The report said over 80 per cent of Central Banks are considering launching a Central Bank Digital Currency (CBDC)
The Central Bank of Nigeria’s eNaira and the Sand Dollar of the Bahamas led the retail project indexes of central banks globally in the 2022 PricewaterhouseCoopers’sTitled ‘The race to digital money is on,’ the PwC index analyses and ranks the leading retail and wholesale CBDC projects. The Index also evaluates the current stage of CBDC project development by taking into account central bank opinion and public interest.
“Retail projects in the Index are led by the Central Bank of Nigeria’s eNaira, the first CBDC in Africa, and the Sand Dollar, issued by the Central Bank of the Bahamas as legal tender in October 2020, making the Bahamas the first country to launch a CBDC,” the report published Tuesday said. On the wholesale side, the leading project in the Index is the combined effort of the Hong Kong Monetary Authority and the Bank of Thailand to launch the mBridge project, the PwC report said.
He said the increasing financial inclusion, facilitating cross border payments and controlling financial crime are all factors that come into play.He said the success of Nigeria’s eNaira is likely to spur CBDC development in countries where financial inclusion is one of the key desired outcomes.
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