Most central banks around the world are conducting research regarding central bank digital currencies (CBDC) — however, the majority is not considering the issuance of a CBDC in the short or medium term, according to a report shared recently by the Bank for International Settlements (BIS).
The BIS study shows that although the majority of central banks are looking at the implications of a central bank digital currency, many appear to be proceeding cautiously. Only a limited number of central banks progressed from conceptual work to experimentation and pilot stages on this matter.
The survey inquired 63 central banks, covering close to 80% of the world’s population, regarding their current work on CBDC, the motivations behind those initiatives and the likelihood of issuing a digital currency. Over 85% of the respondents see themselves as somewhat unlikely or very unlikely to issue any type of CBDC.
According to the study, most central banks are not yet convinced that the benefits of issuing a CBDC will outweigh the costs.
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