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Central Banks show keen interest in CBDCs, BIS report

TL;DR Breakdown

  • Central Banks show interest in digital currencies but skeptical about Bitcoin and Ethereum.
  • 65 banks had responded to the BIS survey.

According to a recent publication on Wednesday carried out by the Bank of International Settlement (BIS), Central Banks have shown significant interest in CBDCs. The Bank, situated in Basel, made the publication after surveying Central Banks’ position towards stablecoins and digital currencies. 

The survey carried out showed that Central Banks are actively showing interest in CBDCs and stablecoins as two-third of the banks that participated are studying digital currencies. 

Smaller economies also show interest in CBDCs

Even as central banks study digital currencies (CBDCs) and stablecoins, some smaller economies have shown interest in CBDCs by allocating them to the general public. With BIS and central banks stating the requirements for CBDCs in a recent report, substantial interest in CBDCs is expected shortly. 

Responses from 65 Central Banks received by BIS

According to the latest BIS report, about 65 central banks responded to the survey, which accounts for 72 percent of the world’s population. The survey shows that most Central Banks are showing a lot of interest in CBDCs, and although this is a considerable development for digital currencies, it’s still a long way off in terms of widespread use. 

This recent response is also great news for the global economy as the output will increase soon. With the world growing in digital implementation, it is wise for Central Banks to embrace CBDCs. 

China shows most significant interest in CBDCs

With European central banks showing increasing interest with their digital euro preparations and India’s monetary regulator getting into the CBDC world, the people’s Bank of China is the front runner as regards CBDC interest. However, central banks are still skeptical regarding their claim in CBDCs, particularly with Bitcoin and Ethereum

BIS reported that the two glorified crypto assets are not necessary when it comes to widespread use as a means of payment. Therefore, their interest in CBDCs remains, but with exceptions for Bitcoin and Ethereum. 

This post was last modified on January 29, 2021 6:58 am

UC Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He joins the team to contribute his insights with precision.

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