BIS Releases Report On CBDCs
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July 10, 2023 12:36 pm
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The Bank of International Settlements has released its preliminary report on CBDC adoption among central banks.
According to that report, 93% of banks are currently looking into CBDCs and roughly 50% of those banks have initiated pilot programs or deeper research and development.
This comes at a time when many U.S. states and localities are announcing outright bans on CBDCs.
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Some have speculated that the exploration of CBDCs will ultimately backfire and lead to greater adoption of truly decentralized, neutral crypto assets—like Bitcoin.
The Bank of International Settlements tweeted:
What are central banks' views and plans regarding central bank digital currencies #CBDC? For insights into work progress, motivations, intentions to issue and the impact of the emergence of cryptoassets, check out the latest BIS survey of central banks https://t.co/JEr7jEuZ6l pic.twitter.com/FnnbgVM97N
— Bank for International Settlements (@BIS_org) July 10, 2023
Work on retail #CBDC is more advanced than on wholesale CBDC; about a quarter of central banks are piloting a retail CBDC. The new BIS survey suggests that there could be 15 retail and nine wholesale CBDCs publicly circulating in 2030 https://t.co/JEr7jEuZ6l pic.twitter.com/dUJa7slvXP
— Bank for International Settlements (@BIS_org) July 10, 2023
Crypto News provided these numbers:
93% of Central Banks globally have launched research into CBDCs with more than 50% taking it a step further with concrete plans or working on a pilot.
From the 86 Central Banks interviewed by the BIS, it concluded that 15 retail CBDCs are likely to be in circulation in the financial markets by 2030.
The BIS survey shows a divergence in central banks’ plans for #CBDC. 18% said they are likely to issue a retail CBDC within the next 3 years, up from 15% a year earlier, but 68% said that they are unlikely to issue a retail CBDC any time soon, up from 64% https://t.co/liXcKxLm0D pic.twitter.com/rNERxHouTK
— Bank for International Settlements (@BIS_org) July 10, 2023
The latest BIS survey on #CBDCs and #crypto shows that in 2022, the share of central banks engaged in some form of CBDC work rose to 93%, and their uncertainty about short-term CBDC issuance diminished https://t.co/liXcKxLm0D pic.twitter.com/VqbcqZ2gwR
— Bank for International Settlements (@BIS_org) July 10, 2023
Zero Hedge analyzed the recent development:
Later in the paper we get to what tiered remuneration means: the more SerfCoin you have, the lower your interest rate, even going negative beyond a certain point.
It’s like a built-in wealth cap and tax at the same time, where the only way to avoid it, presumably, would be to spend it – thus shoring up money velocity.
It overlooks the obvious: that those with any meaningful amount of wealth would have the incentive to avoid storing any of it in a CBDC at all.
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