• 98% of central banks are researching and developing central bank digital currencies (CBDCs).
• 24 Central Banks may introduce their CBDCs by 2030.
• The survey conducted by Bank for International Settlements (BIS) involved data collection from 86 central banks, answering questions regarding their work on CBDCs.

Central Banks Working on CBDCs

The sixth annual survey conducted and published by Bank for International Settlements (BIS) shows that 98% of global central banks are working on developing central bank digital currency (CBDC). Twenty-four central banks globally might introduce their CBDCs by 2030. The survey also sought the central banks’ opinions on using stablecoins and other cryptocurrency assets in their jurisdiction.

Survey Results

The survey involved data collection from 86 central banks, answering questions regarding their retail work, wholesale, or CBDC types , goals, and advancement levels. While there were no CBDCs launched in 2022, and Nigeria, the Bahamas, Eastern Caribbean, and Jamaica are the only countries that have not issued a retail CBDC, 18% of central banks indicated in the survey that they are likely to issue a retail CBDC in the near term. The 86 participatingcentral banks “represent 82% of the world’s population and 94% of global economic output,“ with 58% representing emerging market and developing economies (EMDE) and 28% from advanced economies (AE). Central banks’ participation in CBDC research and development increased from 90% in 2021 to 93% in 2022. More than half of all surveyedcentralbanks are conducting concrete experiments or working on a pilot program for launching aCBDC.

Stages Of Development

The survey consisted of four stages depending on thebanks’ progressonCBDCs: researchandstudy;proofsofconceptorexperiments;pilot/developmentstage;andliveissuanceoftheCBDCtothepublicforwidespreaduse.

Ripple To Play Crucial Role In Launch

Ripple is expected to play acrucial roleinhelping launchtheCDBCsandensuring its successful implementation across different countries once it is released into circulation. Ripple providesfastandsecurepaymentssolutionsacrossborderswhichwill beneededwhentransactionsarecarriedoutusingtheCBFCS..

Conclusion

The statistics have shown decreased uncertaintiesin governmentsandcentralbankstowardstheintroductionofdigitalcurrenciesinthemarketas98percentofglobalcentralbanksaredevelopingtheirrespectiveCBDFSprojects..Twenty-fourcentralbanksmayintroduceaCDBCby2030with18percentlikelytoissuearetailCDBCinthenearterm