BASEL, Switzerland—A Bank for International Settlements (BIS) survey found 94% of central banks worldwide want to implement Central Bank Digital Currencies (CBDCs).
The report surveyed 86 central banks between October 2023 and January 2024, according to LiveBitcoinNews reported.
“The survey depicts how close every nation is to hopping onto blockchain technology, with central banks implementing CBDCs for interbank settlement processes,” LiveBitCoin News stated. “The survey conducted revolved around wholesale CBDCs and not the retail kind.”
Use in Daily Settlements
Banking entities will use wholesale CBDCs for purposes such as daily settlements with each other, LiveBitcoinNews noted.
“On the other hand, retail CBDCs are what individuals would use for their daily transactions,” the report added. “Full-scale retail CBDCs may be several years away, but their wholesale counterparts see usage already in a few geographies like the Bahamas, Nigeria, and Jamaica.”
Ripple Working With 10 Governments
Separately, San Francisco-based Ripple reported it is working with 10 governments to develop their central bank digital currencies (CBDCs).
The initiative aims to integrate Ripple’s blockchain technology to “enhance the efficiency and security of financial systems worldwide,” Coinfomania reported. “While many details remain confidential, (CEO Brad) Garlinghouse revealed that these governmental CBDCs would function similarly to stablecoins, maintaining a steady value against traditional currencies.
‘Significant Step’
Garlinghouse told the publication Ripple is directly involved with 10 governments, although not all partnerships have been publicly announced.
“This collaboration signifies a step forward in the adoption of blockchain technology for national digital currencies,” Coinfomania stated. “The goal is to streamline operations, improve financial transparency, and increase cross-border transaction efficiency.”
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