According to a study conducted by the Bank for International Settlements (BIS), there could be around 15 Central Bank Digital Currencies (CBDCs) in circulation around the world by the end of 2030.
The BIS, an entity headquartered in Switzerland and owned by 63 central banks, which represent about 95% of the global economy, said in a research report that nine central banks will be used in financial markets within the next six years. It said it was “very likely” to issue a CBDC.
Of the 86 central banks surveyed by the BIS, 93% are currently engaged in CBDC operations, and major economies such as India, the United Kingdom and the European Union (EU) all issue digital versions of their national fiat currencies. are seriously considering.
“Global efforts on CBDC have made further progress since last year,” the report said, with emerging markets particularly active and seen as a way to help the unbanked. It is said that there is “Once a retail CBDC is issued, we can expect it to complement and coexist with other domestic payment instruments.”
“Research shows that so far, stablecoins and other cryptocurrencies are rarely used for payments outside the crypto ecosystem, with the most common use being cross-border. remittances and consumer purchases,” the report added.
In the previous BIS survey, published in May 2022, the rapid growth of the private cryptocurrency market prompted central banks to weigh their options, but the 2022 crypto crash has cooled the heat. It is said that there was also a case where A growing number of central banks have said they are unlikely to issue CBDCs anytime soon, and fewer are now withholding decisions.
Earlier this year, the Bank of England said a digital pound would likely be needed in the future, and the European Commission drafted legislation in June to underpin a digital euro. The US Treasury Department said it was looking at ways to keep digital transactions as private as possible.
Monetary authorities in the Bahamas, the Eastern Caribbean, Jamaica and Nigeria have indeed introduced retail CBDCs, while China is testing a digital yuan, raising concerns about possible state surveillance. going up
｜Translation: CoinDesk JAPAN
｜Editing: Toshihiko Inoue
| Image: Bank for International Settlements (Fred Romero/Flickr)
｜Original: 15 Retail CBDCs Likely by 2030, BIS Study Says