Accessible Version
Preconditions for a general-purpose central bank digital currency, Accessible Data
Figure 1. Primary motivations for CBDC research and experimentation
Figure 1 shows a world map categorizing countries by their primary motivation for general-purpose CBDC research and experimentation. Countries have been assigned one of five categories: (1) addressing a present day challenge, (2) exploring possible future capabilities, (3) not pursuing research and experimentation, (4) unclear motivations, and (5) not available.
| Country | CBDC Motivations by Country |
|---|---|
| Sweden | Present day challenges |
| China | Present day challenges |
| Ukraine | Present day challenges |
| Iceland | Present day challenges |
| Bahamas | Present day challenges |
| Norway | Present day challenges |
| Brazil | Present day challenges |
| Eastern Caribbean | Present day challenges |
| South Africa | Present day challenges |
| Cambodia | Present day challenges |
| Thailand | Present day challenges |
| Swaziland | Present day challenges |
| Canada | Possible future capabilities |
| United Kingdom | Possible future capabilities |
| South Korea | Possible future capabilities |
| Japan | Possible future capabilities |
| Switzerland | Possible future capabilities |
| Denmark | Possible future capabilities |
| Indonesia | Possible future capabilities |
| United States | Possible future capabilities |
| Austria | Possible future capabilities |
| Belgium | Possible future capabilities |
| Cyprus | Possible future capabilities |
| Estonia | Possible future capabilities |
| Finland | Possible future capabilities |
| France | Possible future capabilities |
| Germany | Possible future capabilities |
| Greece | Possible future capabilities |
| Ireland | Possible future capabilities |
| Italy | Possible future capabilities |
| Latvia | Possible future capabilities |
| Lithuania | Possible future capabilities |
| Luxembourg | Possible future capabilities |
| Malta | Possible future capabilities |
| Netherlands | Possible future capabilities |
| Portugal | Possible future capabilities |
| Slovakia | Possible future capabilities |
| Slovenia | Possible future capabilities |
| Spain | Possible future capabilities |
| Uruguay | Not pursuing |
| Ecuador | Not pursuing |
| Australia | Not pursuing |
| Senegal | Not pursuing |
| Jamaica | Unclear |
| Venezuela | Unclear |
| Tunisia | Unclear |
| Iran | Unclear |
| Morocco | Unclear |
| Malaysia | Unclear |
| Russia | Unclear |
| Israel | Unclear |
Sources: This map was compiled using data from the March 2020 BIS Quarterly Review (PDF) and a 2020 working paper from the IMF, "A survey of research on retail central bank digital currency" and supplemented through additional secondary research. CBDC activity tracking sites from organizations such as the Atlantic Council were used. Motivations were broadly determined by the authors using the public statements attributed to sources within the central banks themselves or in some cases other news sources.
Figure 2. Forces driving towards and against a CBDC
Figure 2 is a stylized illustration depicting the forces driving towards and against a general-purpose CBDC. In the center of the graphic is a box labelled "General-Purpose CBDC." Left of this box are the forces driving forwards for a CBDC. Three arrows point to the "General-Purpose CBDC" box with the following text: (1) calls to address structural issues or problems affecting specific market segments or groups, (2) desire for innovation, and (3) advances in technological capabilities. Right of the box are the forces restraining against CBDC. Three arrows point to the "General-Purpose CBDC" box with the following text: (1) robust payment ecosystem, strong banking sector, and wide acceptance of banknotes; (2) immature technologies; and (3) coordination challenges. The graphic contains a disclaimer at the bottom that notes, "As conditions change, forces can be added or removed, strengthened or weakened."