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Home » Blog » 10 Best CBDC Crypto Currency: Top Central Bank Digital Currencies Ranked
CRYPTO

10 Best CBDC Crypto Currency: Top Central Bank Digital Currencies Ranked

Gixona
Last updated: 27/09/2025 3:10 PM
Gixona
4 months ago
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Disclosure: We are not a registered broker-dealer or an investment advisor. The services and information we offer are for sophisticated investors, and do not constitute personal investment advice, which of necessity must be tailored to your particular means and needs. !
10 Best CBDC Crypto Currency: Top Central Bank Digital Currencies Ranked
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In this article, I will focus on the Best CBDC Crypto Currency looking at some of the most notable central bank digital currencies (CBDCs) issued and developed across the world.

Contents
  • Key Points & Best CBDC Crypto Currency List
  • 10 Best CBDC Crypto Currency
    • 1.Bahamas Sand Dollar
    • 2.Cambodia Bakong
    • 3.Eastern Caribbean DCash
    • 4.Nigeria e‑Naira
    • 5.Jamaica Jam‑Dex
    • 6.Ghana e‑Cedi
    • 7.Uruguay e‑Peso
    • 8.Sweden e‑Krona
    • 9.Brazil Digital Real
    • 10.Russia Digital Ruble
  • Conclusion
  • FAQ
    • What is a CBDC?
    • Which country launched the first CBDC?
    • Why is the Bahamas Sand Dollar considered the best CBDC?

While most countries are either researching or testing the feasibility of CBDCs, one of them stands out the most because of its application and advantages. We will explain why the Bahamas Sand Dollar is leading the pack in terms of innovation in CBDC technology.

Key Points & Best CBDC Crypto Currency List

CBDCKey Points
Bahamas Sand DollarFirst fully deployed CBDC (2020); aims to improve financial inclusion across islands.
Cambodia BakongHybrid system using blockchain; supports both retail and interbank transactions.
Eastern Caribbean DCashTargets financial inclusion; used across several island nations; pilot faced technical issues.
Nigeria e‑NairaFirst CBDC in Africa; focused on reducing cash use and boosting digital payments.
Jamaica Jam‑DexFully launched in 2022; incentivizes adoption with cash bonuses for early users.
Ghana e‑CediPilot in progress; aims to complement mobile money and expand digital finance.
Uruguay e‑PesoOne of the earliest pilots (2017–2018); project paused after pilot completion.
Sweden e‑KronaOngoing pilot; addresses declining cash usage in one of the most cashless societies.
Brazil Digital RealIn advanced pilot phase; integrates with tokenized assets and DeFi platforms.
Russia Digital RubleOfficial pilot launched; aims to enhance payment efficiency and reduce reliance on SWIFT.

10 Best CBDC Crypto Currency

1.Bahamas Sand Dollar

The Sand Dollar is one of the first fully implemented CBDC in the world, being launched across The Bahamas in 2020. Its purpose is to improve economic inclusion and outreach to distant islands with sparse banking infrastructure.

The Sand Dollar is issued by the Central Bank of The Bahamas and allows secure, rapid, and inexpensive payments. It works with regulated financial institutions, enabling digital wallets with offline functionality for greater resilience.

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Bahamas Sand Dollar

The Sand Dollar is a pioneer for small nations seeking economic digitization while expanding financial service access in neglected areas.

FeatureDescription
Launch Year2020
Issuing AuthorityCentral Bank of The Bahamas
Primary GoalFinancial inclusion across remote islands
Technology BaseCentralized ledger system
Offline CapabilityYes
AccessibilityThrough digital wallets and mobile apps
Currency TypeDigital version of Bahamian Dollar (1:1)
Regulatory FrameworkFully integrated with financial regulations
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2.Cambodia Bakong

Cambodia Bakong is one of the few systems in the world that uses a CBDC-like approach to payment processing through the blockchain. It was developed by the National Bank of Cambodia, which called it Bakong, and works both as a retail payment processor and an interbank settlement processor.

The system supports transactions in Cambodian Riel and U.S. Dollars. Bakong facilitates mobile payment systems and banks, enabling financial inclusion for many users who do not have access to traditional banking.

Cambodia Bakong

It is different from traditional CBDCs in the sense that it works on a quasi-centralized blockchain and does not fully replace cash but works alongside it. It is an example of how developing countries can utilize scalable systems of digital currency in order to enhance the infrastructure for national payments.

FeatureDescription
Launch Year2020
Issuing AuthorityNational Bank of Cambodia
Primary GoalEnhance interoperability and promote financial inclusion
Technology BaseHybrid blockchain platform
Dual Currency SupportCambodian Riel & US Dollar
Use CaseRetail payments and interbank transfers
AccessibilityMobile app via banks and e-wallet providers
Special NoteNot a traditional CBDC but a central bank-backed digital system

3.Eastern Caribbean DCash

The Eastern Caribbean Central Bank (ECCB) launched DCash as their digital currency with the goal of improving efficiency and reducing costs of doing business in the Eastern Caribbean Currency Union. It serves eight island economies, promoting regional financial inclusion and payment efficiency.

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DCash is currently in pilot stages, and enables peer-to-peer transfers and payments to merchants using cashless systems which can be accessed via mobile phones. This decrease in cash usage is expected to improve cross border trade.

Eastern Caribbean DCash

The project, however, faced some technical challenges at the start. Despite that, the multi-country aspect of the project showcases the possibilities for CBDCs. Smaller economies looking to embrace shared digital infrastructure will find DCash a welcoming first step while retaining their monetary sovereignty.

FeatureDescription
Launch YearPilot in 2021
Issuing AuthorityEastern Caribbean Central Bank (ECCB)
Primary GoalCross-border payments and financial inclusion
Coverage8 island nations in the currency union
Technology BaseBlockchain-based system
AccessibilityDigital wallet on mobile devices
Offline CapabilityLimited
Notable ChallengeTemporary outage in 2022 due to system upgrades

4.Nigeria e‑Naira

Launched in 2021, e-Naira is Nigeria’s CBDC, and it’s the first of its kind in Africa. This marks a new chapter for the continent in financial technology.

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The Central Bank of Nigeria created it to encourage participation in the economy, increase the use of digital transactions, and curb the underground economy.

Nigeria e‑Naira

The e-Naira offers digital wallets linked to QR code payments for individuals and businesses. Its adoption has been slow due to public awareness and trust issues, but it has the potential to revolutionize the Nigerian economy and provide secure digital currency infrastructure to the unbanked population.

FeatureDescription
Launch Year2021
Issuing AuthorityCentral Bank of Nigeria
Primary GoalPromote digital payments and reduce informal economy
Technology BaseBlockchain (Hyperledger Fabric)
AccessibilityThrough smartphone apps and bank wallets
Target UsersIndividuals, merchants, and institutions
Adoption ChallengeLow public awareness and skepticism

5.Jamaica Jam‑Dex

Jamaica Digital Exchange (Jam-Dex) is the official CBDC of Jamaica launched in 2022 by the Bank of Jamaica. It is primarily designed to expand access to financial services and reduce cash dependency.

In contrast to other CBDCs, Jam-Dex is more inclusive because it is issued to consumers as digital wallets without the need of a bank account.

Jamaica Jam‑Dex

To receive early adopters, incentives such as cash bonuses were provided. With strong support for smartphone integration and offline transactions, Jam-Dex could serve as a blueprint for other developing countries seeking to enhance the uptake of digital payments through user-friendly design.

FeatureDescription
Launch Year2022
Issuing AuthorityBank of Jamaica
Primary GoalBoost financial access and reduce cash usage
Technology BaseCentralized system
AccessibilityMobile wallet (no bank account required)
Incentive ProgramJ$2,500 bonus for early users
Offline TransactionsSupported
IntegrationWorks with digital merchants and service providers

6.Ghana e‑Cedi

The e-Cedi is an initiative from the Bank of Ghana, aimed at fostering a cash-lite society and increasing access to financial services. In its pilot stage, the e-Cedi seeks to enhance mobile money systems, not replace them. It aims to facilitate offline payments which is vital for internet-scarce rural regions.

Ghana e‑Cedi

The e-Cedi is also expected to streamline efficiency in other government transfers and social program disbursements. e-Cedi portrays Ghana’s holistic approach to CBDC development focusing on the user’s experience alongside empowerment.

FeatureDescription
StatusPilot phase
Issuing AuthorityBank of Ghana
Primary GoalEnhance digital payments and financial inclusion
Offline CapabilityYes
Complement to Mobile MoneyYes
Technology BaseControlled pilot with offline and online features
Focus AreaRural and underserved populations

7.Uruguay e‑Peso

Uruguay initiated its e-Peso pilot in 2017, making it one of the first countries to test a CBDC. Although the pilot was narrow in scope and eventually halted, it served as an important preliminary test for government-issued digital currencies.

The e-Peso aimed to function through mobile applications without the need for internet, ensuring ease of use and safety.

Uruguay e‑Peso

This demonstrated the ability of smaller countries to conduct real-world tests of digital currencies with minimal disruption.

While still not fully deployed, Uruguay’s endeavors with the e-Peso laid key insights for future CBDC initiatives and showcased the potential of such innovations in Latin America.

FeatureDescription
Pilot Period2017–2018
Issuing AuthorityCentral Bank of Uruguay
Primary GoalTest feasibility of digital currency
AccessibilityMobile app with PIN authentication
Technology BaseCentralized ledger
Offline CapabilityYes
Pilot OutcomeSuccessfully completed, not yet relaunched

8.Sweden e‑Krona

To address one of the world’s fastest declines in cash usage, Sweden is implementing e-krona. The Bank of Sweden is leading this project, which looks into how to offer a secure, government-sponsored alternative in a more digital economy.

The e-Krona pilot prioritizes accessibility, privacy, and resilience by ensuring all citizens can access digital payments, including those without bank accounts.

Sweden e‑Krona

It connects with current financial systems and is being tested for scalability and security. As Sweden works towards a cashless society, e-Krona is a balanced approach to CBDC innovation and public trust.

FeatureDescription
StatusPilot phase ongoing
Issuing AuthorityRiksbank (Central Bank of Sweden)
Primary GoalProvide cash alternative in a highly digital society
Technology BaseDistributed ledger (based on R3 Corda)
AccessibilityMobile app and integration testing with banks
Offline CapabilityBeing explored
Privacy FocusEnsures privacy and financial access for all

9.Brazil Digital Real

Currently in advanced pilot testing by the Central Bank of Brazil, Digital Real, or Drex, is Brazil’s upcoming CBDC. It is being designed not only as a payment instrument but also as an infrastructural layer enabling the provision of tokenized financial services and the implementation of smart contracts.

The Digital Real seeks to stimulate decentralized finance (DeFi) innovations while ensuring that regulation is not circumvented. It can also be designed to allow interoperability with systems from the private sector, thus extending financial inclusion as well as efficiency.

Brazil Digital Real

Brazil stands out for its attempt to merge conventional monetary stability with contemporary fintech innovation, which could make the Digital Real a forerunner of programmable, next-generation CBDCs.

FeatureDescription
StatusAdvanced pilot testing
Issuing AuthorityCentral Bank of Brazil
Primary GoalEnable DeFi and tokenized assets via regulated framework
Technology BaseDLT integrated with banking infrastructure
ProgrammabilitySupports smart contracts
InteroperabilityWith private sector platforms
Focus AreaInnovation, efficiency, and inclusion

10.Russia Digital Ruble

The Central Bank of Russia has started testing the Digital Ruble, which is Russia’s central bank digital currency (CBDC). It seeks to innovate the payment infrastructure of Russia while reducing dependence on global players such as SWIFT.

The aims of the Digital Ruble include facilitating secure peer-to-peer payments, retail transactions, and public sector disbursements. It is intended to improve economic sovereignty during international sanctions and foster financial creativity within the country.

Russia Digital Ruble

The emphasis is on legal and cybersecurity measures while wide-scale adoption of the Digital Ruble is prepared. The Digital Ruble illustrates the strategic use of CBDC as a financial instrument and geopolitical tool.

FeatureDescription
StatusPilot launched
Issuing AuthorityCentral Bank of Russia
Primary GoalModernize payments, reduce reliance on SWIFT
Technology BaseCentralized ledger
Use CasesRetail, public payments, and business transactions
AccessibilityIntegrated with bank apps and government services
Security FocusStrong emphasis on legal framework and cyber resilience

Conclusion

In conclusion The Bahamas Sand Dollar is the best example of a CBDC because it is fully deployed, works, and aims at financial inclusion in remote areas.

While other countries are still in testing or pilot phases, Sand Dollar has shown real-world success which makes it a pioneer in CBDC implementation and a model for others to follow.

FAQ

What is a CBDC?

A Central Bank Digital Currency (CBDC) is a digital version of a country’s official currency, issued and regulated by its central bank. It is designed for secure, efficient, and inclusive digital payments.

Which country launched the first CBDC?

The Bahamas was the first country to fully launch a CBDC, called the Sand Dollar, in 2020.

Why is the Bahamas Sand Dollar considered the best CBDC?

The Sand Dollar is considered the best due to its nationwide rollout, focus on financial inclusion, offline payment capabilities, and proven operational success, especially across remote islands.
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