Survey Shows 65% of Central Banks Actively Researching CBDC

Survey Shows 65% of Central Banks Actively Researching CBDC
  • A CBDC survey conducted by a London-based journal revealed that 65% of the respondents are researching about Central Bank Digital Currencies.
  • 71% of the respondents prefer DLT-based CBDC.

A London based international journal of Central Banking revealed in a survey conducted on CBDC that 65% of the central banks who participated had researched about digital currencies. The survey included 19 central banks based in Europe and 27 central banks from the other parts of the world.

57% of those exploring CBDCs are still in the initial stages of the research, while 25% have already developed the Proofs of Concept and another 13% has propelled to the pilot stage of the project. The survey further revealed that a close majority of the respondents preferred a token-based model to an account-based design. A token-based model was preferred because most participants would rather want the design to resemble cash – depending on the local policy requirements.

Some banks are focused at widening payment options to counter the reduced cash usage, while the others want to reduce the cash dependence of the public to do away with the distribution challenges and the expenses borne.

A whopping 71% of the banks prefer a DLT-based CBDC. However, only one respondent stated that it would consider blockchain – a type of DLT.

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