China: China continues to lead in CBDC implementation with its digital yuan (e-CNY). The e-CNY has been integrated into various payment systems, and in a significant milestone, PetroChina completed the first international crude oil trade using the digital yuan in late 2023. Reuters+2Cash Insight -+2ChainTech+2
India: The Reserve Bank of India is advancing its digital rupee project. In 2023, India launched its digital rupee pilot program, focusing on both retail and wholesale applications, including offline payment capabilities. Investopedia+5ChainTech+5Reuters+5
Brazil: Brazil's Central Bank is developing the digital real (DREX), with the first-phase launch planned for May 2024. The initiative aims to enhance financial stability and integrate digital currency into the broader economy. Cash Insight -Reuters+1ChainTech+1
European Union: The European Central Bank (ECB) entered a "preparation phase" for the digital euro in November 2023, focusing on finalizing a rulebook, selecting providers for platform development, and conducting extensive testing. This phase is expected to last at least two years. Latest news & breaking headlines+2Cash Insight -+2Reuters+2
United Kingdom: The Bank of England has expressed skepticism about launching a digital pound, known as "Britcoin," before 2030. Concerns over user privacy, technological costs, and public perception have contributed to this cautious stance. Latest news & breaking headlines+1Investopedia+1
United States: Federal Reserve Chair Jerome Powell has stated that the central bank will not introduce a digital currency during his tenure, which ends in May 2026. While the Fed has explored the potential of a digital dollar, concerns about privacy and the adequacy of existing payment systems have influenced this position. Investopedia
Japan: The Bank of Japan launched a pilot program for a digital yen in early 2023, involving private businesses in testing various aspects of retail settlements. The issuance of a digital yen is anticipated by 2026, pending outcomes from the pilot program. ChainTech+1Cash Insight -+1
Russia: Russia is advancing its digital ruble project, aiming for widespread adoption by 2027. The Russian Parliament passed a digital ruble bill in August 2023, signaling strong governmental support for the initiative. Latest news & breaking headlines+6Cash Insight -+6Reuters+6
Philippines: The Philippines is progressing with plans for a wholesale CBDC, partnering with Hyperledger Fabric for its first digital peso pilot, Project Agila. The program aims to enhance large cross-border foreign currency transfers and mitigate settlement risks. Cash Insight -
Globally, as of late 2024, 130 countries, representing 98% of global GDP, are exploring CBDCs, with 64 countries in advanced phases of exploration, including launch, pilot, or development stages. Cash Insight -+1Reuters+1
Please note that CBDC projects are dynamic, and timelines may evolve as countries address technological, regulatory, and societal considerations.