PricewaterhouseCoopers (PwC) says the Central Bank of Nigeria’s (CBN) eNaira, and the Sand Dollar, issued by the Central Bank of the Bahama, topped retail central bank digital currency (CBDCs) projects globally.

Retail CBDC projects are digital currencies designed for public use.

PwC said this in its 2022 CBDC Global Index and Stablecoin Overview which analyses and ranks the leading retail and wholesale CBDC projects around the world.

In a statement on its website dated April 5, the firm said the report also evaluates the current stage of CBDC project development, while taking into account central bank opinion and public interest.

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“Retail projects in the Index are led by the Central Bank of Nigeria’s (CBN) eNaira, the first CBDC in Africa, and the Sand Dollar, issued by the Central Bank of the Bahamas as legal tender in October 2020, making the Bahamas the first country to launch a CBDC,” PwC said.

“China became the first major economy to pilot a CBDC in 2020 with the digital yuan, and as of March 2022, pilot programs are running in 12 cities, including Beijing and Shanghai.”

CBN launched the eNaira, the country’s first digital currency, in October 2021.

PwC said around 666,000 eNaira speed wallets have been created as of December 2021.
The application has also recorded 700,000 downloads, while over 35,000 transactions have been conducted on the platform.

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According to the report, 90 percent of the transactions were person to business and vice versa, while the eNaira speed wallet application has been downloaded in 160 countries.

The PwC report also showed that more than 80 percent of central banks are considering launching a CBDC or have already done so.
“The future of money is digital,” PwC said.

The company added that retail CBDC projects have reached greater maturity levels than wholesale projects (digital currencies used by financial institutions that have accounts with central banks).

However, on the wholesale side, the leading project on the Index is the combined effort of the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BoT) to launch the mBridge project, focused on developing a proof-of-concept prototype to enable real-time, cross-border foreign exchange payments on distributed ledger technology.

Also ranked highly in the report is the work of the Monetary Authority of Singapore (MAS), with two new CBDC projects, as it continues the development of a wholesale CBDC for cross-currency payments.(thecable)