94% of Central Banks Globally Exploring Issuance of Their Own Digital Currencies

IconCryptoNewsTerminal Staff14 Jun, 2024

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94% of Central Banks Globally Exploring Issuance of Their Own Digital Currencies

The proportion of central banks exploring the launch of central bank digital currencies (CBDCs) has increased to 94%, according to a recent survey by the Bank for International Settlements (BIS). This marks a significant jump from the 86% of central banks that were exploring CBDCs in 2021. The survey, which included responses from 86 central banks worldwide, also found that central banks are more likely to issue wholesale CBDCs before retail CBDCs. Wholesale CBDCs are designed to be used by financial institutions for interbank settlements, while retail CBDCs are intended for use by the general public. The BIS survey's findings suggest that the development of CBDCs is a growing priority for central banks globally. As central banks continue to explore the potential benefits and risks of CBDCs, it is likely that we will see more countries launching their own digital currencies in the coming years.

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