CBDC Tracker
Track how central bank digital currency projects move from research and pilot into preparation and launch. This page simplifies each project into stage, type, and policy direction so different jurisdictions can be compared more easily.
Jurisdictions tracked in this version
Launched retail CBDC cases
Projects in pilot or active testing
Status simplified for comparison as of March 2026
CBDC Progress Storyboard
Read from left to right. The storyboard shows how major CBDC projects move from early exploration into pilot, preparation, and launch.
Research
Early exploration, design work, or evaluation without a full public rollout.
Retail
Ongoing central bank evaluation of whether a CBDC is needed.
Exploratory
Explores digital money infrastructure rather than a committed retail launch path.
Wholesale
Focus remains on wholesale and experimental use cases.
Wholesale-oriented
Exploration continues with strong interest in institutional and wholesale use cases.
Pilot
Live testing, limited rollout, or active technical pilot activity.
Retail
Large-scale public pilot with years of implementation experience.
Wholesale
Tokenized settlement and wholesale-oriented pilot direction.
Wholesale
Advanced pilot tied to tokenized financial infrastructure.
Retail / Wholesale
Phase 2 pilot completed, with near-term priority shifting toward wholesale scenarios.
Retail-oriented
Pilot programme continues as the BOJ evaluates feasibility.
Hybrid
Pilot testing continues with transaction updates reported by the central bank.
Wholesale
Wholesale CBDC pilot path focused on institutional use cases.
Hybrid
Project moved into implementation-oriented public documentation and rollout planning.
Wholesale
Wholesale-focused direction with strong cross-border experimentation relevance.
Preparation
Policy, legal, and technical preparation before possible future issuance.
Retail
Preparation phase continues as the ECB moves to its next implementation step.
Launch
Projects that have moved beyond pilot and into formal launch.
Retail
One of the earliest nationally launched retail CBDCs.
Retail
Launched national CBDC with official public onboarding portal and updates.
CBDC Type Matrix
The matrix below shows where retail, wholesale, and hybrid projects are concentrated by stage.
| Type \ Stage | Research | Pilot | Preparation | Launch |
|---|---|---|---|---|
| Retail | Sweden Norway | China Japan | Euro Area | Bahamas Jamaica Nigeria |
| Wholesale | Saudi Arabia Australia | South Korea Brazil Philippines UAE | — | — |
| Hybrid / Mixed | Singapore | India Russia Kazakhstan Hong Kong | — | — |
Retail CBDC
A CBDC intended for public use by households and businesses in consumer-facing payments or digital cash scenarios.
Wholesale CBDC
A CBDC focused on interbank settlement, tokenized financial infrastructure, securities settlement, or institutional payment flows.
Hybrid / Mixed
A project that spans both retail and wholesale dimensions, or whose public positioning combines multiple use-case layers.
Why stages are simplified
Official project language differs widely across jurisdictions. Standardizing stage labels makes cross-country comparison easier, even if some detail is necessarily compressed.