Four PillarsFour PillarsAsia Digital Asset Policy Center

Topics · Domains · Onchain money

CBDC, wholesale and retail.

Most Asian central banks are exploring digital currency: retail versions for the public and wholesale versions for settling between banks.

The most advanced work is cross-border, linking several central banks on shared platforms.

Pan-Asia pilotsmBridge, Nexus, Dunbar and the other projects linking central banks across the region.

By market · 43 sources across 19 markets

East Asia

  • China4 sources
    • e-CNY undergoes major adjustment: new-generation framework from 1 January 2026GuidanceXinhua on the State Council portal (gov.cn), reporting the PBoC · 29 Dec 2025

      Reports the PBoC action plan that turns wallet e-CNY into interest-bearing bank deposit money from 1 January 2026, and gives end-November 2025 figures of 16.7 trillion yuan in transactions and 230 million personal wallets.

      Read the original
    • e-CNY International Operations Centre officially begins operationGuidancePeople's Bank of China (PBoC) · 24 Sep 2025

      Launches the Shanghai centre's cross-border e-CNY payment, blockchain service and digital asset platforms, run by the PBoC Digital Currency Institute.

      Read the original
    • Action Plan for Promoting High-Quality Development of Digital FinanceGuidancePBoC, NDRC, MIIT, NFRA, CSRC, NDA and SAFE · 27 Nov 2024

      The state's digital finance agenda to 2027, which commits to actively and prudently promoting the e-CNY rather than private digital money. Dated 21 November 2024 and published on 27 November 2024.

      Read the original
    • Progress of Research and Development of E-CNY in ChinaGuidanceWorking Group on E-CNY Research and Development of the PBoC · 16 Jul 2021

      The official English white paper on the e-CNY's goals, two-tier design, controllable anonymity and pilot results.

      Read the original
    China's full rulebook
  • Hong Kong3 sources
    • The Chief Executive's 2026 Policy AddressGuidanceHKSAR Government · 16 Sep 2026

      Commits the SFC to enhance VA licensing, allow regulated stablecoins to trade on licensed platforms and support tokenised gold and other RWAs, and the HKMA to add CBDC settlement to EnsembleTX.

      Read the original
    • HKMA announces the new phase of Project Ensemble to support real-value transactions in tokenised deposits and digital assetsGuidanceHong Kong Monetary Authority (HKMA) · 13 Nov 2025

      Launches the EnsembleTX pilot for real-value tokenised deposit transactions, first settled via HKD RTGS and later in tokenised central bank money.

      Read the original
    • HKMA completes e-HKD Pilot Programme and outlines future direction of e-HKDGuidanceHong Kong Monetary Authority (HKMA) · 28 Oct 2025

      Concludes the retail e-HKD pilots and shifts e-HKD work to wholesale payments and tokenised asset settlement.

      Read the original
    Hong Kong's full rulebook
  • Japan1 source
    • Central Bank Digital CurrencyGuidanceBank of Japan (BOJ) · 11 Sep 2026

      The BOJ's CBDC hub, covering its proof-of-concept phases and ongoing pilot programme; the English edition of its June 2026 pilot progress report was posted on 11 September 2026. The bank has not decided to issue a digital yen.

      Read the original
    Japan's full rulebook
  • South Korea1 source
    • Central Bank Digital CurrencyGuidanceBank of Korea (BOK) · 2025

      The BOK's CBDC page, covering its experiments and the joint FSC, FSS and BIS project behind Project Hangang. It says no issuance decision has been made.

      Read the original
    South Korea's full rulebook
  • Taiwan2 sources
    • FSC opens deposit token pilots to banksGuidanceFinancial Supervisory Commission (FSC) · 22 Sep 2026

      Banks may apply to pilot deposit tokens, which remain bank deposits under the Banking Act, setting out use cases, issuance and redemption flows and customer protection; results will inform future rules.

      Read the original
    • Special report on planning for digital currency issuance and the digital transformation of moneyGuidanceCentral Bank of the Republic of China (Taiwan) · 8 Jul 2024

      Describes the central bank's retail CBDC prototype, sets no issuance date, and shifts focus to wholesale CBDC and bank deposit tokens; says Bitcoin and stablecoins are not money.

      Read the original
    Taiwan's full rulebook

Southeast Asia

  • Cambodia2 sources
    • Bakong: The Next-Generation Mobile PaymentsIn forceNational Bank of Cambodia (NBC) · 25 Sep 2026

      Official Bakong site with the member list, KHQR standard and integration documents for the national payment rail that crypto and stablecoin projects must work alongside.

      Read the original
    • Project Bakong: Next Generation Payment System (white paper)GuidanceNational Bank of Cambodia (NBC) · Jun 2020

      Explains the design of Bakong, the NBC's blockchain-based payment system for riel and dollar transfers between banks and wallets, and its possible implications for monetary policy.

      Read the original
    Cambodia's full rulebook
  • Indonesia2 sources
    • Proof of Concept of Project Garuda, a New Chapter in Digital Rupiah ExplorationGuidanceBank Indonesia (BI) · 13 Dec 2024

      Announces completion of the first wholesale Digital Rupiah proof of concept on distributed ledger technology.

      Read the original
    • Project Garuda: Navigating the Architecture of Digital RupiahGuidanceBank Indonesia (BI) · 30 Nov 2022

      BI's Digital Rupiah hub, with the November 2022 white paper and later consultative papers. BI is starting with a wholesale CBDC before any retail rollout.

      Read the original
    Indonesia's full rulebook
  • Malaysia7 sources
    • Guidelines on Exchange-traded Funds (SC-GL/ETF-2005(R6-2026))In forceSecurities Commission Malaysia (SC) · 2 Mar 2026

      The sixth revision, effective 2 March 2026, allows digital currency ETFs that track spot prices of eligible digital currencies. Assets must be bought through SC-registered exchanges or FATF-compliant regulated foreign platforms, and coins built to impede traceability are excluded.

      Read the original
    • Guidelines: Tax Treatment on Digital Currency Transaction (Second Edition)GuidanceInland Revenue Board of Malaysia (LHDN) · 5 Dec 2025

      Explains that gains are taxable only if revenue in nature, judged by the badges of trade, and that digital currency disposals fall outside capital gains tax. It also covers mining, payments received in crypto and airdrops.

      Read the original
    • Public Consultation Paper No. 1/2025: Proposed Regulatory Framework for Offering and Dealing in Tokenised Capital Market ProductsConsultationSecurities Commission Malaysia (SC) · 6 May 2025

      Proposes how tokenised shares, bonds and funds can be offered and dealt in under existing securities law, separate from the digital currency and token regime. Comments closed on 16 June 2025; no final framework had been issued by October 2026.

      Read the original
    • Policy Document on AML, CFT, CPF and Targeted Financial Sanctions for DNFBPs and Non-Bank Financial InstitutionsIn forceBank Negara Malaysia (BNM) · 5 Feb 2024

      Consolidated BNM policy document that covers digital currency exchangers among other reporting institutions under AMLA. It took effect on 6 February 2024.

      Read the original
    • BIS Innovation Hub and central banks of Australia, Malaysia, Singapore and South Africa develop experimental multi-CBDC platform for international settlementsGuidanceBank Negara Malaysia (BNM) · 22 Mar 2022

      Reports completion of Project Dunbar prototypes for cross-border settlement in multiple wholesale CBDCs. It anchors BNM's wholesale CBDC work.

      Read the original
    • Financial Sector Blueprint 2022-2026: Digital currencies, a new frontierGuidanceBank Negara Malaysia (BNM) · 2022

      Sets out BNM's phased CBDC exploration, from cross-border and domestic wholesale CBDC to a possible retail CBDC. It frames how BNM weighs stablecoins and CBDC against monetary stability.

      Read the original
    • Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019In forceMinister of Finance, on the recommendation of the Securities Commission Malaysia (SC) · 15 Jan 2019

      P.U.(A) 12/2019, in force from 15 January 2019 and amended by P.U.(A) 6/2025, prescribes qualifying digital currencies and digital tokens as securities. It is the legal hook for all SC regulation of crypto.

      Read the original
    Malaysia's full rulebook
  • Singapore2 sources
    • MAS Announces Successful Live Trial of Settlement of Interbank Overnight Lending Using Wholesale Central Bank Digital CurrencyGuidanceMonetary Authority of Singapore (MAS) · 13 Nov 2025

      First live issuance of Singapore dollar wholesale CBDC, used by DBS, OCBC and UOB. MAS plans a follow-on trial of tokenised MAS Bills.

      Read the original
    • MAS Launches BLOOM Initiative to Extend Settlement CapabilitiesGuidanceMonetary Authority of Singapore (MAS) · 16 Oct 2025

      Builds on Project Orchid to enable settlement in tokenised bank liabilities and well-regulated stablecoins across currencies, with members including Circle, DBS, OCBC and UOB.

      Read the original
    Singapore's full rulebook
  • Thailand1 source
    • Retail CBDC Pilot Program: Conclusion ReportGuidanceBank of Thailand (BOT) · 11 Apr 2024

      Reports on the retail CBDC pilot run with financial service providers and states the BOT has no immediate plan to issue a retail CBDC.

      Read the original
    Thailand's full rulebook

South Asia

  • India2 sources
    • Operationalisation of Central Bank Digital Currency: Retail (e₹-R) PilotGuidanceReserve Bank of India (RBI) · 29 Nov 2022

      Announced the retail e-rupee pilot from 1 December 2022 with a closed user group of banks, customers and merchants.

      Read the original
    • Concept Note on Central Bank Digital CurrencyGuidanceReserve Bank of India (RBI) · 7 Oct 2022

      Set out RBI's design for a wholesale and retail e-rupee and its view that CBDC is a safer alternative to private cryptocurrencies.

      Read the original
    India's full rulebook

Central Asia

  • Kazakhstan1 source
    • Digital TengeIn forceNational Bank of Kazakhstan (NBK) · 15 Dec 2023

      The NBK's CBDC page with white papers from the pilot through the first implementation phase. The digital tenge now funds National Fund projects.

      Read the original
    Kazakhstan's full rulebook
  • Kyrgyzstan1 source
    • Strategic Directions of the National Bank of the Kyrgyz Republic for 2025 to 2030GuidanceNational Bank of the Kyrgyz Republic (NBKR) · 2025

      Sets the digital som path from proof of concept and prototype to a pilot with real payments and then production.

      Read the original
    Kyrgyzstan's full rulebook

Middle East

  • Bahrain1 source
    • Central Bank of Bahrain, ALBA, Bank ABC and Onyx by J.P. Morgan complete test with blockchain based JPM Coin SystemGuidanceCentral Bank of Bahrain (CBB) · 5 Jan 2022

      Reports a CBB-backed pilot of real-time US dollar payments over J.P. Morgan's permissioned ledger, which the CBB said it would look to extend to CBDC work.

      Read the original
    Bahrain's full rulebook
  • Israel3 sources
    • The Digital Shekel Technological Consultations SeriesConsultationBank of Israel · May 2025

      Invites vendors, technologists and academics to assess technologies that could deliver the digital shekel design. Responses were due by 30 June 2025; the Bank has not announced an issuance decision.

      Read the original
    • Preliminary Design for the Digital Shekel SystemGuidanceBank of Israel · Mar 2025

      The high-level design of a possible retail digital shekel, which would not be programmable and would allow limited anonymous payments. Public feedback closed on 15 May 2025; no decision to issue has been made.

      Read the original
    • Taxation of Digital Currencies (Annual Audit Report 75A, Part 2)GuidanceState Comptroller of Israel · Nov 2024

      The State Comptroller's audit of how the Tax Authority taxes and tracks digital currency gains, finding gaps in enforcement and legislation (Hebrew).

      Read the original
    Israel's full rulebook
  • Qatar2 sources
    • QFCRA clarifies that cryptocurrencies, stablecoins and certain other virtual assets are Excluded Tokens under the new Digital Assets FrameworkGuidanceQatar Financial Centre Regulatory Authority (QFCRA) · 2 Sep 2024

      Confirms that tokens used as a substitute for currency, including cryptocurrencies, stablecoins and CBDCs, cannot be issued or serviced under the framework and that the 2019 restrictions still apply.

      Read the original
    • Central Bank Digital Currency (CBDC)GuidanceQatar Central Bank (QCB) · 2024

      Explains the QCB wholesale CBDC programme: a DLT platform for selected banks, starting with digital government bonds, with a first phase in 2024 and no retail participation for now.

      Read the original
    Qatar's full rulebook
  • Turkey1 source
    • Press Release on the Results of the Call for Participation in the Digital Turkish Lira Project Ecosystem (2026-33)GuidanceCentral Bank of the Republic of Türkiye (CBRT) · 3 Aug 2026

      Moves 23 projects from 12 banks and 6 payment firms into development and sandbox testing of the digital lira, including 15 tokenisation and 17 programmable payment use cases.

      Read the original
    Turkey's full rulebook
  • UAE3 sources
    • CBUAE Publishes Comprehensive Report on Progress Made Towards Issuing the "Digital Dirham"GuidanceCentral Bank of the UAE (CBUAE) · 31 Jul 2025

      Sets out the Digital Dirham's two-tier, non-interest-bearing design with offline and smart-contract features, and says the official launch will come in the near term.

      Read the original
    • The CBUAE successfully launches Project mBridge Minimum Viable Product platform for early adoptersGuidanceCentral Bank of the UAE (CBUAE) · 5 Jun 2024

      Launches the multi-CBDC platform for wholesale cross-border payments and records the first Digital Dirham payment to China, worth AED 50 million, in January 2024.

      Read the original
    • CBUAE launches the Central Bank Digital Currency Strategy "The Digital Dirham"GuidanceCentral Bank of the UAE (CBUAE) · 23 Mar 2023

      Starts the CBDC programme with G42 Cloud and R3, covering mBridge, a bilateral bridge with India and domestic wholesale and retail issuance.

      Read the original
    UAE's full rulebook

Oceania

  • Australia4 sources
    • Retail Central Bank Digital Currency in the Australian Context: An UpdateGuidanceReserve Bank of Australia (RBA) and The Treasury · 3 Sep 2026

      Reaffirms that there is currently no clear public interest case for a retail CBDC in Australia, after public focus groups found little demand.

      Read the original
    • The Role of RITS in Supporting Settlement in a Tokenised EcosystemConsultationReserve Bank of Australia (RBA) · 3 Sep 2026

      Consults on how the RBA's settlement system could support tokenised assets, including stablecoin issuer access to central bank reserves and tokenised reserves. Submissions close 30 October 2026.

      Read the original
    • RBA and DFCRC Release Findings From Project AcaciaGuidanceReserve Bank of Australia (RBA) · 18 May 2026

      Reports on 20 wholesale tokenised asset use cases settled with ESA balances, pilot wholesale CBDC, deposit tokens and stablecoins. Sets next steps including a digital market infrastructure sandbox.

      Read the original
    • Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024In forceParliament of Australia (Federal Register of Legislation) · 10 Dec 2024

      Assented to on 10 December 2024. Schedule 6, in force from 31 March 2026, replaces digital currency exchange rules with a broader virtual asset service provider regime.

      Read the original
    Australia's full rulebook

No dedicated rule found yet in 12 markets: