuable when interoperable across borders. Countries coordinate to avoid fragmented systems.
Technology Standards: Early movers set technical standards others follow. The BIS Innovation Hub coordinates to prevent incompatible systems.
Competitive Pressure: China's e-CNY advancement pressures Western nations to accelerate development to maintain financial system influence.
Covid-19 Acceleration: Pandemic highlighted limitations of physical cash and slow payment systems, accelerating CBDC timelines by 2-3 years.
The Numbers:
- 2019: 35 countries exploring CBDCs - 2021: 81 countries in research/development - 2023: 114 countries active in CBDC work - 2026: 130 countries (98% of global GDP)
Expected Timeline:
2026-2027: 10-15 major economies launch pilots or limited rollouts 2027-2028: Digital Euro, Digital Pound expected launches 2028-2030: 30-50 countries with operational CBDCs 2030+: CBDCs become standard in developed economies
The US Position:
Notably, the United States has not committed to launching a CBDC, with the Federal Reserve emphasizing research over deployment. Political concerns about government financial surveillance and private sector innovation have slowed US progress relative to China and Europe.
This cautious approach contrasts with China's aggressive e-CNY deployment, raising questions about future dollar dominance in a CBDC-driven global financial system.
Geographic Coverage:
These 130 countries include: - All G20 economies - 95% of emerging markets - All major financial centers - Vast majority of developing nations
Only smallest economies and nations without central banks (like some Pacific island nations using US dollar or Australian dollar) are absent from CBDC exploration.
The Bottom Line:
CBDC development represents the most globally coordinated monetary initiative since the Bretton Woods system. With 130 countries (98% of global GDP) actively engaged, CBDCs will fundamentally reshape the international monetary system within the next decade.
The question is no longer if CBDCs will become widespread, but how quickly adoption occurs and which technology platforms will power this transformation.
*Last updated: February 2026*