7. Experimenting with CBDCs: Ghana, Peru, The Bahamas, Zimbabwe, Kenya, and the Eurozone

This chapter delves into the experimental approaches to Central Bank Digital Currencies (CBDCs) undertaken by Ghana, Peru, The Bahamas, Zimbabwe, Kenya, and the Eurozone. It highlights Ghana's inclusive, phased approach with the eCedi project, emphasizing offline access and financial inclusion. Peru's CBDC efforts focus on bridging rural-urban financial gaps through digital wallets and public-private partnerships. The Bahamas launched the world's first Retail CBDC, the Sand Dollar, to improve inclusion and disaster resilience, despite facing adoption challenges. Zimbabwe's gold-backed ZiG aims to restore currency stability amid hyperinflation but struggles with low public trust and rapid depreciation. Kenya, with its highly developed mobile money system, has taken a wait-and-see stance on CBDCs. The digital euro aims to modernize payments, enhance sovereignty, and reduce reliance on non-EU payment systems, currently facing regulatory hurdles and public skepticism. The chapter concludes that while CBDCs offer potential benefits, their success depends on addressing local economic conditions, infrastructure gaps, and institutional priorities, illustrating how broader digital payment ecosystems are being built in tandem with strategies for financial inclusion and modernization.