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By Tom Phillips[2] • Updated[3]

PwC global index graph of CBDC projectsPwC global index graph of CBDC projects
Projects to develop a retail central bank digital currency (CBDC) for use by consumers and businesses are “more advanced” and “particularly strong” in emerging economies, according to analysis by global consultancy firm PwC[4].

The firm’s Global CBDC global index 2021[5] “is designed to measure a central bank’s level of maturity in deploying their own digital currency”. It has identified retail CBDC projects in the Bahamas[6], Cambodia, China[7], Ukraine, Uruguay[8], Ecuador, the East Caribbean[9], Sweden[10], South Korea[11] and Turkey[12] as being the 10 most mature in terms of “the central banks’ progress, stance on CBDC development and public interest”.

“Retail CBDC projects appear to be more advanced in emerging economies with financial inclusion stated as an expected outcome,” the report says.

“Wholesale efforts are mostly conducted in more advanced economies with more developed interbank systems and capital markets.

“Looking at the most advanced projects globally, retail efforts have already produced two

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currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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