According to a Bank of International Settlement report, central banks in emerging economies are more likely to launch their CBDC as compared to central banks in developed economies. The report also revealed that most of the work being done on central bank digital countries is in the experimental and proof-of-concept stage. The growth in tech and innovation could help bolster startup India.
80% of central banks are studying CBDC.
According to the survey conducted by the Bank of International Settlement, 80% percent of central banks all around the world are undertaking extensive work on central bank-backed digital currencies. The objective of BIS was to determine global interest in CBDCs. The report noted that only 25% of the central banks that are working on CBDC have the authority to issue it. But only a few central banks in the emerging market economy have progressed to intensive development.
Six central banks group together to analyze digital currency.
Six of the world’s largest central banks have formed a group to study potential uses cases for Central Bank Digital Currencies in their countries. The group of central banks include the Bank of England, the Bank of Canada, the Bank of Japan, the European Central Bank, the Sveriges Riksbank, the Swiss National Bank, and the Bank of International Settlements. These banks will analyze technical design choices, cross-border interoperability, and other functions.