Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.
A survey conducted by Bank for International Settlements (BIS) has found that the majority of central banks are researching central bank digital currencies (CBDCs).
The survey results from the BIS show that 93% of central banks are researching CBDCs with the potential of nine wholesale CBDCs and fifteen retail CBDCs launched by the end of the decade. The research looked at 86 central banks as part of the survey, between October and December 2022. The survey looked at whether the banks were in the process of researching CBDCs – both retail and wholesale. The survey also showed that more than 50% of the central banks in the world are in the process of conducting experiments and trials on a CBDC pilot and more than 25% are already piloting a retail CBDC project.
“Work on retail CBDC is more advanced than on wholesale CBDC: almost a quarter of central banks are piloting a retail CBDC. More than 80% of central banks see potential value in having both a retail CBDC and a fast payment system, mostly because a retail CBDC has specific properties and may offer additional features.”
The number of central banks looking to launch a CBDC will issue a retail digital currency within the next three years increased from 15% to 18% over the course of the year. Nearly 70% of central banks say they they will be ready to issue a retail CBDC soon.
Where are CBDCs most common?
Typically countries with developing economies and emerging markets are spearheading testing, piloting, and launching CBDCs. Retail and wholesale CBDCs in emerging markets make up almost double developed economies. Currently there are only four central bank digital currencies that have been officially launched; the Bahahams, the Eastern Caribbean, Jamaica and Nigeria.
The rationale behind most developing central banks testing CBDCs includes financial inclusion most while developed economies are looking to create financial stability and cross-border payments.