90 percent of the World’s Central Banks are exploring launching a Central Bank of Digital Currency and a host of CBDCs are expected to lunch over the two years. In India, the Financial Minister, Nirmala Sitharaman also introduced the CBDC as “Digital Rupee” in the Financial Budget Session of 2022-2023.

Highlights

Several Central Banks are in advanced phases of exploring a CBDC
Wholesale CBDCs appear to be out of favor in comparison
Retail CBDCs are seeing more effort from the Central Bank 

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More than 90 percent of the Central bank are exploring the launching of a central bank digital currency (CBDCs). As per the latest survey conducted by the Bank of International Settlements (BIS), more Central Banks are inclined toward digital currency.

BIS is the international financial institution brought together by various central banks around the world and In a survey conducted by the above agency include 81 Central Banks and out of them, more than 50 percent of the Central Banks are interested in launching a retail CBDC, which are currently already developing such products or at some stage within the area of experimentation.

International Agency has also revealed a paper in which it told the result of its survey conducted from October to December 2021 and said were “engaged in some form of CBDC work,” in the total count of 81 Central Banks, 90 Percent of them related to the working towards CBDC. Only 26 percent running pilots on CBDCs and more than 60 percent researching the area of CBDCs and proofs-of-concept related to a digital currency.

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