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Research Report on digital currency of global central banks in 2021 From International Bank for clearing and settlement

The following is the Research Report on digital currency of global central banks in 2021 From International Bank for clearing and settlement recommended by And this article belongs to the classification: Blockchain, Bitcoin, research report.

Since 2017, the bank for International Settlements (BIS) has issued a questionnaire survey on central bank digital currency (CBDC) to central banks in various countries and regions around the world every year to investigate the attitude and progress of central banks towards the issuance of digital currency. In January 2021, BIS released the latest global central bank digital currency survey results. The questionnaire received feedback from 65 central banks, covering 21 developed economies and 44 emerging and developing economies, accounting for 72% of the world’s population and 91% of global economic output.

On the whole, in the world, the participation of central banks in CBDC has been increasing year by year in the past four years, and the main work is focused on the application of retail. In 2020, 86% of the central banks surveyed have actively participated in various forms of CBDC work, and the countries and regions where these central banks are located have high mobile phone utilization rate, Internet penetration rate and innovation ability. Central banks without active participation belong to smaller jurisdictions, which can be understood as countries and regions with smaller population density. On the other hand, 60% of the central banks surveyed have entered the POC testing stage of CBDC projects, and 14% have entered the pilot stage. It can be seen that CBDC has attracted the attention of central banks all over the world.

For emerging markets and developing economies, the main driving force of issuing retail CBDC is to better implement Inclusive Finance. Take the Bahamas as an example. The country is composed of more than 700 islands, of which about 30 are inhabited, with a total of 390000 residents. There are no banks in some islands to set up bank outlets, which makes residents need to cross islands to handle a lot of business, resulting in high service threshold and low bank account coverage. So in 2019, the Bahamas Central Bank launched the “sand dollar” project, becoming the first country to officially launch CBDC, to help residents without bank services or bank accounts access digital payment infrastructure or banking infrastructure.

On the attitude of issuing retail CBDC, both of the two types of economies think that issuing retail CBDC plays a very important role in improving payment efficiency and security. However, there are some differences between developed economies and developing economies in terms of improving monetary policy implementation efficiency and financial stability. The former does not think that this is the main reason for issuing retail CBDC We need motivation. However, in the reply of “others”, the developed economies said that issuing CBDC is a way to safeguard monetary sovereignty and deal with digital currency substitution and virtual currency expansion, which reflects the importance of CBDC in maintaining monetary policy and financial market stability.

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