China leads the development of central bank digital currency (CBDC ) in the world. Digital yuan has been already tested in some areas in China while Western nations have just started talking about CBDCs.
Six central banks such as ECB, Bank of England, Bank of Japan, are collaborating on the research of CBDC and reportedly held the first meeting just in April. Bank of Japan announced at the beginning of this month that they would start testing a digital yen although they didn’t specify when. The United States hasn’t even started officially talking about it. Last month, Chairman of the Federal Reserve Jerome Powell didn’t reveal any concrete progress on the digital dollar.