Three live, dozens in the lab
How many countries actually use one? Three, according to the Bank for International Settlements. Its survey of 93 central banks, published in August 2025, found live retail CBDCs only in The Bahamas, Jamaica and Nigeria, and no new launches during 2024.
Interest runs far wider. Of the 93 banks, 85 were exploring a retail version, a wholesale one or both. On the retail side, 48% were running experiments and 19% pilots. Banks in advanced economies are pushing harder on the wholesale side, with 38% running wholesale pilots against 15% for retail.
What using one looks like
The Bahamas got there early. Its central bank announced on October 20, 2020 that its digital dollar, the SandDollar, was available nationwide. People get it through authorized financial institutions, in a phone app or on a payment card, after handing over the usual know-your-customer details.
Jamaica’s version, JAM-DEX, lives in a wallet that a bank, building society or licensed payment provider issues. According to the Bank of Jamaica’s FAQ, you need no bank account to open one, and a Taxpayer Registration Number is among the details asked for. The wallet pays no interest, the same as cash, and JAM-DEX can be swapped 1-for-1 with notes and coins.
The US, the EU and the UK
The three economies have taken three different paths.
| Jurisdiction | Position, read on November 10, 2026 |
|---|---|
| US | Executive Order 14178 of January 23, 2025 bars federal agencies from any action to establish, issue or promote a CBDC |
| Euro area | The ECB aims to be ready for a first digital euro issue during 2029, if EU law is adopted in 2026 |
| UK | The Bank of England has not decided whether to issue a digital pound and calls its work a design phase |
The US order also gives a definition worth keeping, “a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.” Europe’s plan has its own entry, the digital euro. The Bank of England’s page, last updated October 23, 2025, says a joint assessment with the Treasury comes ahead of a decision on next steps in 2026.
Not crypto, not a stablecoin
Is a CBDC a cryptocurrency? The Bank of Jamaica answers in one word, “No,” and explains that a cryptocurrency is privately issued and not backed by a central bank. A stablecoin is a private promise too, however closely it tracks the dollar or the euro.
Tax reporting keeps them apart as well. Under the Crypto-Asset Reporting Framework, HMRC’s scope page leaves out any central bank digital currency that falls under the Common Reporting Standard. If an app offers a “digital dollar” or “digital pound,” check who issues it before treating it as either one.