BIS, a Switzerland-based body owned by 63 central banks representing around 95% of the world economy, said nine central banks had also indicated they're “very likely” to issue a CBDC for wholesale use in financial markets within the next six years.
Of the 86 central banks surveyed by BIS, 93% are now undertaking CBDC work, the study said, with major jurisdictions such as, the U.K. and European Union all seriously exploring issuing a digital version of their fiat currencies. “Global work on CBDCs has made further progress” since last year, the report said, with the work particularly intense in emerging economies where it’s seen as a way of helping unbanked people. “If issued, retail CBDCs can be expected to complement and coexist with other domestic payment methods.”
“The survey results show that, to date, stablecoins and other crypto assets are seldom used for payments outside the crypto ecosystem,” with cross-border remittances and consumer purchases the most popular uses, the report added.found the burgeoning private crypto market had spurred central banks to look at their options – and in some cases, enthusiasm may have cooled following the 2022 crypto crash.