China is a global leader in the development of the central bank’s digital currency (CBDC). The digital yuan has already been tested in some regions of China while western nations have just started talking about CBDCs
Six central banks, including the ECB, the Bank of England and the Bank of Japan, are working on the CBDC investigation and are reported to have held the first meeting in April. The Bank of Japan announced earlier this month that it would begin testing a digital yen, but did not specify when. The United States has not even officially started talking about it. Last month, Fed chairman Jerome Powell made no concrete progress on the digital dollar.