Not even afraid of Bitcoin: central bank digital currencies, a file that is moving forward

In the footsteps of China – The Bank for International Settlements (BIS) had encouraged central banks in September 2021 to work on central bank digital currencies (MNBC). She recently published a report pointing out that the MNBC race is off to a good start. Apparently central banks have a preference for retail digital currencies.

Survey of MNBCs and central banks: more than three quarters of the population concerned

The Bank for International Settlements (BIS) published on May 6, 2022, a report containing the results of a survey of 81 central banks during fall 2021.

The study revolves around questions relating to MNBCs: the level of engagement of central banks in them, their motivations and their intentions regarding the issuance of these digital currencies.

In order to better understand the scope of such an investigation, it should be noted that the BRI is an organization created in the form of a public limited company. 63 central banks are shareholdersthat represent about 95% of global GDP.

This BIS survey also concerns, 76% of the population given the jurisdictions to which the respondents belong. Emerging and developing economies are represented by 56 central banks – approximately 69% of study participants.

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The MNBC race illustrated by BRI figures

The BIS investigation revealed that nine out of ten central banks explore digital currencies. More than half of the respondents develop or carry out concrete experiences ” in the field.

Central banks also seem take much more interest in retail MNBCs intended for use by consumers. Wholesale MNBCs are more for banks and institutions. About 20% of survey participants are indeed testing a retail digital currency, more than double central banks working on a wholesale MNBC.

Still concerning these retail MNBCs, approximately 68% of central banks indicated that they will probably issue some in the short to medium term. They will thus follow in the footsteps of those of the Bahamas, China, the Eastern Caribbean Currency Union and Nigeria, which have already issued or are currently testing a retail MNBC.

Should these MNBC numbers be met with applause from cryptophiles, who place real importance on the decentralization of the monetary system? Or should we, on the contrary, fear the craze for these digital currencies which could give full government control over the currency of its citizens ?

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