The Survey By BIS Reveals That Central Banks Are Vigorously Testing CBDCs

2022-05-07 00:40:01

The Bank for International Settlements (BIS) conducted a survey that shows a big trend of central banks are seriously experimenting and testing CBDCs (central bank digital currencies) solutions, in particular, nine out of ten.

In addition, the survey also shows that central banks around the world are more interested in developing retail CBDCs rather than the corporate wholesale CBDCs which are designated for banks.

In fact, more than half of these banks are interested in developing retail CBDCs, which is about 20%. Moreover, at the moment of writing, more than 50% of the central banks around are in the process of “running concrete experiments” with central bank digital currencies, meaning that they are most likely in the final stages of the preparation.

Representing 95% of the total GDP of the world, and owned by a whopping 63 central banks from around the world, in September of 2021, BIS instructed all central banks on the globe to start testing and exploring central bank digital currencies in order to greatly improve their financial infrastructure and keep up with the fast pace of digital payments.

And judging by the survey from BIS, “almost six out of ten respondent central banks said that this growth has accelerated their work on CBDCs”, which clearly shows that all that the central banks actually needed was a little nudge in the “right” direction towards regulating crypto.

Furthermore, the survey reveals that while at this moment there are only three countries that are testing and are on the brink of developing retail CBDCs (China, Bahamas and Nigeria), in the “foreseeable future”, up to 68% of all central banks in the world will be offering retail central bank digital currencies to its customers.

Lastly, the survey by BIS shows that when asked about stablecoins and their involvement with this digital payment asset, the numbers show that 70% of the central banks around the world are currently in the midst of researching the pros and cons of stablecoins, with one quarter still “investigating” crypto.

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