January 29, 2026—A majority of countries are now developing some form of digital currency. In fact, over 90 percent of central banks surveyed are actively exploring central bank digital currencies, according to reporting by the UK-based SQ Magazine covering the digital economy.
They are in various stages of development, with more than 70 countries rolling out pilot programs. These include Japan’s digital yen, China’s mBridge platform and e-CNY, the European Central Bank’s digital euro, the UAE’s digital dirham, and Australia’s Project Acacia. In 2022, India launched the digital e-rupee, which now serves 7 million users but its use represents just a fraction of its circulation.
Analysts say the benefits are cost efficiencies, while the drawbacks are a lack of privacy and compliance costs.
