Home / Crypto News / It turns out that central banks all over the world are investigating about their own digital currency (CBDC)!

It turns out that central banks all over the world are investigating about their own digital currency (CBDC)!

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Three points of this article!

· About 70% of central banks around the world are investigating the proprietary digital currency (CBDC)

· Many banks are investigating both types for large companies and both types for general

· With the exception of Uruguay and Norway, the countries that are moving toward issuing CBDC at this stage are few

Article Source: BIS

A BIS report found that more than 70% of central banks around the world are investigating the central bank’s unique digital currency (CBDC) .

This survey is conducted for 63 central banks worldwide, with a ratio of 41 to developing countries and 22 to developed countries.

(Image quotation: BIS)

CBDC has “wholesale type” targeting only large companies such as banks and “retail type” targeting everyone including individuals and SMEs.

According to the survey report, many central banks surveyed are considering and investigating CBDC of both “wholesale type” and “retail type”.

(Image quotation: BIS)

Approximately 25% of central banks surveyed answered “We plan to issue CBDC”, about 30% say “no plans to issue”, and about 40% say “undecided”.

(Image quotation: BIS)

The report concludes that central banks in many countries have yet to investigate and consider CBDC, while “Sweden” and “Uruguay” are progressing one step ahead.

Sweden has been implementing the CBDC project “e Krona” since 2017, and Swedish citizens are also making cashless.

(Image quotation: BIS)

Regarding Uruguay, the central bank has already started the CBDC program pilot test and is said to be proceeding smoothly.

Like Uruguay also Sweden, citizens are moving cashlessly.

(Image quotation: BIS)

Glossary BIS (International Settlement Bank) : Abbreviation for “Bank for International Settlements”. Established in 1930 with the aim of currency value and stability of the financial system, it is currently supporting the central bank’s policy and international cooperation. The Board of Governors of the Bank of Japan participated in the Board of Directors that decided the management policy of BIS (until the 2011 year)

As a merit of CBDC, there are “reduction of banknote maintenance cost and manufacturing cost” and “efficiency of settlement”, but it is necessary to take courage considerably to introduce it at this stage.

Author: Yush [Coin Desk News] – Source Post: https://crypto-times.jp/world-bank-cbdc/

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