The Bank for International Settlements (BIS), an organization that seeks to support the international cooperation of the world’s central banks, has released the results of its 2022 survey on central bank digital currencies (CBDC) and crypto. The survey found that 93% of the 86 banks surveyed were involved in CBDC-related work at different levels.
BIS: 93% of Central Banks Involved in CBDC Activity
The Bank for International Settlements (BIS), an institution that acts as the bank of central banks, has released the results of a 2022 survey on central bank digital currencies (CBDC) and crypto. In a recent paper titled “Making Headway,” the institution reports that 93% of the 86 banks included in the survey were “engaged in some form of CBDC work and more than half are running concrete experiments or working on pilots.”
The paper states that these numbers show the uncertainty regarding the issuance of CBDCs in the short term is fading. However, through their research, some of these central banks are less likely to issue a retail CBDC in the next three years, while others are more likely.
However, the concept of wholesale CBDCs, which would be used as a payment rail between private banks, is gaining acceptance, as the share of the central banks likely to issue this kind of currency has more than doubled since the last survey.
The reasons for issuing CBDCs vary, but the document identifies the enhancement of cross-border payments as one of the drivers of CBDC work and research. However, in emerging markets and developing economies, the CBDC research is more driven by “financial inclusion-related motivations.”
On Crypto and Stablecoins
The emergence of stablecoins and cryptocurrency assets has moved the traditional finance world to innovate. The survey found that 60% of the central banks consulted have accelerated the work on CBDCs due to the existence of these alternatives.
The issuance of stablecoins has also worried currency issuers about the possible effects on their economies. According to the BIS poll, 70% of these central banks are researching the instability that stablecoins could cause in their economies, and 40% have studied the share of usage that crypto assets and stablecoins have in their jurisdictions.
However, stablecoins and crypto assets are hardly used away from decentralized finance platforms and cryptocurrency trading exchanges. Central banks reported that, only rarely are they used to complete remittances and retail payments.
What do you think about the results of the 2022 BIS survey? Tell us in the comments section below.
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