05.09.2022

BIS Survey: Central Bank Digital Currencies Gaining Momentum

05.09.2022

Most central banks are exploring central bank digital currencies (CBDCs), and more than a quarter of them are now developing or running concrete pilots. This BIS paper updates earlier surveys that asked central banks about their engagement in this area. The latest responses from 81 central banks show that the Covid-19 pandemic and the emergence of cryptocurrencies have accelerated the work on CBDCs.

In addition, this paper shows that more than two thirds of central banks are likely to issue a retail CBDC in the short or medium term. Many are exploring a CBDC ecosystem that involves private sector collaboration and interoperability with existing payment systems. 

Source: BIS

Related articles

  1. Project Lithium will test if U.S. infrastructure can support a Fed-issued central bank digital currency.

  2. Secretary of the Treasury delivered remarks on digital assets policy, innovation, and regulation.

  3. Project Dunbar uses multiple central bank digital currencies for international settlements.

  4. From The Markets

    Fed Consults on CBDC

    The paper is the first step in discussing if a CBDC could improve the domestic payments system.

  5. Five banks joined tests for settling interbank, monetary policy and cross-border transactions in Swiss francs.