PwC: “Central Banks of more than 60 countries are developing digital currencies”

Consulting firm PwC has released the Global CBDC Index report, in which the Bahamas is named the most advanced country in terms of the development of state-owned cryptocurrencies.

The report presents the results of the work of analysts who investigated the level of development of national cryptocurrency projects in various countries. The main issues were the use of government cryptocurrencies for retail payments and interbank transfers. Accordingly, whether the digital currencies being developed can be used by retail customers and citizens of the country, or can they be used exclusively by financial institutions.

“More than 60 central banks are in the race to issue digital currency,” said Benoit Sureau, PwC partner in France and the Maghreb region.

Suro also noted that government cryptocurrencies can “change the rules of the game” and provide “access to alternative payment solutions to citizens and corporations.”

At the same time, the Bahamas took the first line in the ranking for retail CBDC with a result of 92 out of 100 points. This is not surprising as the island nation launched the Sand Dollar digital currency back in October 2020. The researchers emphasized that Sand Dollar is available to any citizen of the Bahamas, and not only through a mobile application, but also through a physical payment card. Also, digital currency can be used for microloans.

Cambodia came second with 82 points, and China came third (75 points). As for government cryptocurrencies for interbank payments, Thailand and Hong Kong shared the first and second places with a score of 80 points, while Singapore came in third (75 points).

Recall that the digital ruble is being developed in Russia, and testing should begin next year. However, the Russian digital currency was not included in the PwC rating.