Central Bank Digital Currencies, long discussed in policy circles and pilot labs, have now arrived on the global financial stage. A total of 23 countries have launched active CBDCs, reshaping how money moves across borders, how governments deliver payments, and how citizens interact with the state.

What was once an experiment is now a geopolitical and economic reality.

A Patchwork of Progress

Nowhere is the complexity of this rollout more evident than in Nigeria, home to the first fully launched African CBDC, the eNaira. Government officials proudly report over 90% awareness among the population. Yet actual usage paints a bleaker picture; only 8% of citizens have actively used the eNaira. Analysts point to weak mobile infrastructure and digital illiteracy as major roadblocks. “It’s not just about launching; it’s about readiness,” says fintech consultant Mo Adegbite.

China Sets the Benchmark

In contrast, China’s digital yuan is beginning to set global benchmarks. Deployed in over 20 pilot cities and provinces, it now accounts for 14% of all retail transactions in these zones. The People’s Bank of China reports that over 290 million wallets have been opened, and public services from transit to healthcare are now routinely paid for using the e-CNY.

Western central banks are watching closely. “They’ve moved from theory to dominance in less than three years,” says Dr. Elena Foster, a digital currency analyst at LSE. “The integration with their existing surveillance and social credit infrastructure is what really sets it apart.”

The Caribbean Lead

Surprisingly, the Eastern Caribbean has also emerged as a pioneer. The DCash initiative, launched by the Eastern Caribbean Central Bank, now processes 32% of interbank settlements across participating member nations. Low transaction fees, offline payment options, and seamless integration with remittance services have boosted adoption, especially in rural areas.

In Saint Lucia, small vendors now accept DCash via QR code, and local governments are exploring digital tax refunds and subsidies. It’s a reminder that innovation often happens where the need is greatest.

US Still at the Drawing Board

Meanwhile, in the United States, progress is stalling. The FedNow service, initially hailed as the stepping stone toward a digital dollar, has been criticised for offering limited retail functionality. Lawmakers remain divided over the implications for privacy, surveillance, and monetary control. “The political gridlock is slowing innovation,” says former Fed governor Sarah Bloom Raskin.

Behind the scenes, however, work continues. The Treasury is reportedly preparing pilot frameworks in partnership with regional banks, though no formal timeline has been announced.

What Comes Next?

According to a new report from the Global Digital Currency Observatory, over 60 additional CBDCs are likely to launch by 2026, with projects underway in India, Brazil, South Africa, and South Korea. The IMF has even floated the idea of cross-border CBDC corridors, connecting major financial centres with instant settlement rails.

The tipping point isn’t coming; it’s already here. Whether CBDCs will democratise finance or further entrench centralised control remains a matter of debate.