Not the Europe or USA, but the Bahamas became the first

country in the world to adopt a CBDC, the Sand Dollar, in 2020.

China’s central bank, People’s Bank of China (PBOC) has

already created its CBDC project called “Digital Yuan” or eCNY

and 140 million people had opened wallets for the digital Yuan.

China’s digital Yuan once live can impact the $27 trillion

payment market in the country. However, please note that the

eCNY does not use any Blockchain or DLT solution as of now,

although this space is currently under research.

Nigeria’s CBDC pilot called D’Cash is now the second largest

behind China’s digital Yuan. The new currency is to be called

eNaira. It has now become the third country in the world and the

first in Africa to build its own CBDC.

Riksbank, the central bank of Sweden is one of the first in

implementing CBDC. The project e-krona is already on pilot

using R3’s Corda platform.

The status of all CBDC projects can be tracked on the following

website:

https://cbdctracker.org/

18.4 Summary

In this chapter, we covered the following topics:

Concepts of decentralized finance, tokenization, and NFT, as

well as its craze.

Central bank digital currency and its advantages over crypto

and Stablecoins.

Different types of CBDC.

The Blockchain platforms that are mostly used in building DeFi,

tokens, NFTs, and CBDC.

Some of the leading CBDC projects in the world.

References