Research: There could be 24 CBDCs live by 2030

As 93% of the reserve banks are already performing research study on main bank digital currencies (CBDCs), the uncertainty about this form of digital money among them fades. There might be approximately 15 retail and 9 wholesale CBDCs in circulation by 2030. These numbers appear in the study report by the Bank for International Settlements (BIS), released on July 10. The survey of 86 reserve banks was carried out in late 2022– from October to December. It asked main banks whether they were working on a retail, wholesale, or both kinds of CBDC, how advanced the work was and what was their motivation for it. According to a study, majority of the worlds CBs are working or performing experiments on a CBDC pilot. Practically a quarter of all CBs are currently piloting their retail CBDC tasks. The number of wholesale CBDCs in the works is much lower, at half that amount.Geoeconomically, it is the nations within emerging markets and developing economies (EMDE), which are leading the CBDC adoption. Their share in piloting the retail (29%) and wholesale (16%) CBDCs practically doubles that of the advanced economies (AE), which stands at 18% and 10% respectively. Both establishing and advanced economies primarily share the motivation behind their CBDC tasks– financial stability and cross-border payments efficiency. Nevertheless, there is also a distinction, as EMDEs are regularly driven by financial inclusion factors. Related: BIS develops framework versus CBDC cyberattacksThe share of CBs that are likely to issue a retail CBDC within the next 3 years grew from 15% last year to 18%. At the very same time, 68% of main banks still mention their unreadiness to release a retail CBDC “at any time quickly.” To date, there are still only 4 CBDCs in circulation– in The Bahamas, the Eastern Caribbean, Jamaica and Nigeria. Based on the main bankers answers, the study forecasts 15 retail and 9 wholesale CBDCs live by the end of this years. At the end of June, the Reserve Bank of India reported ongoing settlements with at least 18 central banks around the world relating to the possibility of cross-border payments via its CBDC, the “digital rupee.” In July, the Federal Reserve Bank of New Yorks Innovation Center (NYIC) completed its proof-of-concept of a managed liability network for a CBDC. Publication: The race to construct legal and safe coin mixers

Thank you for reading this post, don't forget to subscribe!

As 93% of the central banks are already conducting research study on main bank digital currencies (CBDCs), the unpredictability about this type of digital money amongst them fades. The number of wholesale CBDCs in the works is much lower, at half that amount.Geoeconomically, it is the countries within emerging markets and developing economies (EMDE), which are leading the CBDC adoption. Related: BIS develops structure versus CBDC cyberattacksThe share of CBs that are likely to issue a retail CBDC within the next three years grew from 15% last year to 18%.