94% of Central Banks Are Exploring CBDCs, According to New Bank for International Settlements Survey
A new survey from the Bank for International Settlements (BIS) suggests that most central banks are now exploring the possibility of issuing their own digital currencies (CBDCs).
The BIS surveyed 86 different central banks, with 94% of the respondents noting that they were involved in some form of CBDC work last year.
The central bank umbrella organization notes that most respondents were working on both retail and wholesale CBDCs, which are restricted to large transactions between financial institutions.
The BIS also says the survey indicates that it’s more likely central banks will issue wholesale CBDCs in the next six years than their retail counterparts.
“Based on the number of central banks that indicated that they would be very likely to start issuing a CBDC over the next few years, there could be six additional retail and nine wholesale CBDCs publicly circulating towards the end of this decade.”
The BIS survey results are similar to the numbers reported by the World Economic Forum (WEF) in April.
The WEF, a Switzerland-based international organization focused on public-private cooperation, noted that more than 98% of the world’s central banks are “researching, experimenting, piloting or deploying” CBDCs.
The WEF also predicted that there could be 24 live CBDCs by 2030.
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Author: Conor Devitt
