Signal CBDC Expansion — 146 Countries Exploring, China's e-CNY Reclassified as Deposit Liability

Summary

Some 146 countries and currency unions accounting for more than 98 percent of world GDP are exploring central bank digital currencies, up sharply from 87 nations in May 2022, with 77 of them already at an advanced stage of exploration. China reclassified its e-CNY as a deposit liability, a shift from its earlier function as digital cash whose full implications remain unclear. The e-CNY has processed more than 3.4 billion retail transactions worth roughly 16.7 trillion renminbi, or about 2.3 trillion dollars, making it the world's largest CBDC pilot program. Globally, 41 CBDC pilot projects are currently operating. Only three countries, the Bahamas, Jamaica and Nigeria, have so far fully launched retail CBDCs.