90 Percent of the World’s Central Banks Are Checking Out Introducing a CBDC, Reveals BIS Study
< div class= "content_text row description" readability=" 60.66783339167" > Nine out of 10 main banks worldwide are toying with the idea of launching a central bank digital currency (CBDCs), according to the current survey by the Bank of International Settlements (BIS)– a worldwide monetary institution brought together by numerous reserve banks worldwide. The survey, which involved 81 main banks, reveals that 50 percent of central banks thinking about launching a retail CBDC are currently already developing such products or are at some phase within the process of experimentation.A paper released by the BIS Monetary and Economic Department stated that 90 percent of 81 reserve banks surveyed from October to December 2021 were” taken part in some type of CBDC work,” with 26 percent running pilots on CBDCs and more than 60 percent doing experiments or proofs-of-concept related to a digital currency.According to the BIS, the boost in interest around CBDCs– up from roughly 83 percent in 2020– may have been driven by a shift to digital solutions
in the middle of the coronavirus pandemic as well as the growth in stablecoins and other cryptocurrencies. The BIS research study likewise highlights the fact that reserve banks are putting more effort into retail CBDCs. Nearly a fifth of main banks are dealing with a retail CBDC, which is twice the share of those for a wholesale CBDC. When it comesto the
underlying architecture, more reserve banks are looking at those included in the private sector.More than 70 percent of reserve banks are considering a two-tiered design, where a CBDC is dispersed to the general public through personal sector intermediaries.” Financial stability and improving cross-border payments are growing reasons for retail CBDCs,” the BIS said.The paper mentioned the development of a number of CBDCs, starting with the launch of the Bahamian Sand Dollar in October 2020 and Nigeria’s eNaira one year later as well as the advancement of the Eastern Caribbean DCash and China’s Digital Yuan in 2021. According to the BIS study, more than 70 percent of main banks are also checking out CBDCs with” economic sector partnership and interoperability “for existing payment systems. For the current tech news and reviews, follow Gizmos 360 on Twitter, Facebook, and Google News. For the latest videos on devices and tech, subscribe to our YouTube channel.< img class=" lazy" src =" https://gadgets360.com/static/desktop/images/spacer.png" data-original=" https://i.gadgets360cdn.com/large/CoinDCX_ventures_logo_small_1652187032414.jpg?downsize=90:68&output-quality=70" alt width=" 90" height =” 68 “loading =” lazy” > CoinDCX Announces New Venture Financial Investment Arm to Focus on Early-Stage Web 3 Startups Globally Related Stories Published at Tue, 10 May 2022 12:54:13 +0000