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A notable alliance among major Asian economies—Hong Kong, Thailand, China, and the United Arab Emirates—is working under the auspices of the Bank for International Settlements (BIS). These nations are collaborating closely to accelerate the development and deployment of their respective CBDCs.
Beyond Asia, more than 20 countries, including Australia, India, South Korea, Singapore, Brazil, Malaysia, South Africa, and Ghana, are either in pilot stages or preparing for launch within 2023. Russia is also poised to launch its pilot program by summer, with the goal of testing with real consumers by April 1st. These efforts reflect a global race to establish digital currencies as mainstream payment tools.