Many of the world’s central banks have the right to issue their own national digital currencies (CBDCs). According to the Bank for International Settlements (BIS), the number of central banks wishing to develop or pilot their national digital currency has risen from 14% to 26% in the last year, showing a doubling of banks’ interest in national digital currencies. is.
According to Cryptonews, 62% of the world’s central banks are piloting their national currencies or are in the process of proving the concept of these projects.
Read also: What is the National Digital Currency or Central Bank (CBDC)? Overview of the world ‘s national digital currencies
According to a study conducted by the Bank for International Settlements by the end of December 2021 (December 10, 1400), national digital currencies for common use have grown more than those for interbank exchanges. About 20 percent of central banks develop or test their national digital currencies for common use, and this figure is about half that of national digital currencies related to the use of interbank exchanges.
According to the Bank for International Settlements, more than two thirds of the world’s central banks are willing or likely to issue publicly used national digital currency in the short or medium term.
Nine out of 10 central banks are also researching national digital currencies, and more than half of them are now developing or piloting it. In particular, work on nationally used national currencies has often reached its final stage.
According to the report, reasons such as the crown epidemic and the rise of digital currencies and stablecoins have led central banks to pay more attention to national digital currencies. This is even more so in developed countries, where financial stability is reportedly the main motivation for these countries to participate in national digital currency projects.
On average, 79% of central banks in developed countries believe that the emergence of stable coins and digital currencies has led them to focus more on national digital currencies, while 48% of central banks in developing countries and emerging economies believe so. They believe.
According to the report, the main reason to pay attention to national digital currencies with the use of interbank exchanges is to ensure the efficiency of payments abroad.
As noted in the article, national digital currencies are essential for central banks to deal with major problems such as the limited operating hours of current payment systems and the length of the current transaction chain.
The International Settlement Bank, based in Basel, Switzerland, jointly represents the country’s 62 central banks, which together account for about 95% of the world’s gross domestic product (GDP).
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