Bitcoin News and Finance
BIS Survey: 93% of the World’s Central Banks Are Engaged in CBDC Work Skip to main content

BIS Survey: 93% of the World’s Central Banks Are Engaged in CBDC Work

BIS Survey: 93% of the World's Central Banks Are Engaged in CBDC Work

The Bank for International Settlements (BIS), an organization that seeks to support the international cooperation of the world’s central banks, has released the results of its 2022 survey on central bank digital currencies (CBDC) and crypto. The survey found that 93% of the 86 banks surveyed were involved in CBDC-related work at different levels.

BIS: 93% of Central Banks Involved in CBDC Activity

The Bank for International Settlements (BIS), an institution that acts as the bank of central banks, has released the results of a 2022 survey on central bank digital currencies (CBDC) and crypto. In a recent paper titled “Making Headway,” the institution reports that 93% of the 86 banks included in the survey were “engaged in some form of CBDC work and more than half are running concrete experiments or working on pilots.”

The paper states that these numbers show the uncertainty regarding the issuance of CBDCs in the short term is fading. However, through their research, some of these central banks are less likely to issue a retail CBDC in the next three years, while others are more likely.

However, the concept of wholesale CBDCs, which would be used as a payment rail between private banks, is gaining acceptance, as the share of the central banks likely to issue this kind of currency has more than doubled since the last survey.

The reasons for issuing CBDCs vary, but the document identifies the enhancement of cross-border payments as one of the drivers of CBDC work and research. However, in emerging markets and developing economies, the CBDC research is more driven by “financial inclusion-related motivations.”

On Crypto and Stablecoins

The emergence of stablecoins and cryptocurrency assets has moved the traditional finance world to innovate. The survey found that 60% of the central banks consulted have accelerated the work on CBDCs due to the existence of these alternatives.

The issuance of stablecoins has also worried currency issuers about the possible effects on their economies. According to the BIS poll, 70% of these central banks are researching the instability that stablecoins could cause in their economies, and 40% have studied the share of usage that crypto assets and stablecoins have in their jurisdictions.

However, stablecoins and crypto assets are hardly used away from decentralized finance platforms and cryptocurrency trading exchanges. Central banks reported that, only rarely are they used to complete remittances and retail payments.

What do you think about the results of the 2022 BIS survey? Tell us in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory