Central Bank Digital Currencies: Where They Stand, Why They Matter, and What It Means for Malaysia
What is a CBDC?
A central bank digital currency is a digital form of a nation’s fiat money, issued by the central bank. There are two main designs: retail CBDC for the public and wholesale CBDC for banks and payment institutions.
Who has actually launched one?
Live national rollouts remain limited. The Bahamas (Sand Dollar, 2020), Nigeria (eNaira, 2021), and Jamaica (JAM-DEX, 2022) have launched. Many others are piloting, including China’s e-CNY and India’s retail and wholesale pilots, plus cross-border experiments like mBridge.
Global direction of travel
Momentum is real, but cautious. Most G20 countries are developing or piloting. Usage outcomes so far are mixed, with adoption hinging on merchant acceptance, user experience, and clear policy goals
