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BIS Survey Reveals 15 Retail CBDCs Expected by 2030

Updated: Jul 20, 2023

Bank for International Settlements is headquartered in Basel, Switzerland.
Source: Unsplash

BASEL, CH – In a recent survey conducted by the Bank for International Settlements (BIS), it has been revealed that approximately 15 central bank digital currencies (CBDCs) are projected to be in circulation globally by the end of this decade. BIS, an organization based in Switzerland and owned by 63 central banks, which collectively represent around 95% of the world economy, also stated that nine central banks are "very likely" to issue CBDCs for wholesale use in financial markets within the next six years.

BIS Survey Results

The survey encompassed 86 central banks, and it indicated that 93% of them are currently involved in CBDC-related initiatives. Major jurisdictions, including India, the United Kingdom, and the European Union, are actively exploring the possibility of issuing digital versions of their respective fiat currencies.

The report emphasized that global efforts toward CBDCs have made significant progress since the previous year, with particular intensity observed in emerging economies where CBDCs are viewed as a means to assist unbanked individuals. The report added that if retail CBDCs are introduced, they will likely coexist and complement existing domestic payment methods.

Central Banks Reluctant to Issue CBDCs

According to the survey, the utilization of stablecoins and other crypto assets for payments outside of the crypto ecosystem remains relatively limited. These assets are primarily utilized for cross-border remittances and consumer purchases. The survey findings suggest that the recent private crypto market boom prompted central banks to explore their CBDC options.

However, following the crypto crash in 2022, enthusiasm among central banks may have diminished. The survey revealed an increase in the number of central banks expressing reluctance to issue CBDCs in the near future, with fewer remaining undecided. Several prominent central banks have already expressed their intentions or taken steps toward the development of CBDCs.

CBDC Trials Ongoing

The Bank of England recently acknowledged the likelihood of a digital pound in the future, while the European Commission presented a bill in June to support the creation of a digital euro. The U.S. Treasury has also announced its examination of methods to ensure the privacy of digital transactions.

Notably, the BIS survey found the central banks of the Bahamas, Eastern Caribbean, Jamaica, and Nigeria have already implemented retail CBDCs, while the ongoing trials of a digital yuan in China have raised concerns about potential state surveillance associated with the technology.

Financial Inclusion, Payment Efficiency

As central banks continue to explore and develop CBDCs, it is evident that the digitization of national currencies is becoming an increasingly significant aspect of global financial systems. The potential benefits of CBDCs, such as improved financial inclusion and enhanced payment efficiency, are driving this momentum.

However, challenges and considerations surrounding privacy, security, and interoperability will require careful navigation. The BIS survey serves as a valuable insight into the evolving landscape of CBDC adoption, providing a glimpse into the future of digital currencies and their impact on the global economy.


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