A recent survey by the Bank for International Settlements (BIS) reveals that 94% of central banks are investigating the creation of their own digital currencies (CBDCs).
Wholesale vs. Retail CBDCs
The BIS survey found that most central banks are exploring both retail and wholesale CBDCs. Retail CBDCs are designed for everyday transactions by individuals, while wholesale CBDCs are used for large-scale transactions between financial institutions.
Expected Timeline
The BIS predicts that wholesale CBDCs are more likely to be issued in the next six years than retail CBDCs. The survey suggests that six retail and nine wholesale CBDCs could be in circulation by the end of the decade.
Global Trend
The BIS findings align with a similar survey conducted by the World Economic Forum (WEF) in April, which reported that over 98% of central banks worldwide are actively exploring CBDCs. The WEF estimates that 24 CBDCs could be live by 2030.
Disclaimer
This article does not provide investment advice. Investors should conduct their own research before making any high-risk investments in cryptocurrencies or digital assets.
