Get to know the list of countries Countries Launching Special Stablecoins In 2023 through this blog.
The Bahamas was the first country to launch its own CBDC, followed by Brazil and China. Back in 2022 India also became part of the list that has launched tier own CBDCs and working on making them active in the international markets.
List of Countries Launching Special Stablecoins
Spain
Spain has launched the Euro-pegged stablecoin for the trials before launching it on the mainnet. The trials are going to last for 6-12 months and in this test period, the authorities will collect data related to performance. This test is to collect, and analyze the stablecoin’s functionality and will be used to fix any vulnerabilities.
The reason for the creation of this CBDC was because of the need for a monetary anchor to maintain and enforce the management of economic policies within the country. This initiative to finance the creation of the digital euro (EURM) issued by the ECB, was given to Monei by the Spanish Central Bank (El Banco de España).
The ecosystem will securely retain the collateral fiat on two significant Spanish financial institutions, BBVA and CaixaBank. Monei will maintain the EURM to EURO ratio at 1:1. According to the reports the stablecoin will initially be used to transfer money between organizations and people.
After confirming their identities and phone numbers, users will be permitted to deposit €10 into their wallets during the test period. The deposit transactions to the participants’ wallets will be powered by the “Bizum” payment application, following which EURM tokens will automatically mint in a ratio of 1:1 with the Euro deposits.
Australia
The National Australia Bank (NAB) is launching a stablecoin which will be pegged to the Australian dollar. This is the second stablecoin initiative by Australia because they have done similar earlier as well.
This new stablecoin will be launched on Ethereum and Algorand networks by mid-2023. According to a report, the AUDN would allow users to settle transactions on blockchain technology in real-time using Australian dollars. The stablecoin is intended to be used for a variety of tasks, including the trade of carbon credits, international money transfers, and repurchase agreements, according to the NAB. The bank will also be in charge of keeping the Australian stablecoin backed by currency.
The Chief Innovation officer of NAB, Howard Silby said
“We certainly believe there are elements of blockchain technology that will form part of the future of finance. From our point of view, we see blockchain has the potential to deliver instantaneous, transparent, inclusive, financial outcomes.”
In partnership with cryptocurrency custodian Fireblocks, Australia and New Zealand Banking Group (ANZ) released a stablecoin last year as well. The stablecoin was pegged to the Australian dollar.
Russia & Iran
News was published by Russain Vedomosti News Agency regarding this. It said “Russia and Iran are partnering up to launch a stablecoin backed up by gold”. In August 2022, Iran has allowed the use of cryptocurrency for imports in the country. And similarly, Russia has been in favor of cryptocurrency for a long, especially after initiating the war with Ukraine. Back in September 2022, the Bank of Russia said that “Cross border payments are inevitable” in the ongoing geopolitical conditions.
In an interview, Deputy Finance Minister Alexei Moiseev said the finance ministry and the bank of Russia are expecting to legitimize the cross-border payments soon. The representative said that the central bank is totally in favor to establish a full-fledged infrastructure. This is to ensure that cryptocurrencies can easily circulate in Russia.
Final Thoughts
According to the Atlantic council CBDC tracker around 11 countries has already launched their own CBDC including India and around 114 countries are considering launching their own. In 2023 we will see around 20 countries launching their CBDCs in trial mode including the ones mentioned above.
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