A Central Bank Digital Currency (CBDC), a digital version of a country’s fiat currency issued and regulated by its central bank, is an innovative technology that is reshaping the financial world.

With governments worldwide exploring or launching CBDC initiatives, these digital currencies are poised to revolutionize how we think about money, transactions, and economic control. Recent developments, like pilot projects and policy discussions, highlight the growing interest and urgency in this area.

Understanding CBDC trends is the need of the hour —not just to stay informed about this groundbreaking development but also to comprehend its potential influence on cryptocurrencies and the broader global economy.

To provide a clearer picture, we’ve compiled key data on the current state of the CBDC market. Explore the insights below.

Key CBDC Statistics 

  • In 2023, CBDCs processed transactions totaling $100 million.
  • By the end of 2023, almost 100 countries were working on Central Bank Digital Currencies (CBDCs), though most were still in the research stage.
  • In 2024, there are currently 44 ongoing CBDC pilots, a record number including the digital euro.

CDBC Market Size

In 2023, the global market value of central bank digital currencies (CBDCs) was $300 million, and experts predict it will grow to $352 million.

The transaction value processed through CBDCs in 2023 stood at $100 million, with forecasts projecting it will surge to $213 billion—a staggering 260,000% increase.

This explosive growth reflects the rising adoption and integration of CBDCs in global financial systems, signaling their potential to reshape the future of digital payments.

Countries Involved In CDBC Development

By the end of 2023, nearly 100 countries were actively developing Central Bank Digital Currencies (CBDCs), although most were still in the research phase.

Out of the 105 nations involved, only a few—Nigeria, the Bahamas, Jamaica, and the Eastern Caribbean Currency Union (including Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines)—had fully launched CBDCs by the end of 2022.

The European Union and the United States are actively exploring CBDCs, with the U.S. beginning its research in November 2022.

The United Kingdom has set a target for launching its digital pound by 2025 or 2026.

As of September 2024, 134 countries, accounting for 98% of global GDP, are actively exploring Central Bank Digital Currencies (CBDCs).

All G20 nations are involved, with 19 having reached advanced stages of development. Thirteen countries, including Brazil, Japan, India, Australia, Russia, and Turkey, are already in the pilot phase.

Top Countries Researching In Retail Consumer CDBC

As of November 2023, India led the world in developing retail Central Bank Digital Currencies (CBDCs). In previous years, China, Nigeria, and the Eastern Caribbean had been at the forefront of retail CBDC research.

CDBC User Statistics In the USA

A 2023 survey revealed that fewer than one in four Americans would be willing to use a Central Bank Digital Currency (CBDC), even if it were offered.

Men, younger people, and Black Americans showed more interest and were likelier to adopt a CBDC.

CDBC Project Category Statistics

In June 2021, 18 countries were developing Central Bank Digital Currencies (CBDCs), 17 conducted pilot projects, and 6 launched a CBDC.

By May 2022, 25 countries were actively working on CBDCs, 15 were running pilots, and 10 nations had introduced CBDCs—an increase of 4 from the previous year.

As of June 2023, 32 countries are developing CBDCs, 21 are in the pilot stage, and 11 have fully launched their CBDCs.

In 2024, the number of ongoing CBDC pilots has reached a record high of 44, including the digital euro.

This steady increase reflects the growing global interest in CBDCs as nations explore digital currency to modernize their financial systems and enhance monetary control.

Level Of Support For CBDC Launch Countrywise Analysis

A 2024 report shows that people in China and India most support introducing Central Bank Digital Currencies (CBDCs). In China, 70% of the population backs the idea, while 66% of people in India agree that central banks should launch CBDCs.

The Middle East, North Africa, and Sub-Saharan Africa also show strong support, with 63% and 60% of people in those regions favoring CBDC adoption.

Cross Border Wholesale CBDC Statistics

Cross-border wholesale CBDC projects surged following Russia’s invasion of Ukraine and the subsequent G7 sanctions.

The number of these projects has doubled. By 2024, there are 13 major initiatives, with Project mBridge standing out as the most prominent. This project connects banks in China, Thailand, the UAE, Hong Kong, and Saudi Arabia and is expected to expand to more countries this year.

The rise in these projects reflects a growing global shift toward more secure, efficient financial systems that bypass traditional sanctions and geopolitical risks.SandDollar CBDC Statisitcs 

As of March 2024, about $2.38 million worth of the SandDollar, the Bahamas’ central bank digital currency (CBDC), is circulating.

This figure was $1.4 million in January, a 30% increase from 2022. However, it still makes up less than 1% of the total used currency.

Over 100,000 registered wallets now exist, covering roughly 25% of Bahamians. Additionally, 1,800 merchants accept SandDollar payments, and 9 financial institutions have been authorized to manage digital currency. 

The Central Bank of Nigeria’s (CBN) quarterly report for Q1 2024 shows that by March, the total currency in circulation reached N3.87 trillion. Out of this, the eNaira—Nigeria’s Central Bank Digital Currency—made up N13.98 billion.

In other words, only 0.36% of Nigeria’s total currency is currently held in eNaira. Despite Nigeria’s population exceeding 200 million, only 700,000 consumers have downloaded the eNaira wallet since its launch.e-CNY CBDC Statistics 

In July 2024, China’s central bank released updated stats on its digital RMB pilot for central bank digital currency (CBDC). The data shows that by May 2024, the cumulative transaction volumes had hit RMB 6.6 trillion ($910 billion).

This figure represents a 7.3-fold increase compared to previous years, highlighting the rapid growth and adoption of China’s CBDC.

More CBDC Statistics

  1. The digital yuan (e-CNY) is the largest global central bank digital currency (CBDC) pilot. By June 2024, total transaction volume had reached 7 trillion e-CNY ($986 billion) across 17 provincial regions, spanning education, healthcare, and tourism industries. (Source – atlanticcouncil.org)
  2. The U.S. has joined Project Agorá, a cross-border wholesale CBDC initiative, alongside six other major central banks. (Source – atlanticcouncil.org)
  3. Of the 64 CBDC projects being developed, piloted, or launched as of 2024, 54 (or 84%) have explicitly focused on improving cross-border payments. (Source – fxcintel.com)
  4. India released a concept note for its CBDC on October 7, 2022, outlining the project’s framework. Shortly after, on November 1, 2022, the country launched pilot projects for wholesale (e₹-W) and retail (e₹-R) markets. (Source – ecoholics.in)