Whopping 94% of Central Banks Pondering Wholesale CBDCs: BIS Report

Whopping 94% of Central Banks Pondering Wholesale CBDCs: BIS Report

By: Eliza Bennet

According to a recent survey conducted by the Bank for International Settlements (BIS), a significant 94% of central banks worldwide are actively considering the introduction of Central Bank Digital Currencies (CBDCs), with a pronounced inclination towards wholesale CBDCs.

The BIS report highlights that wholesale CBDCs, which are used primarily for interbank transactions and larger financial institution transfers, are gaining more traction compared to retail CBDCs intended for use by the general public. This trend indicates a strategic focus on advancing the financial infrastructure of nations.

Over the next six years, the probability of central banks issuing wholesale CBDCs is substantially higher than that of retail CBDCs. This development aligns with the increasing need for efficient, secure, and fast payment systems that can handle larger volumes of transactions seamlessly, bolstering global financial stability.

While wholesale CBDCs offer enhanced security features and operational efficiency in the financial system, the development and implementation also pose several challenges, including the need for robust regulatory frameworks and the integration with existing financial markets.

For more details on the implications and future of CBDCs, visit [Bank for International Settlements](https://www.bis.org/).

Get In Touch

[email protected]

Follow Us

© BlockBriefly. All Rights Reserved.