More than 80% of central banks are interested in launching a central bank digital currency (CBDC) or have already done so, according to a study conducted by the accounting firm PwC.
The second annual report of the Global CBDC Index, published on Monday, April 4, measures the level of maturity of a central bank to deploy its own digital currency. The report also includes an overview of stablecoins for the first time.
Haydn Jones, Blockchain and Cryptocurrency Specialist at PwC UK, stated in the report that “Over 80% of central banks are considering launching a CBDC or have already done so.”
The report ranks both retail CBDCs, those issued for use by the general public, and wholesale CBDCs for use by financial institutions that maintain with the central bank, out of 100.
According to the report, retail CBDCs have reached a higher level of maturity compared to their wholesale counterparts. Nigeria’s “eNaira”, for example, received a score of 95, making it the most developed in both the retail and wholesale categories.
In the retail category, the Bahamas also stands out, the first country to launch a CBDC: the Sand Dollar. The Jamaican Jam-Dex is set to launch this year, and Thailand made the list for the development and testing of a CBDC that was announced last August.
Thailand and Hong Kong topped the wholesale category for their joint project mBridge, focused on cross-border payments, with Singapore and France also ranking high for their continued exploration of CBDC projects.
Jones also gave his opinion on the level of maturity and readiness that central banks around the world are currently at.. He said:
“Countries are at different levels of maturity with CBDCs and each country has different motivating factors. Increasing financial inclusion, facilitating cross-border payments and controlling financial crime are factors that come into play. We expect CBDC research, testing and deployment to intensify in 2022.”
The report provided an overview of the top ten dollar-pegged stablecoins by market capitalization, looking at how they perform and what supports them.
pointed out that stablecoins have become an “integral part of the cryptocurrency ecosystem” and that it is “impossible” for any fund or institution “to be active in the cryptocurrency space without using stablecoins.”
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.