CBCCs may be used in 24 countries in 10 years: BIS report

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As the cryptocurrency market continues to fluctuate, central banks around the world seem undeterred, redoubling their efforts to promote their digital currencies, or CBCCs. A Bank for International Settlements (BIS) report indicated that 24 of these CBCCs could be up and running by the end of the decade.

These estimates represent a significant increase compared to last year, which suggests that the volatility in the digital currency market has not dampened the excitement of government-backed digital currencies. According to BIS research, the proliferation of crypto assets and stablecoins have influenced 60 percent of participating banks to accelerate their CBC initiatives:

Of the central banks surveyed, 93 percent are currently engaged in CBCC, and more than half are conducting actual trials or working on pilots.

CBCCs provide a digital alternative to a country's fiat currency issued and managed by a central bank. Countries such as Nigeria, the Bahamas and China have already reached the top.

By 2030, a mix of 15 retail CBDCs are expected to join, serving everyday consumers and nine wholesale versions designed for interbank transactions. According to the BIS report, “Retail CBDCs are expected to complement and co-exist with other domestic ones.” “Payment Methods”.

However, increased interest does not indicate unanimous global consensus. Although 93% of central banks are considering CBDCs, an increasing number have recently indicated their reluctance to issue such currencies.

The report underscores the growing disparity between central banks, with some indicating that they are more likely to issue a CBDC in the next three years – even the European Central Bank with a digital euro – while others indicate less likelihood.

Although the US government remains undecided on its CBCC strategy, Florida has made its position clear: ban CBCCs entirely and accuse them of being a digital form of excessive government control.

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