Central Banks Are Embracing Digital Currencies: BIS Survey Reveals 94% Exploring CBDCs

A recent survey by the Bank for International Settlements (BIS) found that 94% of central banks are exploring the creation of a central bank digital currency (CBDC). This represents a significant increase from the 90% reported in a 2021 survey. The survey also highlighted a preference for issuing a wholesale CBDC for institutions first, before considering a retail CBDC for public use. The BIS states that more than half of central banks are considering limits on retail CBDC holdings, interoperability, offline options, and zero remuneration. While stablecoins are gaining traction, they are still rarely used for payments outside the crypto ecosystem. This shift towards CBDCs indicates a growing interest in digital currencies within the global financial system.