BASEL, Switzerland—A new study projects that 15 retail central bank digital currencies (CBDCs) could be in circulation by 2030.
The Bank of International Settlements (BIS) findings are based on a poll of 86 central banks. According to the findings, 93% of those banks are currently working on their own CBDCs, with India, the U.K. and the European Union all “seriously exploring” issuing a digital version of their fiat currencies.
“In essence, the report shows that global work on CBDCs has been making good progress when compared to 2022,” the Paypers said in its analysis. “CBDCs are taken more seriously in emerging economies, where these types of digital assets could potentially help the unbanked. If issued, retail CBDCs are expected to complement existing currencies and not replace them.”
‘Rarely Used’
According to the Paypers, the report also indicates that outside of the crypto ecosystem, stablecoins and other crypto assets are rarely used for payments. Instead, these assets are mostly used in cross-border remittances and for consumer purchases.
While the report’s key finding is that approximately 15 retail central bank digital currencies (CBDCs) could be in circulation across the world by the decade’s end, the BIS also found that nine central banks are likely to issue a CBDC for wholesale use in financial markets within the next six years, The Paypers added.
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