Around 15 retail central bank digital currencies (CBDCs) could be in circulation across the world by the end of this decade, according to a survey carried out by the Bank for International Settlements (BIS). Nine central banks have also indicated they’re very likely to issue a CBDC for wholesale use in financial markets within the next six years. The survey found that 93% of the 86 central banks surveyed are now undertaking CBDC work, with major jurisdictions such as India, the U.K. and European Union all seriously exploring issuing a digital version of their fiat currencies.
The survey results show that, to date, stablecoins and other crypto assets are seldom used for payments outside the crypto ecosystem, with cross-border remittances and consumer purchases the most popular uses. The Bank of England, European Commission, and U.S. Treasury have all expressed interest in issuing a digital currency, while the Bahamas, Eastern Caribbean, Jamaica, and Nigeria have already implemented a retail CBDC.