BIS Predicts 24 CBDCs in Circulation by 2030
(18 July 2023 – Switzerland) The Bank for International Settlements (BIS) anticipates up to 24 central bank digital currencies (CBDCs) could be in circulation by 2030.
Based on research with 86 central banks, the majority are exploring use cases for CBDCs and over one in two are conducting legitimate experiments or set to release a prototype. The proportion of reserve banks engaged in some form of CBDC development has jumped to 93 percent. Retail CBDC advances are progressing faster than wholesale CBDCs.
CBDC testing is well advanced in BRIC economies as China has expanded testing to 260 million users and India and Brazil plan to launch digital currencies in 2024. The Swiss National Bank (SNB) is on track to issue a wholesale CBDC and the European Central Bank (ECB) is about to commence its digital Euro pilot ahead of a planned 2028 launch.
“Most central banks see potential value in having both a retail CBDC and a fast payment system. There could be 15 retail and nine wholesale CBDCs publicly circulating in 2030” BIS Senior Economist Anneke Kosse and BIS Senior Financial Market Analyst Ilaria Matte stated as authors of the report.
“Enhancing cross border payments is among the key drivers of central banks' work on wholesale CBDCs. Stablecoins and other cryptoassets are rarely used for payments outside the crypto ecosystem” they added.