Bank of International Settlements predicts 15 retail and nine wholesale CBDCs by 2030
The Bank for International Settlements (BIS) predicts that there will be 15 retail central bank digital currencies (CBDC) and nine wholesale central bank digital currencies (CBDC) by 2030, according to its report. increase. investigation Out of 86 central banks.
Central banks increasingly support CBDC
According to the report, 93% of central banks are researching CBDCs, and more than 50% have started substantive efforts towards CBDC development, including creating pilot projects.
Only four countries – Nigeria, Jamaica and the Bahamas – have issued retail CBDCs, but 18% of the 86 banks surveyed said they could soon issue a retail national digital currency. The BIS said other top banks could follow suit.
Meanwhile, top banks in countries such as the United Kingdom, Peru, India, Canada and the European Central Bank are actively investigating the possibility of issuing digital versions of their currencies.
The BIS also noted that the rising popularity of cryptocurrencies appears to be a key factor driving central bank interest in CBDCs.
“Nearly 60% of responding central banks said the emergence of cryptoassets and stablecoins has accelerated their CBDC efforts.”
BIS praises the virtues of CBDC
The report also highlighted multiple benefits of stablecoins. A retail CBDC will improve financial inclusion and payment efficiency, while a wholesale CBDC will enhance cross-border payments, he said.
The BIS said a CBDC would complement existing fast payment systems (FPS), adding that more than 80% of central banks thought it might be worthwhile to have both an FPS and a CBDC.
“Depending on their design, FPS and retail CBDCs can achieve similar objectives, such as enhancing financial inclusion, facilitating faster and more efficient payments within the country and across borders. and competition, and increase the availability and accessibility of cheaper payment products and services.”
However, BIS pointed out that the development of CBDC has challenges such as the legal basis for issuing such digital currency is uncertain.
Post-Bank for International Settlements predicts that by 2030, 15 retail CBDCs and 9 wholesale CBDCs will be the first to appear on CryptoSlate.
