BIS Says 10% of Central Banks mull Issuance of Digital Currencies

A new survey by Bank for International Settlements (BIS) revealed that 20% of world’s population may have access to a central bank digital currency (CBDC) within three years.

An annual study by BIS asked 66 central banks whether they were working on CBDCs and, with about 10 percent saying they are considering issuance soon.

Results of the report showed that 80 percent of the respondents say they are engaged in some form of CBDCs, and nearly 40 percent having moved beyond conceptual research to experiments.

The BIS stated that out of the banks polled, 21 came from developed economies while 45 of which are from emerging economies (EMEs).

It’s also well known China, a country with more than 1.2 billion people, has also developed its own CBDC. Designed as a new payments solution, the People’s Bank of China (PBoC) said in November the digital yuan initiative was currently in the testing stage.

Despite that nearly 70 percent of central banks said it was unlikely they would release a CBDC in the near future, another 30 percent of respondents said they had active plans to issue some form of digital currency in the short term.

According to the report: “Central banks representing a fifth of the world’s population say they are likely to issue the first CBDCs in the next few years.”

The World Economic Forum (WEF) has created, in cooperation with some of the world’s major central banks, a central bank digital currency (CBDC) policymaker toolkit, shedding light on merits and demerits of such a move.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.