BIS Study: Expect Around 15 Retail CBDCs by 2030

CoinDesk reported that according to a survey conducted by the Bank for International Settlements (BIS), approximately 15 retail central bank digital currencies (CBDCs) are expected to be in circulation worldwide by the end of the 2030s. BIS, a Switzerland-based institution owned by 63 central banks representing about 95% of the global economy, revealed that nine central banks have expressed a strong likelihood of issuing a CBDC for wholesale use in financial markets within the next six years.

The study, which involved 86 central banks, highlighted that 93% of them are currently engaged in CBDC initiatives. Major jurisdictions such as India, the U.K., and the European Union are actively exploring the issuance of digital versions of their fiat currencies.

The report stated that global progress on CBDCs has advanced since the previous year, with significant efforts being made in emerging economies to address financial inclusion. Retail CBDCs, if introduced, are expected to work alongside existing domestic payment methods.

Regarding the usage of stablecoins and other crypto assets, the survey found that they are rarely used for transactions outside of the crypto ecosystem. Their most popular applications are cross-border remittances and consumer purchases.

In comparison to a previous BIS survey published in May 2022, central banks have become more cautious about issuing CBDCs, possibly due to the impact of the 2022 crypto crash. The number of central banks expressing unlikelihood in issuing CBDCs in the near future has increased, with fewer remaining undecided.

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