Bahamas is leader of PwC’s “CBDC index”

According to a new PwC report, countries such as the Bahamas and Cambodia are now at the forefront of the list of countries working to develop the CBDC. The Bahamas has taken first place in digital currency retail development.

The Bahamas is a leader in the CBDC market

In my “Global CBDC Index“From 2021, the consulting company PwC examined the level “The central bank’s maturity in implementation” CBDC based on two factors: retail applications and interbank applications. Retail applications refer to CBDC, which can be held directly by private individuals and companies in the form of digital cash. Meanwhile, interbank or wholesale CBD is used for clearing larger financial institutions.

More than 60 central banks have already participated in the race for digital currencies for central banks said Benoit Sureau, PwC partner for France and the Maghreb region. He described the CBDC as something he would provide “Access to alternative payment solutions for citizens and businesses”.

Thus, the “retail ranking” gave the Bahamas a score of 92 out of 100. This is a world record. Cambodia finished second with 83 points, followed by China (75) and Ukraine (71).

The Bahamas achieved a positive result thanks to the successful implementation of the so-called Sand Dollars in October 2020 The Sand Dollar, supported by the Bahamas Central Bank, is a digital version of the national currency issued by authorized financial institutions. As PwC notes:

All residents have access to the digital wallet via a mobile application or a physical debit card. Data collected during day-to-day operations, such as income and expense information, can support microloan applications.

The rest of the world

Although China began developing the CBDC in 2014, PwC said it still has a lot of work to do in this area.

Thailand, Hong Kong, Singapore, Canada, the United Kingdom and France were also praised.

Thailand has been looking at the CBDC model since at least 2018. The UK has just started its activities in this area. Yesterday we wrote about the fact that the country is creating a special team for currency digitization. France, on the other hand, is working with a digital euro.

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