An Exploration of the Development of Central Bank Digital Currencies in Selected Countries

Abstract

In this paper, we explore the developments of Central Bank Digital Currencies (CBDC) in selected countries across the globe. The main objective of the study is to critically review the literature on the development of CBDC in selected jurisdictions. We adopted the methodology that made use of narrative literature review and mainly reviewed peer-reviewed journal articles that are published focusing on selected Central Banks. The key databases used in this study included Science Direct, JSTOR and Ebscohost information services and digital libraries. This is a novel study and the articles and other scholarly literature reviewed were taken from Q12018 to Q12022. The literature is in it’s infancy and mainly from developed and emerging economies. The literature brought out different approaches and relationships between the different jurisdictions and the approaches of CBDC and design considerations.

Keywords: Central Bank Digital Currencies (CBDC), Critical Review, Exploration of Developments, Bahamas, China, Eswatini, Ghana, Nigeria

DOI: 10.7176/EJBM/14-16-02

Publication date:August 31^st 2022