A recent study conducted by the foreign exchange firm BIS revealed that only 83 out of 222 central banks participated in the survey, indicating a relatively small sample size. The survey highlighted the increasing efforts of some central banks to explore digital currencies issued by the central bank.
The research conducted by BIS showed a significant surge in CBDC-related experiments among central banks of developed nations in 2023. The study reported a 35% increase in proof of concept initiatives between 2022 and 2023, with the number of CBDC pilot programs nearly tripling during that period.
According to BIS researchers, there has been a notable rise in wholesale CBDC activities. The survey revealed that out of the 83 central banks that participated, 28 belonged to developed countries, while the remaining 58 were from emerging markets.
Statistics from BIS indicated that around 54% of the central banks surveyed are currently testing proof of concept or the technology underlying CBDC issuance. Additionally, approximately one-third of the polled institutions mentioned their involvement in CBDC pilot projects.
The study also highlighted the increase in proof of concept tests related to wholesale CBDCs among advanced economy central banks, rising from 10% to 81% compared to the previous year. The percentage of banks conducting pilot programs also grew to 33%.
In contrast, the number of EMDE central banks exploring wholesale CBDCs was considerably lower. Despite the growing interest in CBDCs among central banks in developed nations, the adoption of stablecoins remains relatively low, according to BIS data.
In other crypto news today, Ethereum is facing the possibility of breaking a crucial support zone, as highlighted in the latest market analysis.