CBDC Pilot tests in Japan, Korea, Saudi Arabia, UAE and Europe

Are CBDCs the future of money?
Explore the strategies and initiatives undertaken by economies across the globe for digital currencies and how each nation contextualised its requirements, with a leading fintech and blockchain advisor
The value of transactions processed via CBDC is forecast to grow by 260,000% between 2023 and 2030.
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Online Course


30 mins

Video duration




On Completion

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With this online course, you will:
  • Understand the varied approaches and objectives behind the CBDC initiatives in Japan, Korea, Saudi Arabia, UAE, and Europe, including contingency planning and financial system innovation
  • Gain insights into the technical and operational aspects of CBDC pilot tests, including design choices and infrastructure requirements
  • Analyse the implications of CBDCs on domestic and international monetary policy, financial stability, and the potential for cross-border collaboration
  • Learn about the challenges and opportunities presented by the decline of cash and the rise of digital payment alternatives within different economic contexts
  • Evaluate the potential impact of CBDCs on the broader financial ecosystem, including commercial banking, cybersecurity, and user privacy

Policy Analysis

Digital Literacy

Risk Management

Strategic Planning

Cross-Border Understanding

Course Lessons

The Pilot Tests: Japan's Digital Yen

Chapter 1 introduces Japan's exploration into a potential Central Bank Digital Currency (CBDC), the digital yen. The Bank of Japan has initiated pilot tests to examine the basic functions of issuance and circulation of a CBDC, despite having no immediate plans to launch one. The chapter discusses the three-phase Proof of Concept (PoC) approach being taken to test these functions and the possibility of a future pilot program involving Payment Service Providers (PSPs) and end-users

The Pilot Tests: South Korea's Digital Won

Chapter 2 examines South Korea's approach to developing its own CBDC, the digital won. The Bank of Korea has initiated a pilot scheme to explore the practicalities of launching a digital currency, mirroring Japan's cautious yet preparatory strategy. While there are no immediate plans to introduce the digital won, the central bank is focused on ensuring readiness for potential future deployment. South Korea has even developed a technical platform for pilot testing with the help of Shinhan Bank and LG CNS. 

Project Aber

Chapter 3 delves into Project Aber, a collaborative initiative between the Saudi Central Bank and the Central Bank of the United Arab Emirates to explore the development of a joint digital currency for cross-border transactions. The project, which began in January 2019 and concluded in November 2020, aimed to assess the feasibility of a wholesale CBDC as a settlement unit between commercial banks in both countries.

The European Union's Digital Euro

Chapter 4 focuses on the European Union's exploration of a potential Central Bank Digital Currency (CBDC), the Digital Euro. The European Central Bank (ECB) conducted a public consultation from October 2020 to January 2021, receiving significant feedback emphasising the public's desire for privacy and security in a digital currency.

Meet your instructor - Dr. Oriol Caudevilla

FinTech and Blockchain Advisor, Influencer, Speaker and Host of “A Digital Tomorrow” Podcast

Dr. Oriol is a very influential voice in the FinTech area, has advised many FinTech companies and with a very extensive network across the globe. He is passionate about the Future of Banking and Finance, and a strong believer in digital transformation and artificial intelligence quickly becoming the top priority for those not wanting to be left behind as well as the best tool to create a more inclusive financial system. He regularly publishes articles in several media, such as China Daily (both the Global and Hong Kong Edition), Macau Business and Challenger Insider.
Dr. Oriol is a Current member of the Singapore Fintech Association (SFA) as well as FinTech Australia.