New Bank for International Settlements Survey Reveals 94 of Central Banks Exploring CBDCs
A recent survey conducted by the Bank for International Settlements (BIS) indicates that the majority of central banks are now considering the feasibility of launching their own digital currencies, known as CBDCs.
The BIS surveyed 86 different central banks, with 94% of the participants stating that they were engaged in some form of CBDC-related work in the previous year.
According to the central bank organization, most respondents were focused on developing both retail and wholesale CBDCs. Wholesale CBDCs are designed for large transactions between financial institutions.
The survey also suggests that central banks are more likely to issue wholesale CBDCs in the next six years than retail CBDCs.
The BIS predicts, “Based on the responses from central banks indicating a high likelihood of issuing a CBDC in the coming years, we could see six additional retail and nine wholesale CBDCs in circulation by the end of the decade.”
These findings align with data reported by the World Economic Forum (WEF) in April. The WEF, an international organization based in Switzerland that promotes public-private collaboration, stated that over 98% of the world’s central banks are currently researching, experimenting, piloting, or implementing CBDCs.
The WEF also forecasted that by 2030, there could be 24 functioning CBDCs.
Stay informed by subscribing to receive email alerts directly to your inbox. Follow us on Twitter, Facebook, and Telegram for the latest updates.
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors are advised to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. All transfers and trades are undertaken at the investor’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice. Please be aware that The Daily Hodl engages in affiliate marketing activities.
Image Source: Midjourney
