A survey by the Bank for International Settlements (BIS) shows that 93 percent of central banks are already researching Central Bank Digital Currencies (CBDCs).
According to the survey, there could be up to 15 retail and nine wholesale CBDCs in circulation by 2030.
According to a survey, over half of the world’s central banks are conducting experiments or working on a CBDC pilot. Almost a quarter of all central banks are already piloting their retail CBDC projects, and the number of wholesale CBDCs in the works is much lower.
Geoeconomically, nations within emerging markets and developing economies are leading CBDC adoption.
Their share in piloting the retail (29 per cent) and wholesale (16%) CBDCs almost doubled that of advanced economies, which stands at 18 per cent and 10 per cent, respectively.
Both developing and advanced economies mostly share the motivation behind their CBDC projects — financial stability and cross-border payments efficiency. However, developing countries are more often driven by financial inclusion reasons.
The share of central banks likely to issue retail CBDC within the next three years grew from 15 per cent to 18 per cent in 2022. At the same time, 68 per cent of central banks still state their unreadiness to issue retail CBDC “any time soon.”
So far, there are still only four CBDCs in circulation: in the Bahamas, the Eastern Caribbean, Jamaica and Nigeria. Yet, based on the central bankers’ answers, the survey predicts 15 retail and nine wholesale CBDCs will be live by the end of the decade.
At the end of June, the Reserve Bank of India reported ongoing negotiations with at least 18 central banks worldwide regarding the possibility of cross-border payments via its CBDC, the “digital rupee.”
In July, the Federal Reserve Bank of New York’s Innovation Center completed its proof-of-concept of a regulated liability network for a CBDC.
