According to the research, 73 of 81 central banks are working to launch their own CBDCs.
According to research by the Bank of International Settlements (BIS), nine out of ten central banks are investigating how to introduce a CBDC. Moreover, half of these institutions are currently developing or testing CBDCs.
“Globally, the majority of central banks think they can issue a CBDC in the short or medium term. Central banks are considering the possibility that CBDCs could mitigate significant problems with existing payment systems, such as limited working hours and transaction length”
China remains the most prominent country for CBDCs. The digital Yuan was used during the Beijing Winter Olympics and daily transactions amounted to approximately $300,000. Additionally, the authorities also distributed substantial fees to residents of cities such as Beijing, Shenzhen, and Chengdu.
Countries testing CBDC launch include Malaysia, Thailand, Zambia, Mexico and Indonesia.
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