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.
By market · 43 sources across 19 markets
East Asia
China4 sources
e-CNY undergoes major adjustment: new-generation framework from 1 January 2026
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 originale-CNY International Operations Centre officially begins operation
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 originalAction Plan for Promoting High-Quality Development of Digital Finance
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 originalProgress of Research and Development of E-CNY in China
The official English white paper on the e-CNY's goals, two-tier design, controllable anonymity and pilot results.
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Hong Kong3 sources
The Chief Executive's 2026 Policy Address
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 originalHKMA announces the new phase of Project Ensemble to support real-value transactions in tokenised deposits and digital assets
Launches the EnsembleTX pilot for real-value tokenised deposit transactions, first settled via HKD RTGS and later in tokenised central bank money.
Read the originalHKMA completes e-HKD Pilot Programme and outlines future direction of e-HKD
Concludes the retail e-HKD pilots and shifts e-HKD work to wholesale payments and tokenised asset settlement.
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Japan1 source
Central Bank Digital Currency
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.
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South Korea1 source
Central Bank Digital Currency
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.
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Taiwan2 sources
FSC opens deposit token pilots to banks
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 originalSpecial report on planning for digital currency issuance and the digital transformation of money
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.
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Southeast Asia
Cambodia2 sources
Bakong: The Next-Generation Mobile Payments
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 originalProject Bakong: Next Generation Payment System (white paper)
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.
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Indonesia2 sources
Proof of Concept of Project Garuda, a New Chapter in Digital Rupiah Exploration
Announces completion of the first wholesale Digital Rupiah proof of concept on distributed ledger technology.
Read the originalProject Garuda: Navigating the Architecture of Digital Rupiah
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.
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Malaysia7 sources
Guidelines on Exchange-traded Funds (SC-GL/ETF-2005(R6-2026))
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 originalGuidelines: Tax Treatment on Digital Currency Transaction (Second Edition)
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 originalPublic Consultation Paper No. 1/2025: Proposed Regulatory Framework for Offering and Dealing in Tokenised Capital Market Products
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 originalPolicy Document on AML, CFT, CPF and Targeted Financial Sanctions for DNFBPs and Non-Bank Financial Institutions
Consolidated BNM policy document that covers digital currency exchangers among other reporting institutions under AMLA. It took effect on 6 February 2024.
Read the originalBIS Innovation Hub and central banks of Australia, Malaysia, Singapore and South Africa develop experimental multi-CBDC platform for international settlements
Reports completion of Project Dunbar prototypes for cross-border settlement in multiple wholesale CBDCs. It anchors BNM's wholesale CBDC work.
Read the originalFinancial Sector Blueprint 2022-2026: Digital currencies, a new frontier
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 originalCapital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 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.
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Singapore2 sources
MAS Announces Successful Live Trial of Settlement of Interbank Overnight Lending Using Wholesale Central Bank Digital Currency
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 originalMAS Launches BLOOM Initiative to Extend Settlement Capabilities
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.
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Thailand1 source
Retail CBDC Pilot Program: Conclusion Report
Reports on the retail CBDC pilot run with financial service providers and states the BOT has no immediate plan to issue a retail CBDC.
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South Asia
India2 sources
Operationalisation of Central Bank Digital Currency: Retail (e₹-R) Pilot
Announced the retail e-rupee pilot from 1 December 2022 with a closed user group of banks, customers and merchants.
Read the originalConcept Note on Central Bank Digital Currency
Set out RBI's design for a wholesale and retail e-rupee and its view that CBDC is a safer alternative to private cryptocurrencies.
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Central Asia
Kazakhstan1 source
Digital Tenge
The NBK's CBDC page with white papers from the pilot through the first implementation phase. The digital tenge now funds National Fund projects.
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Kyrgyzstan1 source
Strategic Directions of the National Bank of the Kyrgyz Republic for 2025 to 2030
Sets the digital som path from proof of concept and prototype to a pilot with real payments and then production.
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Middle East
Bahrain1 source
Central Bank of Bahrain, ALBA, Bank ABC and Onyx by J.P. Morgan complete test with blockchain based JPM Coin System
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.
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Israel3 sources
The Digital Shekel Technological Consultations Series
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 originalPreliminary Design for the Digital Shekel System
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 originalTaxation of Digital Currencies (Annual Audit Report 75A, Part 2)
The State Comptroller's audit of how the Tax Authority taxes and tracks digital currency gains, finding gaps in enforcement and legislation (Hebrew).
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Qatar2 sources
QFCRA clarifies that cryptocurrencies, stablecoins and certain other virtual assets are Excluded Tokens under the new Digital Assets Framework
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 originalCentral Bank Digital Currency (CBDC)
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.
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Turkey1 source
Press Release on the Results of the Call for Participation in the Digital Turkish Lira Project Ecosystem (2026-33)
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.
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UAE3 sources
CBUAE Publishes Comprehensive Report on Progress Made Towards Issuing the "Digital Dirham"
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 originalThe CBUAE successfully launches Project mBridge Minimum Viable Product platform for early adopters
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 originalCBUAE launches the Central Bank Digital Currency Strategy "The Digital Dirham"
Starts the CBDC programme with G42 Cloud and R3, covering mBridge, a bilateral bridge with India and domestic wholesale and retail issuance.
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Oceania
Australia4 sources
Retail Central Bank Digital Currency in the Australian Context: An Update
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 originalThe Role of RITS in Supporting Settlement in a Tokenised Ecosystem
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 originalRBA and DFCRC Release Findings From Project Acacia
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 originalAnti-Money Laundering and Counter-Terrorism Financing Amendment Act 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.
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