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BIS Report Discloses That 90% of Central Banks Globally are Considering CBDCs

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The Bank for International Settlements (BIS) released a recent survey that disclosed the thoughts of Central Banks concerning Central Bank Digital Currency (CBDC). Eighty-one apex banks in different countries participated in the survey and the results disclosed that 60% of the respondents were still investigating the concept of CBDCs while 26% have begun their pilot stages.

Part of the survey showed that the number of central banks that have begun interacting with CBDCs, in 2022, has increased drastically compared to prior years.

Central banks are exploring the address of wholesale and retail CBDCs, while partnering with the private sector. Those that are in the investigation state believe that they may end up releasing a CBDC, be it a retail or a wholesale CBDC. BIS Report shows that more than 50% of apex banks have this notion.

As a part of the survey, the topic of stablecoin was also considered. Out of those that participated, 70% of apex banks are interested in stablecoins and analyzing the effects of this type of digital currency. They want to know how it impacts the economy.

Different governments increased their interest in CBDC because of the power it gives them, unlike stablecoins and the decentralized finance space. They believe that DeFi and stablecoins can impact the traditional economy, especially in the area of fiat currency.

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A survey showed that 76% of respondents working on retail CBDC where they have to partner with private organizations have started exploring ways to work with conventional payment structures. This will reduce the complication for the average user and private sectors, as there may not be a need for multiple systems.

Rose Nnamdi is a crypto content writer that loves drafting content on cryptocurrencies and innovative platforms building on blockchain technology.

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