Which countries are developing a central bank digital currency? This Remitano review examines major CBDC projects, including Nigeria’s eNaira, China’s e-CNY, India’s digital rupee and Europe’s proposed digital euro. It also explains whether CBDCs are crypto, how they differ from Bitcoin and what users should consider before deciding whether a digital currency is legit, private and safe.
Central bank digital currencies have moved far beyond the early research papers published in 2020.
Some countries have launched a CBDC for public use. Others are conducting pilots, building technical prototypes or studying whether a digital currency is necessary at all.
CBDC status can change quickly, so terms such as “launched,” “pilot” and “research” should not be treated as interchangeable.
A central bank digital currency, or CBDC, is a digital form of official money issued or backed by a central bank.
A retail CBDC is intended for individuals and businesses. A wholesale CBDC is generally designed for banks and financial institutions settling large-value transactions.
A CBDC is normally:
No.
Bitcoin and other open cryptocurrencies are generally not issued by a government or central bank. Their prices are determined by the market and may change significantly.
A CBDC represents official national currency in digital form.
| CBDC | Cryptocurrency |
|---|---|
| Issued or backed by a central bank | Usually issued through a decentralised network or private project |
| Value linked to national currency | Price determined by market demand |
| Subject to national monetary rules | Governed by protocol and network rules |
| May require identity verification | Some networks allow permissionless transfers |
| Usually intended for payments | May be used for payments, investment or blockchain applications |
Not every CBDC uses blockchain. Central banks may choose a centralised database, distributed ledger technology or a combination of systems.
Nigeria launched the eNaira in October 2021, making it the first retail CBDC issued in Africa.
The eNaira is:
The eNaira is not Bitcoin, USDT or another privately issued crypto asset. Its value is tied to the Nigerian naira.
Adoption remains an important challenge. Launching a wallet does not automatically mean that consumers and merchants will use it regularly.
Nigerian users should also be cautious of fake eNaira applications, investment schemes and support accounts. A legitimate CBDC does not require users to send crypto to an unknown wallet to activate their account.
The Bahamas launched the Sand Dollar nationally in October 2020.
It was created partly to improve access to digital payments across an island nation where physical banking services may be difficult to reach in some communities.
Users access Sand Dollars through authorised financial institutions and payment providers.
The Sand Dollar is equal in value to the Bahamian dollar. It is not a speculative token intended to increase in price.
Jamaica introduced its retail CBDC under the name JAM-DEX.
JAM-DEX is issued by the Bank of Jamaica and distributed through approved wallet providers. It is legal tender and can be exchanged at equal value with Jamaican banknotes and coins.
Its intended uses include:
As with other CBDCs, the success of JAM-DEX depends on wallet access, merchant acceptance and public confidence.
China operates one of the world’s largest digital currency programmes.
The e-CNY, also known as the digital yuan or digital renminbi, has been tested across numerous regions and use cases, including:
China has expanded the e-CNY infrastructure and developed dedicated domestic and international operational centres.
Despite its large scale, the e-CNY should not be confused with a decentralised cryptocurrency. It is part of China’s regulated monetary and banking system.
The Reserve Bank of India is testing the digital rupee, also written as e₹.
India has explored both:
The pilot has involved selected banks, users and payment scenarios.
India has not presented the digital rupee as a replacement for all existing payment methods. It is being tested as another form of central-bank money alongside cash and bank deposits.
Brazil’s central bank is developing Drex, previously referred to as the digital real initiative.
Drex is strongly connected to tokenised financial infrastructure and programmable transactions rather than functioning only as a digital replacement for cash.
The pilot has tested areas such as:
Drex remains a development and testing project. Users should not trust any website selling “Drex coins” or promising investment profits from an official Brazilian CBDC.
The Bank of Japan continues technical experimentation and discussions with private-sector participants.
Japan’s work has considered:
No final decision to issue a digital yen has been announced.
The European Central Bank is developing the technical and operational foundations for a possible digital euro.
A digital euro could be designed for:
The ECB aims to be technically prepared for a possible issuance during 2029, assuming the required European legislation is adopted.
This does not mean a digital euro has already been issued.
The Bank of England and HM Treasury are continuing the design phase for a possible digital pound.
Their work includes:
No final decision has been made.
A digital pound would require legislation and would not be introduced without government and parliamentary approval.
The Bank of Canada has researched a digital Canadian dollar so that it can respond if public demand or changes in the payment system make one necessary.
Research does not mean Canada has decided to issue a retail CBDC.
Sweden previously conducted an extensive technical e-krona pilot.
The technical pilot ended, but the Riksbank continues monitoring international CBDC developments, particularly the digital euro.
An e-krona remains a possible future option rather than a currently launched currency.
The Eastern Caribbean Central Bank introduced DCash as a CBDC pilot across participating members of the currency union.
The original pilot concluded, and the ECCB has continued studying future CBDC infrastructure and possible upgrades.
It is therefore important to distinguish the earlier DCash pilot from a permanent region-wide national rollout.
The United States researched CBDC design and policy questions for several years.
However, current federal policy prohibits US agencies from taking action to establish, issue or promote a central bank digital currency.
This means the United States should not currently be listed alongside countries actively preparing to launch a retail CBDC.
The country continues to develop other digital-payment policies, including rules involving private stablecoins and electronic government payments.
Wholesale CBDCs are intended mainly for financial institutions rather than the public.
They may be used to improve:
Central banks and financial authorities in countries including Singapore, Switzerland, France, the United Arab Emirates, Saudi Arabia, Australia and Hong Kong have participated in wholesale CBDC or tokenised settlement experiments.
Some projects involve several central banks working together.
A successful wholesale pilot does not necessarily mean the country plans to provide every resident with a retail CBDC wallet.
A CBDC wallet may help people access digital payments without opening a conventional bank account.
However, financial inclusion also depends on:
CBDCs may enable faster settlement and reduce delays between financial institutions.
Printing, transporting and protecting physical cash can be expensive.
A digital alternative may reduce some of these costs, although operating secure digital infrastructure also requires significant investment.
Central banks may want to ensure that the public retains access to state-backed money as private digital payments become more common.
Wholesale CBDCs may improve the speed and coordination of international settlements.
Legal, compliance and technical differences between countries remain major challenges.
The growth of Bitcoin, stablecoins and private digital-payment platforms has encouraged central banks to reconsider how public money should operate in a digital economy.
A CBDC is generally designed to carry the credit backing of a central bank. This makes it different from an unbacked crypto token or an unknown investment project.
However, “central-bank backed” does not mean completely risk-free.
Possible concerns include:
Users should download CBDC wallets only from official sources and never share passwords or authentication codes.
Scammers may use a legitimate CBDC name to promote a fake token.
Common warning signs include:
Official CBDCs are normally linked to the value of the national currency. They are not presale investments designed to multiply in price.
Read this guide on whether Remitano is legit and how to avoid cryptocurrency scams.
Scammers may also impersonate exchange or financial-service employees. Learn how fake Remitano representatives attempt to steal OTP and 2FA codes.
A CBDC wallet and Remitano serve different purposes.
A CBDC represents official digital national currency. Remitano is a cryptocurrency platform that may provide access to P2P trading, crypto conversion and wallet services.
A proper Remitano review should not describe eNaira as a cryptocurrency traded for investment.
Users researching Remitano can examine:
This Remitano review explains how P2P liquidity can affect trading speed.
Remitano has also published information about its Hacken-audited CCSS Level 1 Full System Security Certification.
A security certification covers the assessed system and scope. It does not guarantee protection from every hack, phishing message or user mistake.
CBDCs may coexist with Bitcoin, USDT and other crypto assets rather than replacing them.
When using P2P trading:
Read this guide on safe P2P trading and avoiding suspicious rate traps.
Users should also review these Remitano scam alerts about P2P traps.
CBDC systems may require different levels of identity verification depending on the wallet, transaction value and local rules.
Verification can help reduce fraud and money laundering, but governments must also address concerns about privacy and access to transaction information.
Read more about how AML and KYC controls help protect Remitano users.
CBDCs should not be confused with private crypto wallets in which the user controls a recovery phrase.
Anyone holding cryptocurrency outside a platform should understand custody risks. This guide reviews crypto hack history and the role of cold wallets.
| Country or jurisdiction | CBDC project | General status |
|---|---|---|
| Nigeria | eNaira | Launched |
| The Bahamas | Sand Dollar | Launched |
| Jamaica | JAM-DEX | Launched |
| China | e-CNY | Large-scale pilot and expanding operations |
| India | Digital rupee | Retail and wholesale pilots |
| Brazil | Drex | Pilot and development |
| European Union | Digital euro | Preparation and planned pilot work |
| United Kingdom | Digital pound | Design and research |
| Japan | Digital yen | Pilot and evaluation |
| Canada | Digital Canadian dollar | Research and readiness |
| Sweden | E-krona | Previous pilot; monitoring and preparation |
| Eastern Caribbean | DCash | Earlier pilot completed; future work under review |
| United States | Digital dollar | Federal CBDC development currently prohibited |
CBDCs are no longer only theoretical research projects.
Nigeria, The Bahamas and Jamaica have launched retail digital currencies, while China and India are operating major pilots. Brazil, Japan, the United Kingdom and the European Union continue technical or policy development.
Other countries are maintaining research capabilities without committing to issuance.
A CBDC is official digital money, not a decentralised cryptocurrency or guaranteed investment opportunity. Before using any CBDC wallet, verify the official issuer, understand the privacy rules and avoid anyone promising profits from a supposed national digital currency.
Whether dealing with CBDCs or trading crypto through Remitano, staying safe requires official applications, strong authentication and careful protection against every scam or impersonation attempt.
