Juan Agustín D’Attellis Noguera, Director of the Central Bank of Argentina, announced that the bank is working on the legal framework for the CBDC project in pesos. Argentina is considering introducing a CBDC to primarily address economic issues and inflation. In January 2023, Ukraine’s deputy prime minister announced that he will take his salary in e-hryvnia.
Cryptocurrencies that reach consensus through mining are referred to as Proof-of-Work coins. However, alternative designs such as Proof-of-Stake are used by some cryptocurrencies instead of mining. The miner that provides the correct solution to the problem first gets to add the new block of transactions to the blockchain and receives a reward in return for their work. Bitcoin miners are rewarded with BTC, Ethereum miners are rewarded with ETH, and so forth.
We do not cover every chain, but at the time of writing we track the top 70 crypto chains, which means that we list more than 97% of all tokens. In January 2023, the central bank of the Philippines announced that its pilot project, which tests wholesale CBDC, will run until 2024 with select financial institutions. Based on the results, the bank will decide whether to launch a digital currency by 2026. The US is now participating in a cross-border wholesale CBDC project, Project Agorá, with 6 other major central banks. In May, the US House passed a bill prohibiting the direct issuance of a retail CBDC, but the Senate has not acted.
Private and public entities have already begun to work together to set standards and ensure interoperability. Yet more can be done to ensure that the issuance of CBDC does not jeopardize the national security objectives of a country. Unlike CBDC, cryptocurrency is not issued and backed by a central bank, they are usually issued by private companies. This means that control and decision-making in a transaction are transferred to many different entities, instead of relying on intermediaries.
To dive deeper into these countries, follow our CBDC tracker, where we track and update developments in 119 countries, representing more than 95 percent of the world’s GDP. CoinCodex provides all the data you need to stay informed about cryptocurrencies. You can find cryptocurrency charts for more than coins, and access key data such as up-to-date prices, all-time high price, cryptocurrency market cap, trading volume and more.
In every country with an advanced retail CBDC project, CBDCs are intermediated, meaning they are distributed through banks, financial institutions, and payments service providers. The introduction of new payment systems could impact the daily lives of citizens but also potentially compromise a country’s national security objectives. For instance, CBDC can allow countries to build linkages and networks outside of the dollar, which can create opportunities to evade sanctions. Therefore, cross-border collaboration is necessary on issues of CBDC governance, privacy, and security.
