India ranked as the main country worldwide in terms of how far developed its retail Central Bank Digital Currencies (CBDC) were, as of November 2023. This is according to a top 10 that is released once every year, tracking the development of CBDC across countries based on a development index. In earlier years, China, Nigeria and the Eastern Caribbean show up. The source left these out in the 2023 release, however, as these coins were already live or very close to being live. Note that the figures provided here are for retail CBDC, which can be held and used by both consumers and companies as a substitute for paper money or physical coins: Retail CBDC is essentially a digital substitute for fiat currency. This is different from developments found in interbank CBDC - which concerns cryptocurrencies used by financial institutions for interbank payments and financial settlement processes.
Central Bank Digital Currencies (CBDC) retail projects for consumers that are furthest in their development from 2021 to 2023, by country
The figures provided are meant to rank the development of CBDC worldwide, for more information see the "Details" tab. The source states that it was rebased against an index of 100, and is dependent on the availability of data
Supplementary notes
Excludes CBDC that are live or near-live in 2023, namely Nigeria, the Bahamas, Jamaica, Eastern Caribbean and Mainland China.
The source states that the CBDC project status is the main variable for the index - tracking research, pilot, and production as its three main stages of development. The more advanced a CBDC project is, the more points it receives. Additionally, the source allocated bonus points based on the duration of the project. Two other variables for the index value include the stance of the central bank based on published speeches, and a public interest proxy as measured in Google Trends or Baidu Index (for Mainland China).
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PwC. (November 30, 2023). Central Bank Digital Currencies (CBDC) retail projects for consumers that are furthest in their development from 2021 to 2023, by country [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1229713/countries-with-most-mature-retail-cbdg-worldwide/
PwC. "Central Bank Digital Currencies (CBDC) retail projects for consumers that are furthest in their development from 2021 to 2023, by country." Chart. November 30, 2023. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1229713/countries-with-most-mature-retail-cbdg-worldwide/
PwC. (2023). Central Bank Digital Currencies (CBDC) retail projects for consumers that are furthest in their development from 2021 to 2023, by country. Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1229713/countries-with-most-mature-retail-cbdg-worldwide/
PwC. "Central Bank Digital Currencies (Cbdc) Retail Projects for Consumers That Are Furthest in Their Development from 2021 to 2023, by Country." Statista, Statista Inc., 30 Nov 2023, https://www.statista.com/statistics/1229713/countries-with-most-mature-retail-cbdg-worldwide/
PwC, Central Bank Digital Currencies (CBDC) retail projects for consumers that are furthest in their development from 2021 to 2023, by country Statista, https://www.statista.com/statistics/1229713/countries-with-most-mature-retail-cbdg-worldwide/ (last visited November 22, 2024)
Central Bank Digital Currencies (CBDC) retail projects for consumers that are furthest in their development from 2021 to 2023, by country [Graph], PwC, November 30, 2023. [Online]. Available: https://www.statista.com/statistics/1229713/countries-with-most-mature-retail-cbdg-worldwide/
