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The Race to a Digital Currency

Rate Captain by Rate Captain
March 22, 2021
in Cryptocurrency, Featured
Reading Time: 1 min read
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AlsoRead

Nigeria’s $40 Billion Blockchain Ambition Lags as Focus Shifts to Crypto Regulation

IMF Warns Rising Stablecoin Use Could Weaken Naira Demand and Monetary Policy

Nigeria Maintains Lead in Africa’s Stablecoin Adoption as USDT Interest Surges

CountryDigital Currency Status
BahamasLaunched a digital currency, called the “Sand Dollar,” in 2020
BrazilExpects “digital Real” to enter circulation in 2022
CanadaDeveloping the infrastructure needed for a digital currency but no current plans to launch one
ChinaPiloting a digital yuan in major cities with the goal of wider distribution in 2022
Eurozone*Researching potential “digital euro” with goal of deciding on whether to move forward as soon as April
JapanPlans experiments with a digital currency this spring
RussiaPlans pilot of a digital currency this year
SwedenRecently extended a pilot of its “e-krona” into 2022
UKHas expressed ambition to develop a digital currency but still in research phase
U.S.Performing research and experimentation with possible technologies but no decision on issuance or timeline
VenezuelaIn 2018 launched the digital “Petro” backed by oil reserves but it had design flaws and is considered a failure

Adopted from Bloomberg

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