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Bahamas Leads Other Countries in Retail Development of CBDC

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PwC noted the Bahamas as a leader in the CBDC race in its recently published 1st edition of “PwC CBDC global index.”

The Bahamas is ranked first in the retail development of the central bank digital currencies (CBDC) globally. A survey by consulting firm PwC placed the Bahamas on top of the leaderboard compared to other countries in the global race to create government-backed cryptocurrencies.

Bahamas and Retail CBDC Development

The Bahamas led other countries with 92% in retail CBDC ranking. Followed by the Bahamas is Cambodia, which scored 83%. The next two on the list are Mainland China, with a 75% score, and Ukraine with 71%. The other countries on the top ten list include Uruguay (71%). Ecuador (71), Eastern Carribean (61%). Others are Sweden (58%), South Korea (51%), Turkey (42%).

The Bahamas was able to attain the position resulting from its Sand Dollar that was implemented last year October. The Sand Dollar is a digital version of the national currency and is backed by the Central Bank of Bahamas.

PwC noted the Bahamas as a leader in the CBDC race in its recently published 1st edition of “PwC CBDC global index.” PwC said that its global CBDC index is designed to measure the central bank’s level of maturity in deploying their CBDCs. In the publication, the consulting firm said that it considered its survey based on two factors. The first is retail CBDC, while the second factor is interbank or wholesale CBDC. As stated in the 2021 PWC Global CBDC Index, retail CBDCs are held by individuals and companies as a form of digital cash. Interbank or wholesale CBDCs are limited to financial institutions for interbank payments and settle financial processes.

“We believe CBDCs will continue significantly to the modernisation of the international monetary landscape, hand-in-hand with reconfiguration in both payment and financial infrastructure. They will generate numerous opportunities for further digitisation in both corporates and financial institutions, as their integration in payment and financial infrastructure progresses,” added the firm.

Thailand and Hong Kong as Top Players in Project Maturity for Interbank CBDCs

Furthermore, Thailand and Hong Kong are the top players in project maturity for interbank CBDCs. Thailand has been working on CBDC since 2018 and has been progressive. Both Thailand and Hong Kong scored 80 out of 100. The third country on the list is Singapore, with 75%. Additionally, the fourth is the United Kingdom, which scored 68%, followed by France with 64%.

According to Benoit Sureau, a PwC partner for the France and Maghreb region, CBDC is a “game-changer” that will give “access to alternative payment solutions for citizens and corporates.” He added that over 60 central banks across the globe are towards the creation of CBDCs since 2014.

Notably, there have been significant changes with certain CBDC projects as some countries conduct several trials and now approaching launch. In addition, the participation of institutions in CBDC serves as fuel for further progress. Public stakeholders, including the World Bank, the International Monetary Fund, and Bank for International Settlements, are majorly participating in CBDC projects.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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Ethereum price closes in on $4K as Shiba Inu (SHIB) steals Dogecoin’s thunder

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The crypto market has rallied into the weekend as Ether (ETH), Dogecoin (DOGE) and Shibu Inu (SHIB) hit new all-time highs as they lead the pack of altcoins up the market cap mountain. 

Much of the excitement behind Dogecoin’s rally has been attributed to the upcoming appearance of Elon Musk, the CEO of Tesla and a Dogecoin advocate, on the popular Saturday Night Live comedy sketch show. Ether, on the other hand, continues to rally toward $4,000 as institutional interest in the altcoin soars and the approaching London hard fork have investors feeling extra bullish.

Data from Cointelegraph Markets and TradingView shows that after briefly dipping to a low of $3,418 in the late hours on May 8, Ether price regained its composure and proceeded to vault 13% to reach a new all-time high at $3,958. 

ETH/USDT 4-hour chart. Source: TradingView

While some have been surprised by the bullish movement from the second-largest cryptocurrency by market capitalization, it comes as no shock to Cointelegraph market analyst Marcel Pechman who recently detailed how Ether “could easily sustain until $5,000.”

Bitcoin (BTC) has used its time out of the spotlight to quietly climb higher with bulls now attempting to hold the price above $59,000.

Canine-themed ‘meme coins’ lead the pack

Dogecoin has emerged as one of the biggest mainstream attention grabbers in cryptocurrency history as scores of new users got their first taste of crypto trading from the popular meme token.

The week-long build-up in momentum for DOGE led to a 25% surge in the early trading hours on Saturday that lifted its value to a new all-time high at $0.74 before profit-taking dropped the price back below $0.68.

DOGE/USDT 4-hour chart. Source: TradingView

Thanks to the global attention that Dogecoin has attracted, a number of canine-themed projects have arisen, including Shiba In (SHIB), which burst onto the scene following a two-day rally that saw its value launch 1,100% higher to establish a new record high at $0.0000178.

The overall cryptocurrency market cap now stands at $2.463 trillion and Bitcoin’s dominance rate is 44.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.