#BIS Nine central banks are ready to launch wholesale #CBDC by 2029

BIS found that 94% of central banks are exploring the benefits of their own digital currencies, with most regulators working with both retail and wholesale CBDCs. The Central Bank's retail digital currencies are expected to be used for government payments, personal transactions, e-commerce and point-of-sale payments. Wholesale CBDCs are intended for interbank settlements and cross-border transfers.

One in three central banks is focused exclusively on retail CBDCs that will be available to individual users, and only 2% are creating wholesale CBDCs. Half of the central banks surveyed are working on proof-of-concept, and about 30% of the central banks have already moved on to pilot projects.

In 2023, advanced economies saw a sharp increase in activity with wholesale CBDCs. Of these, 81% have already passed proof of concept, up from 60% a year earlier. Emerging markets saw a slight increase, from 37% to 39%. In particular, the researchers mentioned central banks that have recently begun working on a pilot project for wholesale CBDCs