By 
According to the Bank for International Settlements (BIS), there has been a significant increase in experiments and pilot projects focused on wholesale central bank digital currencies (CBDCs) over the past year.
Nearly all central banks are now exploring CBDCs, with 94% of 86 surveyed by the BIS in late 2023 engaged in some form of research or development. This marks a shift from theoretical studies on potential impacts to practical experiments aimed at testing the feasibility and desirability of specific CBDC design features.
More than half of the central banks surveyed by the BIS are working on proofs of concept, and one in three is conducting a pilot program. While the public discourse has often centered around retail CBDCs, central banks are increasingly focusing on wholesale CBDCs, which are seeing a notable increase in experimental activity.
The BIS predicts that the likelihood of central banks issuing a CBDC within the next six years is higher for wholesale CBDCs than for retail ones.
Regarding CBDC design features, many aspects remain undecided. For wholesale CBDCs, interoperability and programmability are frequently considered important. For retail CBDCs, more than half of the central banks are considering features such as holding limits, interoperability, offline functionality, and zero remuneration.
The BIS survey also highlighted that stablecoins are currently seldom used for payments outside the crypto ecosystem. Additionally, approximately two-thirds of the surveyed jurisdictions have developed or are in the process of developing frameworks to regulate stablecoins and other cryptoassets.
Comments