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BIS expects 15 retail CBDCs and 9 wholesale CBDCs by 2030
The Bank for International Settlements (BIS), based on a survey of 86 central banks, predicts that by 2030, there will be 15 retail central bank digital currencies and nine wholesale central bank digital currencies (CBDCs).
Central banks increasingly support CBDC
According to the report, 93% of central banks are researching CBDC, and more than 50% of central banks have begun to vigorously develop CBDC, including creating pilot projects.
Source: Bank for International Settlements
While only four countries—Nigeria, Jamaica, and the Bahamas—have issued retail CBDCs, the BIS noted that other top banks may follow suit, as 18% of the 86 banks surveyed said they may issue retail national digital currencies soon .
Meanwhile, top banks in countries including the U.K., Peru, India, Canada and the European Central Bank are actively studying the possibility of issuing digital versions of their national currencies.
Additionally, the BIS noted that the growing popularity of cryptocurrencies appears to be an important factor driving central bank interest in CBDCs.
“Nearly 60% of central banks surveyed said that the advent of crypto assets and stablecoins has accelerated their work on CBDCs.”
BIS praises the merits of CBDC
The report also highlights the multiple advantages of stablecoins. It noted that a retail CBDC would increase financial inclusion and payment efficiency, while a wholesale CBDC would enhance cross-border payments.
A CBDC would complement the Faster Payments System (FPS) currently in place, the BIS said, adding that more than 80% of central banks believe there could be value in having both a FPS and a CBDC.
Source: Bank for International Settlements
“By their design, FPS and retail CBDCs could achieve similar goals, such as enhancing financial inclusion and facilitating faster and more efficient domestic and cross-border payments. In addition, they would both be able to foster broader innovation and enhance competition, thereby increasing Availability and accessibility of cheaper payment products and services.”
However, the BIS noted challenges to the development of CBDCs, such as uncertainty about the legal basis for issuing such digital currencies.