CBDC Development Tracker

The Atlantic Council’s CBDC Tracker monitors over 130 central bank digital currency projects globally — across research, pilot, live deployment, and in some cases cancelled status. This tracker provides a structured overview of the most significant CBDC developments, organised by stage of development, and tracks the key design dimensions that determine each CBDC’s competitive implications for private digital assets.

Deployed CBDCs: Live and Operational

Bahamas — Sand Dollar The world’s first nationally deployed retail CBDC. Launched October 2020. Operated by the Central Bank of The Bahamas. Distributed through authorised financial institutions. Usage has been limited relative to projections, but the Sand Dollar remains operational and provides a live case study in small-economy CBDC deployment.

Nigeria — eNaira Launched October 2021 by the Central Bank of Nigeria. One of the earliest large-emerging-market CBDC deployments. eNaira has faced adoption challenges — Nigeria’s large unbanked population has been the target demographic, but uptake has been slower than initial projections. The CBN has implemented several design changes since launch to increase utility and adoption.

Jamaica — JAM-DEX Launched 2022. Bank of Jamaica’s CBDC. Designed for retail payments. Government incentive programs were used to drive initial adoption. Provides a Caribbean small-economy CBDC case study alongside the Bahamas.

Eastern Caribbean — DCash The Eastern Caribbean Central Bank’s (ECCB) CBDC, serving the ECCU member states. Launched 2021. DCash experienced a significant technical outage in 2022 that highlighted operational resilience challenges in CBDC deployment. Service has since been restored and improved.

Advanced Pilots: Large-Scale Testing

China — Digital Yuan (e-CNY) The most advanced large-economy CBDC globally. The People’s Bank of China’s digital yuan has expanded to 260M+ registered wallets and pilot deployment across 26 cities. Used for retail payments, salary disbursements, and consumer subsidy distribution. e-CNY operates through a two-tier system: PBOC issues to commercial banks; commercial banks distribute to customers. Design: account-based, relatively lower anonymity than physical cash, programmable (conditional payments possible), no interest paid on holdings.

e-CNY represents the most significant competitive challenge to private USD stablecoins in China-adjacent markets. As it expands to Belt and Road trading economies, its market presence will reduce the gap that USD stablecoins currently fill in cross-border settlement.

In Preparation: Major Economies with Defined Timelines

European Union — Digital Euro Status: Preparation phase. The ECB announced the digital euro preparation phase in November 2023, following a two-year investigation phase. The ECB is conducting technical testing, working with intermediaries on distribution model design, and supporting the European Commission’s legislative work on the Digital Euro Regulation. Target decision point: 2029. The ECB would issue digital euro; commercial banks would distribute it to customers. Design considerations include: holding limits (to prevent bank disintermediation), privacy protections (offline transaction capability), and programmability limitations (to prevent the ECB from imposing conditions on spending).

India — Digital Rupee The Reserve Bank of India has conducted retail and wholesale digital rupee pilots since 2022. Retail pilot expanded to multiple cities. India’s large cash-dependent economy and digital payment infrastructure (UPI) create a complex context for CBDC adoption. No firm launch date for full deployment.

Research Phase: Major Economies Without Commitment

United Kingdom — Digital Pound Status: Research phase. The Bank of England and HM Treasury published a consultation paper on a potential digital pound (“Britcoin”) in 2023. The Bank of England has conducted technology research. No decision to proceed with a retail CBDC has been made. The new FCA and BOE framework for digital assets does not require a CBDC and the political environment under Labour has not strongly pushed toward retail CBDC development.

Canada Status: Research phase. Bank of Canada has completed extensive CBDC research, including academic collaboration. No government decision to proceed. Canada’s well-developed digital payment infrastructure (Interac) reduces the urgency of CBDC deployment for domestic use cases.

Cancelled or Abandoned

Ecuador — Dinero Electrónico system launched 2014 and shut down 2018 due to limited adoption and political transition.

Senegal — eCFA pilot was discontinued.

United States: Banned

Executive action in January 2025 prohibited the development, issuance, or promotion of a US retail CBDC. The current administration has framed this as a financial privacy and anti-surveillance position. The US Federal Reserve will not develop a retail CBDC under the current political environment. This policy decision is the single most consequential CBDC development for the private stablecoin market: USD stablecoins operate as the de facto digital dollar without sovereign competition.

Key Design Dimensions Tracked

This tracker monitors each CBDC project across five design dimensions that determine competitive implications for private digital assets: retail vs wholesale (retail CBDCs compete with private payment instruments; wholesale CBDCs serve interbank settlement), privacy level (anonymous like cash, or KYC-tied like bank accounts), programmability (conditional payments and smart contract features), interest (some CBDCs pay interest, raising bank disintermediation risks), and distribution model (direct central bank accounts vs. two-tier commercial bank distribution).

Full CBDC database with country-by-country design specifications, launch timeline data, and adoption statistics available to subscribers.