BIS report: About 7 undisclosed central banks may launch central bank digital currencies within 3 years

On January 23, the Bank for International Settlements (BIS) released a central bank digital currency survey report indicating that about seven undisclosed central banks (20% of the world's population) may launch central bank digital currencies (CBDC) within three years. Although these banks are still unknown, the Bank for International Settlements claims that because of stronger incentives, central banks in emerging market economies (EMEs) say they are more likely to issue CBDCs. The survey also found that the use of cash for payments has declined; innovation and technological advances are driving the central bank to consider CBDC as a supplement or replacement for cash; research on the CBDC is still ongoing, but the research has not been extensively expanded into experiments and trial arrangements ; Most central banks are still struggling to understand the impact on their jurisdiction; central banks with sufficient motivation are moving to pilot designs.