Descriptions
Embracing Diversity, Advancing Together – Results of the 2023 BIS Survey on Central Bank Digital Currencies and Crypto
Join us for an insightful webinar in which our speaker Ms Anneke Kosse, Senior Economist at the Bank of International Settlements’ Committee on Payments and Market Infrastructures (CPMI), shares the findings of the 2023 BIS Survey on Central Bank Digital Currencies (CBDCs) and crypto, highlighting the diverse approaches and advancements in the exploration of CBDCs and crypto. This webinar will provide a comprehensive overview of the current landscape, examining the efforts of central banks globally in their quest to innovate and adapt to the digital financial ecosystem.
Key Findings of the 2023 BIS Survey on Central Bank Digital Currencies and Crypto:
- 94% of surveyed central banks are investigating the potential of CBDCs. The survey reveals that while central banks are moving at their own pace, they are adopting a variety of approaches and considering different design features.
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- Throughout 2023, there has been a notable rise in experiments and pilots focusing on wholesale CBDCs, primarily in advanced economies (AEs). However, emerging market and developing economies (EMDEs) are also increasingly engaging in wholesale CBDC initiatives.
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- The probability that central banks will issue a wholesale CBDC within the next six years has now surpassed the likelihood of a retail CBDC issuance.
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- Central banks are intensifying their engagement with stakeholders to inform and refine CBDC design, ensuring that diverse perspectives are considered.
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- Interoperability and programmability are key features often being considered.
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- There are notable differences in approaches between AEs and EMDEs, such as the potential use of distributed ledger technology and transaction limits.
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- The survey indicates that stablecoins are rarely used for payments outside the crypto ecosystem. About two-thirds of responding jurisdictions are developing or have developed frameworks to regulate stablecoins and other crypto assets.
https://www.bis.org/publ/bppdf/bispap147.pdf
