A number of central banks in the world are starting to explore crypto, here's the proof

Liputan6.com, Jakarta The Bank for International Settlements (BIS) released a report on June 14, entitled “Embracing diversity, moving forward together – results of the 2023 BIS survey on central bank digital currencies and crypto.

Launching News.bitcoin.com, Saturday (15/6/2024) this survey collected responses from 86 central banks regarding their involvement in the Central Bank Digital Currency (CBDC) project and cryptocurrency initiatives.

“On crypto, the survey shows that to date, stablecoins have rarely been used for payments outside the crypto ecosystem. Additionally, about two out of three responding jurisdictions have or are working on frameworks to regulate stablecoins and other crypto assets,” the BIS survey said.

BIS also revealed that 94 percent of central banks surveyed were exploring central bank digital currencies (CBDC).

The survey shows that central banks are taking things at their own pace, taking diverse approaches and considering different design features.p

The BIS report also highlights a significant increase in experiments and pilot projects involving wholesale CBDCs, particularly in developed countries, with several emerging markets and developing countries also intensifying their efforts in this area.

“Overall, the likelihood that central banks will issue wholesale CBDCs in the next six years now exceeds the likelihood that they will issue retail CBDCs,” the report said.

Central banks have also increased their engagement with stakeholders to inform CBDC design, with many remaining undecided regarding its specific features. Interoperability and programmability are often considered for wholesale CBDCs, while retail CBDCs are being evaluated due to ownership restrictions, interoperability, offline capabilities, and zero remuneration.

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