Jurisdictions Where Retail CBDC Is Being Explored (as of November 26, 2021)
                                                  Where central banks have launched or piloted (or soon will)
                 Bahamas (launched)                      Eastern Caribbean (launched)            Nigeria (pilot launched)
                 China (pilot launched)                  Jamaica (pilot launch imminent)         Uruguay (pilot completed)
                                               Where central banks have done proofs of concepts (or soon will)
                 Bhutan (proof of concept planned)       Ghana (update)                          Sweden (proof of concept underway)
                 Japan (proof of concept started)        Korea (proof of concept started)        Ukraine (proof of concept done)
                                           Where central banks are in advanced stages of research and development
                 Canada (update)                         Norway                                  United Kingdom
                 Euro Area                               Russia (latest report)(update)          United States
                 Mauritius (update)                      Thailand                                 
                                         Where central banks are still in the exploratory stages (with year of last update)
                 Australia (2021)                        Iceland (2018)                          Pakistan (2021)
                 Brazil (2021)(update, 2021)             India (2021)(update; 2021)              Peru (2019)(update; 2021)
                 Chile (2021)                            Indonesia (2020)(update; 2021)          Philippines (2020)
                 Curaçao en Sint Maarten (2019)          Israel (2021)(update; 2021)             Singapore (2021)
                 Czech Republic (2021)                   Kazakhstan (2021)                       South Africa (2021)
                 Denmark (2017)                          Kenya (2020)                            Switzerland (2019)
                 Eswatini (2020)                         Kuwait (2019)                           Taiwan (2020)
                 Georgia (2021)(update; 2021)            Madagascar (2021)                       Trinidad and Tobago (2021)
                 Haiti (Bitkòb) (2021)                   Malaysia (2021)                         Tunisia (2018)
                 Hong Kong SAR (2021)                    Morocco (2019)(update; 2021)            Turkey (2021)
                 Hungary (2021)                          New Zealand (2021)                       
                                            Where central banks have explored or are exploring issuing retail CBDC
                                                            (according to reputable news sources)
                 Bahrain (2018)                          Laos (2021)                             Tanzania (2021)
                 Egypt (2018)                            Lebanon (2020)                          United Arab Emirates (2021)
                 Guatemala (2021)                        Macau (2021)                            Vietnam (2021)
                 Honduras (2021)                         Palestine (2021)                         
                 Iran (2018)                             Rwanda (2021)                            
                                                    Where central banks have launched and discontinued
                 Ecuador (2014-2018)                     Finland (1992-2006)                      
        Palau Developing a “GovCoin”!
    The Republic of Palau has partnered with Ripple to develop a U.S. 
    dollar-backed digital currency for the country using the XRP Ledger. If 
    launched, it could be the world’s first government-based national 
    stablecoin (GovCoin). (The Pacific island nation has no central bank and 
    uses the U.S. dollar as its official currency, so a central bank digital 
    currency (CBDC) is out of the question.)
                                                                Comparison of Advanced Retail CBDC Explorers
                  Jurisdiction               Status              Date of                     Objectives                       Offline         Technology provider 
                 (Project name)                                  launch                                                     payments             (Technology)
                 The Bahamas                                      2020              Payment system efficiency and                                 NZIA Limited
                 (Sand Dollar)          Fully Launched          (October)        resilience, financial inclusion, fighting      ✘              (NZIA Cortex DLT)
                                                                                            illicit activities
              Eastern Caribbean        Pilot launched (in 4                                                                                            Bitt
                Currency Union          of the 8 member            2021           Reducing the costs/risks of physical          ✘              (Hyperledger Fabric 
                    (DCash)             countries of the         (March)         cash management, financial inclusion                                 DLT)
                                        currency union)
                     China               Pilot launched           2020         Monetary sovereignty, reducing monopoly 
                    (e-CNY)                (selected              (April)       distortions, payment system resilience,         ✓                  Proprietary
                                          participants)                                   financial inclusion
                   Uruguay             Pilot conducted (6-        2017         Reducing the costs/risks of physical cash                          Roberto Giori 
                   (e-Peso)           month pilot in 2017-     (November)      management, digitalization, fighting illicit     ✘                   Company
                                             2018)                                            activities
                                                                               Monetary sovereignty, reducing costs and 
                                                                                 risks of physical cash management,                                    Bitt
                    Nigeria              Pilot launched           2021            financial inclusion, payment system           ✘
                    (eNaira)                                    (October)                                                                     (HyperLedger Fabric 
                                                                               resilience, G2P payments, tax collection,                              DLT)
                                                                                       cross-border payments
                   Jamaica                                        2021         Reducing the costs/risks of physical cash                        eCurrency (DSC3 
                      (?)            Pilot launch imminent    (November?)          management, financial inclusion              ✘                 Digital Bearer 
                                                                                                                                                   Instrument)
           Single- vs Multi-Tier Operating Model
                Source: Auer and Boehme. 2021. "Central bank digital currency: the quest for minimally invasive technology."
                                                        Compliance with FATF AML/CFT Standards
                                   Holding/Transaction Limit Structures                             Data Access
         Central Bank of the       Physical/email address, phone number and photo for               Transaction transparency to enable central bank (CB) to monitor suspicious 
         Bahamas Sand Dollar low-limit access (B$500 holding and B$1,500/month                      transactions and stop accounts. Pseudonyms ensure user anonymity. CB 
                                   transaction). Plus, government-issued photo ID for               maintains ledger and server is encrypted.
                                   higher limits (B$8,000 holding and B$10,000/month).
         Eastern Caribbean         Physical/email address, phone number, photo and birth            CB can see anonymized transaction data and outstanding CBDC in each 
         Central Bank DCash        date/place for low limit access (EC$1,000 to                     digital wallet. Registered financial institutions can fully observe the identity 
                                   EC$2,700/month transaction depending on risk profile).  of payers and payees and the purpose of transactions.
                                   Plus, full name and bank account for higher limits 
                                   (EC$3,000 to EC$20,000/day). 
         Central Bank of           Physical/email address, SIM card and national ID for low  User data is segregated across different databases. Transaction data per 
         Uruguay e-Peso            limit access (UYU30,000). No higher limits except for            (anonymous) digital wallet can be decrypted to reveal the user’s identity 
                                   businesses (UYU200,000).                                         under very restrictive conditions – e.g., a competent authority prosecuting 
                                                                                                    someone that has probable cause to access the transaction data.
         Central Bank of           Physical/email address, phone number, passport photo and birth   ?
         Nigeria eNaira            date/place for low limit access (N120,000 holding and 
                                   N20,000/day). Plus, National Identity Number and bank account 
                                   for higher limits (N50,000 – N1,000,000/day and N300,000 – 
                                   N5,000,000 holding). No limits on businesses.
         People’s Bank of          SIM card for low limit access (¥10,000 holding,                  Controllable anonymity: The CB will be privy to the identity of its users as 
         China eCNY                ¥2,000/transaction and ¥5,000/day). Plus, full name,             they are required to provide their real identities when they first sign up. 
                                   address, phone number and bank account for higher                However, users will have the ability to control what information they 
                                   limits (¥500,000 holding, ¥50,000/transaction and                expose to counterparties
                                   ¥100,000/day).
         Bank of Jamaica           CBDC transactions will be subject to the existing risk-          The CB does not maintain data on users. Wallet providers maintain the 
                                   based AML/CFT PSP framework, including collecting                identities of their respective users and transactions in line with KYC 
                                   full know-your-customer (KYC) information on all holders regulations.
                                   .