BIS Reports Surge in CBDC Pilot Programs Worldwide

IconCryptoNewsTerminal Staff15 Jun, 2024

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BIS Reports Surge in CBDC Pilot Programs Worldwide

The Bank for International Settlements (BIS) has released a research report highlighting a significant increase in the number of countries conducting central bank digital currency (CBDC) pilot programs. According to the report, which surveyed 86 central banks globally, advanced economies are leading the charge in CBDC experimentation. Proof-of-concept projects in these economies have increased by 35% since 2022, while pilot programs have tripled. Among surveyed central banks in advanced economies, 81% are conducting wholesale CBDC proofs-of-concept, and 33% are running pilot programs. In developing economies, approximately 33% are conducting proofs-of-concept, and 19% are in the pilot phase. The BIS report underscores the growing interest in CBDCs as central banks explore the potential of digital currencies issued and backed by their institutions. These pilot programs provide valuable insights into the practical implementation, risks, and benefits of CBDCs. The findings of the report align with the increasing recognition of CBDCs as a potential transformative force in the financial landscape, with the potential to enhance efficiency, reduce costs, and promote financial inclusion.

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