Survey Shows 90% Banks Are Researching Digital Currency

On May 6, the Bank for International Settlements (BIS) said that 90% banks around the world are exploring digital currencies, more than half of central banks are developing central bank digital currencies (CBDC) or conducting concrete tests, and the most often use is retail or directly by consumer.

The BIS is made up of the central banks of 63 countries, accounting for 95% of the world’s GDP.

The survey began in fall 2021 and explores level of engagement with banks in digital currency and their motivations for issuing it. Meanwhile, the exploration trends of the digital currencies with the surveyed central banks include improving financial compatibility and speeding up cross-border transfers. Moreover, Central banks have different opinions on the attitude of stablecoins, 70% of them are studying the potential influence of stablecoins on monetary and financial stability, and 25% are studying the use of cryptocurrencies.

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Translator: MOS Education Team – Jack H.
Design&editor: Hbamboo

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