Retail And Wholesale CBDCs See Big Increase, BIS Survey Suggests
Key Points:
- The BIS survey indicates a potential increase in the number of CBDCs circulating by the end of the decade, with 15 retail and 9 wholesale.
- Improved financial inclusion and payment efficiency are key motivations for issuing retail, with central banks in both emerging and advanced economies prioritizing payment safety and stability.
- The survey also notes that stablecoin use in jurisdictions is mainly for remittances and rarely used for payments outside the crypto market.
BIS survey suggests 15 retail & 9 wholesale CBDCs may circulate by the end of the decade with improved financial inclusion & payment efficiency as motivations.
The Bank for International Settlements (BIS) has released a survey indicating an increase in the number of central bank digital currencies by the end of the decade. Currently, there are four retail CBDCs in circulation in The Bahamas, the Eastern Caribbean states, Jamaica, and Nigeria.
However, the BIS survey suggests that there may be 15 retail and nine wholesale CBDCs publicly circulating by the end of the decade. The survey also found that the percentage of central banks likely to issue a retail CBDC in the next three years has risen from 15% to 18%. The number of banks planning to issue a wholesale CBDC in the short term has also increased from 8% to 16%. These figures suggest that central banks are becoming more decisive about their short-term CBDC plans.
The BIS identified improved financial inclusion and payment efficiency as key motivations for issuing retail. Central banks in both emerging markets and advanced economies attach equal importance to domestic payment efficiency, payment safety, financial stability, and cross-border payment efficiency. The survey noted that central banks from Emerging Market and Developing Economies (EMDE) have a higher likelihood of issuing retail CBDCs compared to Advanced Economies (AE).
The survey also stated that nearly 30% of central banks report stablecoin use in their jurisdiction, mainly for remittances. However, stablecoins are rarely used for payments outside the crypto market.
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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Retail And Wholesale CBDCs See Big Increase, BIS Survey Suggests
Key Points:
- The BIS survey indicates a potential increase in the number of CBDCs circulating by the end of the decade, with 15 retail and 9 wholesale.
- Improved financial inclusion and payment efficiency are key motivations for issuing retail, with central banks in both emerging and advanced economies prioritizing payment safety and stability.
- The survey also notes that stablecoin use in jurisdictions is mainly for remittances and rarely used for payments outside the crypto market.
BIS survey suggests 15 retail & 9 wholesale CBDCs may circulate by the end of the decade with improved financial inclusion & payment efficiency as motivations.
The Bank for International Settlements (BIS) has released a survey indicating an increase in the number of central bank digital currencies by the end of the decade. Currently, there are four retail CBDCs in circulation in The Bahamas, the Eastern Caribbean states, Jamaica, and Nigeria.
However, the BIS survey suggests that there may be 15 retail and nine wholesale CBDCs publicly circulating by the end of the decade. The survey also found that the percentage of central banks likely to issue a retail CBDC in the next three years has risen from 15% to 18%. The number of banks planning to issue a wholesale CBDC in the short term has also increased from 8% to 16%. These figures suggest that central banks are becoming more decisive about their short-term CBDC plans.
The BIS identified improved financial inclusion and payment efficiency as key motivations for issuing retail. Central banks in both emerging markets and advanced economies attach equal importance to domestic payment efficiency, payment safety, financial stability, and cross-border payment efficiency. The survey noted that central banks from Emerging Market and Developing Economies (EMDE) have a higher likelihood of issuing retail CBDCs compared to Advanced Economies (AE).
The survey also stated that nearly 30% of central banks report stablecoin use in their jurisdiction, mainly for remittances. However, stablecoins are rarely used for payments outside the crypto market.
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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