BASEL, Switzerland— The vast majority of central banks worldwide are steering away from issuing retail versions of central bank digital currencies (CBDCs) in the medium term, according to a recent survey by the Bank for International Settlements (BIS).
The study found just 12% of respondents expressing plans to do so, Crypto News reported.
According to the survey results, the likelihood that a wholesale CBDC will be issued within the next six years now “greater than that for retail.” The survey found that there could be nine wholesale CBDCs “publicly circulating towards the end of this decade.”
Wholesale CBDCs Popular
The international financial institution says central banks are still interested in wholesale CBDCs mainly due to their desire to “enhance cross-border payments,” in both advanced economies and emerging market and developing economies, Crypto News said.
“In particular, some respondents mentioned that a wholesale CBDC could address the challenges that cross-border payments face today, such as high costs, low speed, limited access and insufficient transparency,” the study states.