BIS Survey: 94% of Central Banks Exploring CBDCs

A recent survey by the Bank for International Settlements (BIS) reveals that the majority of central banks are currently exploring the issuance of their own central bank digital currencies (CBDCs).

The BIS survey encompassed 86 different central banks, with 94% of respondents indicating that they engaged in some form of CBDC-related work last year. The umbrella organization for central banks noted that most respondents are working on both retail and wholesale CBDCs, with the latter being restricted to large transactions between financial institutions.

Furthermore, the BIS stated that the survey suggests a higher likelihood of central banks issuing wholesale CBDCs compared to retail CBDCs within the next six years.

“Based on the number of central banks indicating a high probability of launching a CBDC in the coming years, there could be an additional six retail CBDCs and nine wholesale CBDCs in circulation by the end of this decade,” the BIS reported.

The BIS findings align with data from the World Economic Forum (WEF) published in April. The WEF, an international organization headquartered in Switzerland dedicated to public-private cooperation, indicated that over 98% of central banks globally are “researching, testing, piloting, or deploying” CBDCs. The WEF also forecasted that there could be 24 active CBDCs by 2030.

These surveys underscore the growing global momentum towards the adoption of digital currencies by central banks, reflecting a significant shift in the financial landscape.