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Central Bank Digital Currencies (CBDCs) are digital versions of traditional fiat currencies, controlled by central banks, and have a stable value. The CBDC status in many countries is continuously growing.
The digital currency is shaped by advancements in technology, changes in economic systems, and shifts in consumer behaviour.
Governments and central banks around the world are exploring and experimenting with CBDC as a means to enhance payment systems, financial inclusion, and monetary policy.
CBDC status in Trinidad and Tobago
The Central Bank of Trinidad and Tobago (CBTT) is conducting research into the issuance of a CBDC, with assistance from the IMF, with a decision about a pilot programme to come shortly.
Timeline
In November 2018, the CBTT released a statement that it did not view the development of a digital currency as a priority. However, the CBTTās 2020 Financial Stability Report announced that preliminary research into a digital currency was underway and would continue through 2021.
Further, in 2021 the CBTT’s research department released a working paper on the drawbacks and opportunities of a Caribbean CBDC.
In February 2022, the CBTT announced that a decision on a possible CBDC pilot project would be made by the middle of the year.
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Motivations
The report referenced potential CBDC benefits related to financial inclusion and increased financial security and efficiency.
Sources:
Central Bank of Trinidad and Tobago
Countries exploring CBDC
The CBDC status in 64 countries is in an advanced exploration phase. Others have fully launched a digital currency.
CBDC status in 123 countries
Here is the full list of countries that are adopting CBDC in 2023.
- Canada
- United States
- Mexico
- Bermuda
- The Bahamas
- Belize
- Guatemala
- Honduras
- Costa Rica
- Jamaica
- Haiti
- Anguilla
- Saint Maarten
- Antigua and Barbuda
- Saint Kitts and Nevis
- Montserrat
- Dominica
- Saint Lucia
- Saint Vincent and the Grenadines
- Grenada
- CuraƧao
- Venezuela
- Trinidad and Tobago
- Brazil
- Colombia
- Ecuador
- Peru
- Paraguay
- Uruguay
- Argentina
- Chile
- Iceland
- Ireland
- United Kingdom
- Spain
- France
- Switzerland
- Italy
- Germany
- Netherlands
- Austria
- Czech Republic
- Hungary
- Montenegro
- Denmark
- Norway
- Sweden
- Finland
- Estonia
- Lithuania
- Belarus
- Ukraine
- Tunisia
- Algeria
- Morocco
- Senegal
- Egypt
- Eritrea
- Chad
- Nigeria
- Benin
- Ghana
- Central African Republic
- Cameroon
- Equatorial Guinea
- Gabon
- Uganda
- Rwanda
- Kenya
- Tanzania
- Madagascar
- Zambia
- Zimbabwe
- Botswana
- Namibia
- South Africa
- Eswatini
- Madagascar
- Mauritius
- Oman
- Saudi Arabia
- United Arab Emirates
- Qatar
- Bahrain
- Kuwait
- Jordan
- Palestine
- Israel
- Lebanon
- Russia
- Kazakhstan
- Georgia
- Azerbaijan
- Iran
- Pakistan
- India
- Sri Lanka
- Nepal
- Bangladesh
- Bhutan
- Myanmar
- Laos
- Thailand
- Vietnam
- Cambodia
- Hong Kong
- China
- Malaysia
- Singapore
- Macau
- Taiwan
- South Korea
- North Korea
- Japan
- Australia
- New Zeland
- Vanutau
- Fiji
- Solomon Island
- Indonesia
- Palau
- Philippines
- Tonga
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