24 CBDCs Could Be Live by 2030 – Exploring the Quant Crypto, Lunc Crypto, and More

Cryptocurrencies and Central Bank Digital Currencies

The uncertainty surrounding Central Bank Digital Currencies (CBDCs) is gradually dissipating, as 93% of central banks are already researching them. According to a survey by the Bank for International Settlements (BIS), there could be up to fifteen retail CBDCs and nine wholesale CBDCs in circulation by 2030.

The survey, which was conducted between October and December 2022, found that more than half of the world’s central banks are either conducting experiments or working on a CBDC pilot. Approximately one-quarter of all central banks are already piloting their retail CBDC projects, while the number of wholesale CBDCs in the works is much lower, at half that amount.

Geoeconomically, emerging markets and developing economies (EMDE) are leading the CBDC adoption, with their share in piloting the retail (29%) and wholesale (16%) CBDCs almost doubling that of the advanced economies (AE), which stands at 18% and 10% respectively.

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The Growing Popularity of CBDCs

Both developing and advanced economies have similar motivations for their CBDC projects — financial stability and improved cross-border payments efficiency. However, for EMDEs, financial inclusion is often the main driver.

According to the survey, the share of central banks that are likely to issue a retail CBDC within the next three years has grown from 15% to 18%. Despite this, 68% of central banks are not yet ready to issue a retail CBDC “any time soon.”

Currently, only four CBDCs are in circulation — in The Bahamas, the Eastern Caribbean, Jamaica and Nigeria. However, the survey predicts that by the end of the decade, there will be 15 retail and 9 wholesale CBDCs in use.

In June, the Reserve Bank of India reported that it was in negotiations with at least 18 central banks for the possibility of cross-border payments via its CBDC, the “digital rupee.” Furthermore, the Federal Reserve Bank of New York’s Innovation Center (NYIC) recently completed its proof-of-concept of a regulated liability network for a CBDC.

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