90% of Central Banks are Exploring CBDCs, BIS Reports

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A report from the Bank of International Settlements indicates that nearly every nation is exploring the possible issuance of CBDCs.

  • As the report reads, more than half of the planet is already developing central bank digital currencies (CBDCs), or running concrete experiments.
  • Covid-19 is reported as an added reason for CBDC development, given their potential role in stabilizing advanced economies.
  • Right now, pandemic supply chain issues and monetary stimulus have led to record inflation in both the European Union and the United States.
  • Increased cross-border payment efficiency is also cited as a potential benefit, alongside CBDC’s boasting unlimited operating hours.
  • Two-thirds of central banks globally claim they are likely to issue a “retail” CBDC in the short or medium term. Certain political figures in Canada and America are outspoken critics of this proposal.
  • Nevertheless, the US President has called for “urgent” CBDC development in his recent executive order. The decision on whether to ultimately issue one is still being weighed.
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