If we look at the global CBDC tracker we can see very clearly that in a certain part of the world they are moving quicker than others when it comes to CBDC. The launched which is in red is when the plot scheme has actually started using the CBDC for payments. What stands out from just looking at who is in red as in the launch phase or already have launched is that 3 of these countries are part of BRICS.
I was reading up on Russia's status and they have already completed 27 000 transfers which included 7000 payments through 12 banks. Russia is a bit different to everyone else as they have had sanctions to deal with and this would by digitalizing the Ruble make things a little less complicated. The Russians did stress this was more for being used for paying Government contracts, but is open for use by individuals if they want to and is not being forced on anyone.
China states that the CBDC usage is minimal at the time being after doing a launch back in 2021 which saw more than 260 million users transact spending $14 Billion with more than 8 million businesses. Those who had wallets were given the CBDC currency on a lottery basis or random selection and had a limited time in order to spend this free money.
India has been busy for quite a while now since 2023 they have had over 18 000 CBDC transactions daily. This is not a huge number yet if you consider India processes roughly 300 million total transactions daily. Even if India reaches 1 million CBDC transactions daily it would still be a fraction of a percent.
South Africa and Brazil the two main BRICS members besides the 3 countries already mentioned are still in research/pilot scheme mode. I expect they will wait for the go ahead and take the lead from the China, Russia and India.
We know BRICS is going to launch their own currency sooner than later and if we look at the trade figures between Russia and China the digital Yen has now surpassed the US Dollar as the top currency for trade in Russia. This was obviously going to happen as they erode away the reliance on using the $$$.
India has also been trading and paying with the digital Yen for oil purchases which it has reportedly saved over $7 billion in foreign exchange fees. China are obviously pushing their currency as they would like to be the next world currency that will at some point replace the dollar. I am sure there will be extra monetary incentives offered via digital currency usage whether it is Yen, Ruble or Rupee to those who have joined BRICS or are still on the fence holding out for a more lucrative deal. Lets face the realty with the majority of those countries waiting to join BRICS being financial basket cases offering very little in return.
What was quite interesting to read was the statement made by the Bank of Israel deputy governor saying the European Central Bank (ECB) would be the first ones to pull the trigger and launch. The head of the ECB has stated that they can launch and only then inform the public afterwards which is obviously what they are planning to do. Unfortunately it does look like CBDC's are around the corner and not that far off.