Research: 90% of the world’s central banks are studying the possibility of introducing a digital currency

A survey conducted by the Bank for International Settlements (BIS) has revealed that many central banks around the world are exploring the possibility of introducing a digital currency, abbreviated as CBDC.

In a paper published yesterday, the BIS said that 90% of the 81 central banks surveyed from October to December 2021 «have been involved in some form of CBDC work», with 26% running CBDC pilots and more than 60% doing their own experiments or working closely with the digital currency.

«Globally, more than two-thirds of central banks believe that they will issue retail CBDCs in either the short or medium term,» the BIS said in a statement.

Among the 81 countries surveyed, which are home to 76% of the world’s population, 25 are advanced economies, including the United States and Japan. Most of the respondents said that stablecoins pegged to and backed by fiat currency have «some potential» as a means of payment.