In the last few months that began last year, countries worldwide have been frantically running to become the first to issue their digital currencies. Also known as its name, Central Bank Digital Currency, the digital currency is the digital version of the physical cash spent in the country where it was developed.
But while China looks set to unveil its digital currency officially, a new metric that ranks the various digital currencies being developed across the world has put the Bahamas at the top of the chain regarding the retail applications offers. This shows how nations have been striving to ensure their digital currencies suit the needs they are being designed for, considering their uses.
The PwC used two core criteria to carry out the survey
In the survey carried out by PwC to ascertain the usefulness of the several digital currencies that are being designed, the entity based the survey on two core qualities. While the first quality talked mainly about applying the digital currencies on a retail level, the second quality was the usefulness of the currencies to suit inter-banking uses.
The retail part of the digital currencies is majorly the kind of digital currencies that individuals can hold, exchange, and use. In contrast, the interbank uses are digital currencies used on a wholesale level or majorly used to carry out various banking activities.
In other words, the latter is useful in the settlement within the financial houses. Giving his review of the CBDC race amongst countries worldwide, the Partner of the PwC in France and Maghreb, Benoit Sureau, mentioned that close to 60 countries have already started looking into creating their digital currencies.
The Bahamas led countries like China and Ukraine
In his review, he also noted that he sees the CBDCs as the type of currencies that would change up a whole list of things. In the ranking score that was awarded via the survey, Bahamas came out on top of other countries with a mind-blowing score of 92 out of a possible 100. While the Bahamas lead comfortably, Cambodia came in at second place, boasting a score of 83. Mainland China with a score of 75, and Ukraine, with a score of 71, held the third and fourth positions.
Justifying why the Bahamas came out on top, a member of the entity mentioned that it was due to the previous Sand Dollar that it successfully implemented as far back as October 2020. The Sand Dollar is the name given to their digital currency backed by the premier bank in the country, the Central Bank of Bahamas.
The PwC pointed out that most of the population were given access to the digital currency either via the wallet developed in a mobile application or with a payment card that the bank developed.