The Bank for International Settlements (BIS) released a survey which theorised that up to 15 central bank digital currencies (CBDCs) could be in circulation by 2030.
The survey summarises the findings of the array of CBDC pilots and projects countries are undertaking across the world to gain concrete projections of how the digital currency may impact the global financial sector.
Surveying 86 central banks, the report revealed that CBDC work has risen by 93% and that retail CBDC work has entered advanced stages over the last year or so.
Furthermore, BIS projected that there could be as much as 15 retail and wholesale CBDCs circulating publicly by the end of the decade, with many central banks believing them to hold potential value for years to come.
The BIS report read: “If issued, retail CBDCs can be expected to complement and coexist with other domestic payment methods: most jurisdictions either have or plan to launch an FPS and believe that there may be value in having both an FPS and a retail CBDC.
“This underlines the importance of ensuring interoperability with existing payment systems to be sure that payers and payees can seamlessly make and receive payments, regardless of the payment method or service provider.”
“Enhancing cross-border payments is among the key drivers of central banks’ work on wholesale CBDCs. To achieve this objective, the interoperability of CBDCs should go beyond jurisdictional boundaries.”
In the previous edition of the BIS report in 2022, it was indicated that many central banks explored alternative options for cryptoassets following the crash in the summer of last year.