The BIS, a foreign exchange firm, conducted a survey of central banks, with only 83 out of 222 participating in the poll, indicating a small sample size. The survey revealed that some central banks are intensifying their research on central bank-issued digital currencies.
In 2023, there was a significant increase in CBDC-related experiments among central banks of developed nations, as reported by BIS. The number of proof of concept initiatives rose by 35% from 2022 to 2023, and the amount of CBDC pilot programs nearly tripled during this period.
Out of the 83 central banks surveyed, 28 were from developed countries, while the remaining 58 were from emerging markets, according to BIS data. Approximately 54% of the central banks are testing either proof of concept or the technology underlying CBDC issuances, with one-third of them conducting CBDC pilot programs.
The percentage of advanced economy central banks conducting proof of concept tests for wholesale CBDCs increased from 10% to 81% compared to the previous year, with 33% of banks running pilot programs. In contrast, the number of EMDE central banks involved in wholesale CBDCs was considerably lower.
Despite the faster pace at which central banks in developed nations are exploring CBDCs, adoption of stablecoins remains low, according to BIS statistics.
