Central Bank Digital Currencies: From Exploration to Implementation
The world’s attention is turning toward central bank digital currencies (CBDCs), with the number of countries studying or testing the launch of their digital versions reaching at least 130 countries—a radical shift from theoretical research to practical implementation and field testing.
From Exploration to Implementation: Figures Revealing the Scale of Transformation
According to recent data, 146 economies are studying CBDCs, representing about 98% of global GDP, compared to only 35 countries studying the idea in 2020. Of these, 77 countries have reached advanced stages of exploration (development, piloting, or launch), with 41 active pilot projects worldwide.
According to Russian data, the number of countries studying or testing their digital currencies has exceeded 130, with spending estimated at about $14 billion on pilot projects, and returns from implementation expected to reach $41 billion in 2026 alone, with projections of reaching $76.9 billion by 2032.
Only Three Countries Have Completed Full Launch
Despite the massive momentum, the gap between study and actual implementation remains wide. To date, only three countries have fully launched central bank digital currencies to the public:
| Country | Digital Currency | Notes |
|---|---|---|
| Bahamas | Sand Dollar | World’s first central bank digital currency (2020) |
| Nigeria | eNaira | Launched in 2021 |
| Jamaica | JAM-DEX | Launched in 2022 |
These three countries face challenges related to user adoption and very low penetration rates.
China in the Lead: The World’s Largest Digital Yuan
China’s digital yuan (e-CNY) is the largest CBDC pilot project in the world. By December 2025, the number of transactions through the system exceeded 3.4 billion retail transactions worth approximately 16.7 trillion yuan (about $2.3 trillion). China has also expanded the use of the digital yuan in cross-border transactions through the Cross-Border Interbank Payment System (CIPS).
In India, the value of the digital rupee in circulation rose from $27 million to more than $117 million by March 2025, with 6 million users and 17 banks participating in the pilot program.
Cross-Border Projects: mBridge and Agorá
Cross-border projects are advancing rapidly, most notably:
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mBridge Project: Includes central banks from China, Thailand, Hong Kong, and the UAE, in cooperation with the Bank for International Settlements. It recorded about $55 million in cross-border payments in January 2026.
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Agorá Project: Led by the Bank for International Settlements with the participation of central banks from France, Japan, South Korea, Mexico, Switzerland, and New York, along with 40 private institutions. It moved to the real-environment testing phase in January 2026.
Europe: The Digital Euro and the Sovereignty Race
The eurozone is steadily advancing toward launching the digital euro, described as “the euro’s global moment” to enhance its international role and protect European sovereignty in payments. In August 2026, Isabel Schnabel, a member of the European Central Bank’s Executive Board, called on central banks to adopt blockchain technology to issue their currencies directly on the network, stressing that central bank money must become “native assets on distributed ledgers.”
The Pontes project is scheduled to launch in September 2026 to connect blockchain platforms with European TARGET services, while the Appia project aims to design the infrastructure for the European tokenized asset market by 2028.
Middle East: Gulf Ambitions
In the Middle East and Central Asia region, 19 countries are studying the issuance of central bank digital currencies. Bahrain, Georgia, Saudi Arabia, and the UAE have reached an advanced stage known as “proof of concept.” This priority is important for oil exporters and Gulf Cooperation Council countries, as digital currencies can improve the efficiency of cross-border payments.
In the UAE, the “Financial Infrastructure Transformation” program includes the Digital Dirham project, which aims to build digital currency infrastructure for wholesale and retail uses, while enabling instant transactions domestically and across borders.
The Market: Growing at 33.8% Annually
The size of the CBDC infrastructure market reflects this rising momentum. The market grew from $4.43 billion in 2025 to $5.93 billion in 2026, at a compound annual growth rate of 33.8%, and is expected to reach $18.86 billion by 2030.
Source
Source: Atlantic Council data for 2026, and reports from the Bank for International Settlements (BIS), the European Central Bank, the International Monetary Fund, and The Business Research Company.
