Monday, February 26, 2024

BIS Survey Shows 90% Of Central Banks Are Exploring CBDCs

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The latest BIS survey shows that 90% of the Central Banks are exploring CDBCs and are considering launching one soon so let’s have a closer look at today’s latest cryptocurrency news.

The BIS said:

“Globally, more than two-thirds of central banks consider that they are likely to or might possibly issue a retail CBDC in either the short- or medium-term.”

The BIS survey suggested that most central banks around the world are looking into rolling out a central bank digital currency or a CBDC and in the paper released, the BIS Monetary and Economic Department said 90% of 81 central banks that took the survey were engaged in some form of CBDC work with the 26% of them running pilots on CBDCs nd more than 60% of them experimenting on proof of concept related to the digital currency. The Bank for International Settlements said there’s an increase in itnerest around CBDCs marking an increase of 83% in 2020 which was driven by the shift to a digital solution amid the COVID-19 pandemic as well as the growth and other cryptocurrencies. The BIS said:

“Globally, more than two-thirds of central banks consider that they are likely to or might possibly issue a retail CBDC in either the short or medium term. Work on wholesale CBDCs is increasingly driven by reasons related to cross-border payments efficiency. Central banks consider CBDCs as capable of alleviating key pain points such as the limited operating hours of current payment systems and the length of current transaction chains.”

The paper cited the emergence of a few CBDCs beginning with the launch of the Bahamian Sand dollar in October 2020 and Nigeria’s eNaira one year later as well as the development of the Eastern Caribbean Dcash and the digital yuan in 2021 so the BIS Survey shows that more than 70% of the central banks are exploring CBDCs with the private sector collaboration and the interoperability for the existing payment systems. The Deutshce Bundesbank executive board member Burkhard Balz said:

“If well-designed, a CBDC could offer access to a safe, instant, and efficient digital means of payment for all population groups, including less digitally savvy groups of society. It would also be beneficial if CBDC could support offline payments. People would benefit from a digital and cost-effective cash alternative to choose from.”

US Securities Processor, cbdc, prototype,

Among the surveyed countries, 25 of them were considered of having advanced economies like Japan and the US and most of them said stablecoins pegged to and backed by fiat have potential as a payment method. In contrast, more than 60% of the overall respondents said cryptos had trivial or no use in domestic payments and 40% of the surveyed responded the same for crypto’s use around the cross-border payments.

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