TL; DR Breakdown
- PwC report says more than 80% of countries are researching CBDC
- The report discussed the maturity of the digital currencies
- Analyst gives an opinion on CBDCs and stablecoins
CBDCs are becoming the new financial instrument making waves worldwide as countries continue to join the bandwagon. This is because the countries see it as a great substitute for physical cash. As per a PwC report, about 80% of the countries in the world are presently looking into the creation of their respective CBDCs. This document considers those who have just started research, those in the testing phase, and those who debuted the digital currency.
PwC report looked into the maturity of CBDCs
The PwC report is a document that contains the research about CBDCs globally. The report looked into the preparedness of premier banks across the globe in developing their digital currency. The report also talked about native stablecoins in the crypto market. The research into the CBDCs was carried out by Haydn Jones, an in-house analyst with the analysis company.
The PwC report considered both kinds of CBDC that central banks are looking into. Notably, most central banks are either testing to create a retail or institutional CBDC that would serve individuals and firms. The rPwC report claims that retail CBDC shows signs of good maturity compared to the ones for institutions.
Analyst gives an opinion on CBDC and stablecoins
Details in the report show that the Nigerian CBDC was given 95, which means it hold a high chance of being the most mature across the two types. Others include CBDC from the Bahamas, Jamaica, and one presently being examined in Thailand. Thailand also claimed the top spot in terms of wholesale CBDC in a project that it holds a joint partnership with Hong Kong. France and Asian countries, Singapore are also showing promise for their research into the currencies.
The analyst touched on various topics, including how ready countries worldwide were in terms of the CBDC creation. He pointed out that certain factors that trigger countries show how prepared they are for their CBDCs. Some include inclusion, type of CBDC, and eliminating criminal elements. The report also looked into stablecoins that are presently moving in the market and how they have achieved such growth. The PwC report gathered that stablecoins were now an integral sector core.