Most central banks are exploring central bank digital currencies (CBDCs), and their work continues apace amid the Covid-19 pandemic. As a whole, central banks are moving into more advanced stages of CBDC engagement, progressing from conceptual research to practical experimentation.
This BIS paper updates earlier surveys that asked central banks how their plans in this area are developing. The latest responses show that as a whole, central banks are progressing from conceptual research to practical experimentation. In addition, the paper highlights that while most have no plans to issue CBDCs in the foreseeable future, central banks collectively representing a fifth of the world’s population are likely to launch retail CBDCs in the next three years. The Covid19 pandemic has added new motivations to this journey.