Saudi's central bank noted that the early stages of the state-backed digital currency experiments would involve reviewing the legal implications of a potential launch and a brief foray into the technical aspects.
Bangko Sentral ng Pilipinas said it will not be exploring the retail version of its central bank digital currency but will focus its efforts on transactions between financial institutions.
The Bank of Spain joins nations exploring CBDCs, with plans to utilize the digital version of its currency, focusing on its pros and cons and analyzing asset liquidation, among others.
Bank Indonesia will launch its digital rupiah under Project Garuda, which will be trialed in three phases, with wholesale CBDC a priority, as stated in the white paper.
The Federal Reserve Bank of New York, which also launched another trial with major U.S. lenders, made it clear that the experiment doesn’t indicate the FedCoin is imminent.
The Reserve Bank of India expects the digital rupee would “pre-empt the need for settlement guarantee infrastructure or for collateral to mitigate risk.”
Apart from considering the benefits of wholesale CBDCs, Villeroy de Galhau notes that the central bank is also looking to improve CBDCs' liquidity management in DeFi using automated market makers.