- BIS initiates a survey of central banks.
- Approximately 95% of central banks are into CBDC.
- The next two years will witness the launch of numerous CBDCs.
Once apparently neglected, criticized, and ridiculed, the crypto and Bitcoin (BTC) industry have come a long way. However, even a few years back, the banks, mostly the central banks around the world, ought to be the prior enemy for crypto and BTC.
Yet, with the current growth of the crypto industry, evidently, the only way for the banks to survive is to adapt themselves into the digital world and digital currency, as soon as possible. In spite of this, many banks have started their own ways to indulge into the digital era, with their own Central Bank Digital Currency (CBDC).
Once upon a time, these very banks feared that they would lose out to the crypto exchanges, as fiat money would no longer be in existence. Nevertheless, these central banks came up with their own digital currency, making it part of the crypto revolution and digital future era.
BIS Survey Report
The Bank of International Settlements (BIS) is actually a global financial institution brought together by various central banks around the world. Besides, the BIS serves as a central hub for all sorts of monetary exchanges between central banks, and also acts as an overall head central bank for all the central banks.
The BIS initiated a survey around the world, taking into account all the central banks in the world, to determine their tenure of CBDC. This was initiated in the year 2021. Accordingly, the results revealed by the BIS shows that every 9 out of 10 central banks are into CBDC either in one way or the other. This translates to approximately 95% of the central banks around the world.
Among them, about more than 50% are into research and development, whereas about 20% are carrying out live experiments and retail daily usage. And so, the rest 30% are actively starting up their work for their CBDCs.
The first to come up with the CBDC, is China, with its digital yuan, launched in January, 2022, is making quite a remark so far. Also, India too will be launching its CBDC in 2023, and work has been accelerated too.
