The latest survey by the Bank for International Settlements (BIS) shows that 94% of central banks around the world are actively exploring central bank digital currencies (CBDCs), especially the development and pilot projects of wholesale CBDCs have increased sharply.
The research paper suggests that central banks are proceeding cautiously and taking diverse approaches to implementing and designing CBDCs.
The survey also found that central banks are actively exploring CBDCs, with a focus on maintaining the role of central bank money in the context of the rise of privately issued digital currencies. In addition, improving domestic payment efficiency, promoting financial inclusion, and improving cross-border payment systems are other important drivers.
This trend is particularly evident in developed economies, reflecting the urgent need for central banks to maintain the monetary role of central banks, improve payment efficiency, promote financial inclusion, and improve cross-border payment systems.
Strong growth in wholesale CBDC projects
The BIS survey collected responses from 86 central banks, and the results showed significant growth in wholesale CBDC projects. The likelihood of issuing wholesale CBDC in the next six years has exceeded that of retail CBDC. At the same time, central banks are strengthening cooperation with stakeholders to improve CBDC design, paying special attention to functions such as interoperability and programmability of wholesale CBDC.
Central banks around the world are actively exploring CBDCs, with a focus on maintaining the role of central bank money in the context of the rise of privately issued digital currencies. Improving domestic payment efficiency, promoting financial inclusion, and improving cross-border payment systems are other important drivers.
For retail CBDC, more than half of the central banks surveyed are considering the introduction of holding restrictions, interoperability with existing payment systems, offline transaction capabilities and zero remuneration. There are clear differences in design preferences between developed economies and emerging markets, with emerging markets preferring the use of distributed ledger technology (DLT) and transaction restrictions.
At the same time, the BIS stressed that given the different pace of progress and approaches adopted by different jurisdictions, global cooperation is essential to ensure the security and efficiency of payment systems.
The application of stablecoins in mainstream payment fields is limited
The survey also found that as of the end of May 2024, although the market value of stablecoins has soared to more than $161 billion, their payment applications outside the crypto ecosystem are very limited, accounting for only 6% of the entire cryptocurrency market. However, stablecoins are mainly used in cryptocurrency transactions or DeFi platforms, or their application in the mainstream payment field is still rare.
The central bank report also said that stablecoins are mainly used by niche groups for remittances and retail payments rather than the general public. For example, stablecoins account for about 5% of remittances in Mexico.
Despite limited use, the potential disruption of stablecoins to financial stability and payment systems has caused concern among central banks, prompting regulatory efforts. The main regulatory objectives include protecting investors and consumers, ensuring financial stability and combating illegal activities. #国际清算银行 #BIS #CBDC #央行数字货币
Conclusion
The report of the Bank for International Settlements reveals the strong interest of central banks around the world in CBDC, especially wholesale CBDC, and the diverse approaches taken in the design and implementation process. At the same time, the report also points out the limitations and regulatory challenges of the application of stablecoins in the mainstream payment field. Under the framework of global cooperation, central banks are working hard to balance innovation and risks to ensure the security, efficiency and inclusiveness of the payment system.