Central Banks Worldwide Testing Digital Currencies
According to a report released by the Bank for International Settlements (BIS) in early May last year, many Central Banks worldwide are already testing the CBDC ecosystem. Their reports show China is currently ahead of the US in its tests and explorations.
Also, the reports from BIS show that many Central Banks around the world are also receiving legal rights to issue CBDC without the federal government's involvement. According to the report, "The issuance of a CBDC requires a legal framework that provides central banks with
the authority to do so. Compared with last year, the share of central banks with such
a legal authority increased from 18% to 26% (Graph 8).20 In addition, about 10% of
jurisdictions are currently changing their laws. Thus, more than a third of central banks
will soon have legal authority to launch a CBDC."
