Countries with most research into interbank CBDC 2021-2023

Published by

Jun 24, 2025

Project Inthanon-Lionrock ranked as the world's number

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advanced Central Bank Digital Currencies (CBDC) project for financial institutions in the world. CBDC are essentially cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), but instead of being privately issues these are to be issued by central banks. The numbers provided here, however, should not be confused with China's digital yuan or Sweden's e-krona: Those are examples of retail CBDC, aimed at replacing banknotes and physical coins for day-to-day consumer use. The figures shown here are wholesale CBDC: Central banks applying blockchain technology not for consumer use, but aimed towards an application in banking processes. This includes things like cross-border payments between banks or optimizing clearing and financial settlements. Improving cross-border payments was not the main driver for central banks on why they should develop a CBDC.

Central Bank Digital Currencies (CBDC) interbank or wholesale projects that are furthest in their development from 2021 to 2023, by country

CBDC project name - partner country	Country/region	Apr 2021	Apr 2022	Nov 2023
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Release date

November 2023

More information

Region

Worldwide

Survey time period

December 2020, January 2022, and July 2023

Special properties

The figures provided are meant to rank the development of CBDC worlwide, for more information see the "Details" tab. The source stat that it was rebased against an index of 100, and is dependent on the availability of data

Supplementary notes

The source states that the CBDC project status is the main variable for the index - tracking research, pilot, and production as its three main stages of development. The more advanced a CBDC project is, the more point it receives. Additionally, the source allocated bonus points based on the duration of the project. Two other variables for the index value include the stance of the central bank based on published speeches, and a public interest proxy as measured in Google Trends or Baidu Index (for Mainland China).

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