“The digital currencies of central banks make it possible, in particular, to reduce intermediation costs, facilitate and reduce the costs of cross-border payments, develop a cashless society, fight against money laundering and corruption, or develop financial inclusion. ”, indicated Monex analysts.
The Bank for International Settlements (BIS) mentions that interest in CBDCs has grown in response to changes in payments, finance and technology, as well as the disruption caused by covid-19. The results of its 2021 survey found that 86% of central banks are actively investigating its potential, while 60% were experimenting with the technology and 14% were implementing pilot projects.
Other research by PwC reported that more than 80% of central banks are considering launching a digital currency. Developed countries view CBDCs more as an alternative to cash and an opportunity to reduce costs, while developing countries seek to make financial services more accessible to citizens.
Retail CBDC projects (digital currencies designed for public use) have reached higher levels of maturity than wholesale projects (digital currencies used by financial institutions that have accounts with central banks), but progress has been made in several wholesale pilot projects in the past year. successful.