BIS Survey: CBDC Is Being Processed By 93% Of The World’s Central Banks 

Key Points:

• According to the report, 93% of the 86 banks polled have participated in CBDC-related activities to varied degrees, and more than half of them are conducting particular experiments or pilot projects. 
• 70% of central banks are researching the economic instability that stablecoins may generate, and 40% are researching the usage of encrypted assets and stablecoins in their countries.

According to the Bank for International Settlements (BIS) 2022 survey, 93% of central banks worldwide are working on CBDC and cryptocurrencies.

This indicates that digital currencies are becoming increasingly important for the global economy, and that central banks are actively exploring ways to harness their potential. The survey involved 86 banks, and more than half of them have gone as far as conducting specific experiments or pilot projects. This is a clear indication that central banks are taking CBDC seriously and are investing significant resources to ensure that they remain at the forefront of this emerging trend.

The survey also revealed that the existence of alternatives to stablecoins and crypto-assets has caused 60% of central banks surveyed to accelerate their work on CBDCs. This is a significant development, as it suggests that the competition provided by other digital currencies is driving innovation and progress in the field of CBDC.

Given that the issuance of stablecoins also raises concerns about the possible impact on their economies, 70% of central banks are studying the potential instability that stablecoins may cause. This is a crucial step towards ensuring that CBDCs are developed in a way that minimizes the risks to the economy and ensures that they can be used safely and securely.

Moreover, 40% of central banks are currently analyzing the use and distribution of encrypted assets and stablecoins within their jurisdictions. This is a crucial step towards ensuring that digital currencies are regulated in a way that prevents any negative impact on the economy.

Overall, the survey conducted by the BIS highlights the growing importance of CBDCs and cryptocurrencies in the global economy. It is clear that central banks are recognizing the potential of digital currencies, and are actively exploring ways to harness their potential. This is an exciting development, and one that promises to revolutionize the way we transact and exchange value in the years to come.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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