A recent survey by the Bank for International Settlements (BIS), reveals that interest among central banks in issuing central bank digital currencies (CBDCs) continues to grow. This trend could shake up the management of monetary policy in the years to come.
Widespread adoption of CBDCs in sight?
According to a recent survey by the Bank for International Settlements (BIS), central banks are showing growing interest in issuing digital currencies.
L'investigation reveals that 94% of the 86 banks surveyed are now planning to put into circulation a digital version of their national currency, an increase compared to the 90% recorded in 2021.
If financial institutions are more ready to adopt a wholesale CBDC, initially reserved for financial players, more than half of them are already working on the functionalities of a future retail digital currency, intended for the general public.
Although central bank digital currencies (CBNCs) remain an emerging concept, some countries are already positioning themselves as pioneers. China is a pioneer in this area, while Nigeria and the Bahamas are among the first nations to have launched their own official CBDCs.
CBDCs, catalysts for a new monetary era?
The BIS survey also highlights the growing attention paid by central banks to the technical specifics of retail CBDCs. More than half of them are exploring the establishment of holding caps, interoperability between different systems, offline functionalities and the absence of remuneration.
“ More than half of central banks considering holding limits, interoperability, offline options and zero remuneration »
Beyond the technological challenges, the widespread adoption of CBDCs would mark a major turning point in the conduct of monetary policies. Thanks to these new tools, central banks would have unprecedented levers to manage the economy with unprecedented precision and responsiveness.
At the same time, the BIS survey highlights the current limits of stablecoins. Despite their potential, these digital assets are still struggling to establish themselves as payment instruments outside the crypto ecosystem.
This observation suggests that the next major monetary revolution could well be orchestrated by central banks, through the deployment of their own digital currencies.
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