A recent survey conducted by the Bank for International Settlements (BIS) indicates that the majority of central banks are now considering the possibility of creating their own digital currencies, known as CBDCs.
The BIS reached out to 86 central banks for input, and 94% of them reported engaging in some form of CBDC-related work in the previous year. The survey revealed that most central banks were focusing on developing both retail and wholesale CBDCs, the latter being used for large transactions between financial institutions.
According to the BIS, there is a higher likelihood of central banks issuing wholesale CBDCs within the next six years compared to retail CBDCs. The organization stated, “Based on the responses from central banks indicating a strong possibility of launching a CBDC in the coming years, we could see six new retail and nine wholesale CBDCs in circulation by the end of the decade.”
These survey findings mirror the statistics shared by the World Economic Forum (WEF) in April. The WEF, an international organization based in Switzerland that focuses on public-private collaboration, reported that over 98% of global central banks are currently researching, experimenting with, piloting, or implementing CBDCs. The WEF also projected that there could be 24 operational CBDCs by 2030.
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