The recent survey conducted by the Bank of International Settlements (BIS) showed that not all central banks around the globe are interested in the Central Bank Digital Currency (CBDC).
In addition, the survey has shown positive and negative feelings as regards the adoption of CBDC.
Although banks of emerging market economies are exerting great efforts towards the issuance of CBDCs, it seems that those in established countries are cautious about the transition from fiat to digital currencies.
10% of banks would issue CBDCs in next 3 years
The survey respondents comprised 66 banks representing 75% of the world’s population. 10 percent of the banks reported that they would issue the CBDCs in the next three years, representing 20 percent of the world’s population.
Accordingly, although the digital currencies are centralized, they would be widely adopted in the near term, especially as developers of cryptocurrencies have been striving for the project over for the last 10 years.
Commenting on the survey results, Himanshu Yadav, managing partner of Woodstock Fund, said:
“As CBDCs are rolled out, more and more people will want to understand what a digital currency is.”
“Some will ignore them, and some will explore them further, leading to a net positive gain in the cryptocurrency ecosystem. Moreover, developers will build tools that will allow for seamless exchange between CBDCs and cryptocurrencies. Thus, the race for digital currency supremacy will take center stage in this decade.”
Most of the CBDCs would be issued in emerging market economies, which have been striving for payment safety and financial inclusion.
Nataly Simson, chief operating officer of Coinsbit.io, said:
“By increasing the number of users utilizing blockchain technology, industries will need to adapt to support these currencies for everyday purchases, not only trading. In addition, new marketplaces can grow in the underdeveloped countries that are considering CBDC implementations.
“More consumers benefit the entire cryptocurrency ecosystem when unlocked,” she added.
Earlier last month, Cryptolydian reported that the Bank of England has teamed up with the central banks of Canada, Japan, the EU, Sweden and Switzerland to explore the possibility of launching a central bank digital currency (CBDC).
Thus, they formed a working group with the Bank for International Settlements (BIS), through which they can share their expertise and take the necessary procedures in this regard.