Almost Every Major Economy Is Studying Digital Cash. Very Few Have Issued It.

134 countries representing 98% of global GDP are exploring central bank digital currencies, up from 35 in 2020, but only the Bahamas, Jamaica and Nigeria have fully launched retail versions. Where China, Europe and the United States stand.

A central bank digital currency would be a digital form of the cash a central bank already issues. Photo: Avij, via Wikimedia Commons (public domain)

By the UISC BD Editorial Desk · United Information Service Center · Published 13 September 2026 · 6-minute read

Cash use is falling in much of the world, and private companies increasingly run the digital payment systems that replaced it. Central banks have responded by asking whether they should issue digital money themselves.

What a CBDC Is

A central bank digital currency (CBDC) is a digital form of a country's official money, issued and backed by its central bank.

That makes it different from the money in a bank account, which is a claim on a commercial bank, and from a stablecoin, which is a claim on a private company. It is also different from cryptocurrencies such as bitcoin, which no central bank issues or backs.

There are two broad types: retail CBDCs for the public, and wholesale CBDCs used between banks and financial institutions.

The Global Picture

According to the Atlantic Council's CBDC tracker:

134 countries, representing 98 percent of global GDP, are exploring a CBDC — up from 35 in 2020.
66 are in an advanced phase of development, pilot or launch.
Only three have fully launched a retail CBDC: the Bahamas, Jamaica and Nigeria.
All 11 BRICS members are exploring one.

China

China's digital yuan, the e-CNY, is the largest pilot by far. Cumulative transactions have passed 16 trillion yuan, and in January 2026 it was reclassified as a deposit liability — a significant change in how the money is treated within the banking system.

Europe

The euro area has been moving toward a decision on issuing a digital euro, with 2026 a key year in that process. Supporters see it as a way to keep a public payment option in a market dominated by non-European card networks and tech firms.

The United States

The US has gone the other way. A January 2025 executive order barred federal agencies from establishing or promoting a CBDC, and US policy has instead focused on regulating private dollar stablecoins through the GENIUS Act.

Cross-Border Money

Some of the most active work is wholesale and international. There are 13 cross-border wholesale CBDC projects, including mBridge, which has handled about $55.49 billion in volume. The aim is faster, cheaper settlement between countries without relying on traditional correspondent banking chains.

The Debate

Arguments for: a public digital payment option, potentially cheaper payments, faster cross-border settlement, and access for people without bank accounts.

Arguments against: privacy concerns about a state-issued digital record of spending, the risk of drawing deposits away from commercial banks, cybersecurity, and the question of whether existing instant-payment systems already solve the problem.

Design choices — such as holding limits, offline use and privacy protections — largely decide which of those concerns apply.

A Related Trend

While central banks study digital currencies, the private sector is putting traditional assets such as government bonds onto blockchains — covered in our report on tokenised Treasuries.

Sources

"Central Bank Digital Currency Tracker," Atlantic Council — atlanticcouncil.org
"CBDC updates 2026: what changed this year," Eco — eco.com
"Central bank digital currencies: policy issues," Congressional Research Service (IF11471) — congress.gov

cbdc tracker countries (1)

Central Bank Digital Currencies: 134 Countries Exploring, 3 Fully Launched