By December 2022, the G7 economies had started to create their own central bank digital currencies (CBDCs), according to the Atlantic Council (AC).

In addition, the AC reported that 11 countries had already launched a CBDC, while China was expected to extend its pilot program to encompass most of the nation in 2023.

The AC found that a dozen CBDCs had been implemented, with 17 in the trial period and 72 in the research and development stage.

Examples of institutions that have started to release their own CBDCs include the Bank of England, Federal Reserve Bank of New York, Monetary Authority of Singapore, and central banks in Spain and Switzerland.

The AC anticipated that over 20 countries, including Australia, Thailand, Brazil, India, South Korea, and Russia, would make considerable strides towards piloting a CBDC in 2023.