The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

BIS Flips on Digital Currencies As 2020 Report Highlights Rapid Rise of Central Banks Testing New Tech

by Daily Hodl Staff
January 27, 2020
in Regulators

The Bank for International Settlements (BIS) is changing its position on central bank digital currencies (CBDCs), which are new forms of digital money issued by governments. They leverage digital ledger technology, which underpins cryptocurrencies, to create digital representations of traditional fiat currencies.

These currencies are designed to be portable and instantly transferrable, moving money seamlessly by powering domestic and cross-border transactions around the clock.

Last March, Agustín Carstens, general manager of the BIS, dismissed the rise of digital currencies, asserting that central bankers were not compelled to revamp their monetary policies. Citing a survey of 60 central banks conducted by the BIS, Carstens concluded that CBDCs were unpopular. He stated,

“Very few central banks think it is likely that they will issue a CBDC in the short to medium term, be it retail or wholesale. Having looked into the matter, central banks have decided not to jump in.”

That position has emphatically changed.

The BIS issued its most recent survey on central banks on Friday. Entitled “Impending arrival – a sequel to the survey on central bank digital currency”, the paper reveals that CBDCs continue to fuel discussion and debate. It updates last year’s survey and concludes that central banks are increasingly testing the new tech. According to the report,

“Our survey shows that central banks are undertaking extensive work on central bank digital currencies. Globally, emerging market economies are moving from conceptual research to intensive practical development, driven by stronger motivations than those of advanced economy central banks. Central banks representing a fifth of the world’s population say they are likely to issue the first CBDCs in the next few years.”

There are several scenarios that could play out, and central bankers are weighing all of the outcomes, including how CBDCs could either complement or entirely replace traditional money.

Survey respondents representing 21 advanced economies and 45 emerging market economies that cover 75% of the world’s population and 90% of its economic output show that 10% of central banks are likely to issue a general purpose CBDC in the short term, a two-fold increase over last year. Twenty percent expect to issue a CBDC in the medium term, and central banks collectively representing 20% of the world’s population are likely to issue a general purpose CBDC in the next three years.

As for the level of development, nearly 40% of central banks are moving to the next stage, pushing beyond conceptual research to real experiments, with 10% developing pilot projects.

The researchers say the trend is growing.

“Ever more central banks are currently (or will soon be) engaged in CBDC work. Some 80% of central banks (up from 70%) are engaging in some sort of work, with half looking at both wholesale and general purpose CBDCs.”

You can check out the full 19-page report here.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Imagine Photographer

Submit a Press Release

Industry Announcements

  • Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development
    January 24, 2023
  • Dogecoin and Shiba Inu Better Watch Out – Floki Just Had Three Big Things Happen for It
    January 24, 2023
  • Crypto Marketing – What Initiatives Will Bring More Value and Users in 2023
    January 23, 2023
  • Make Crypto Payments on BChat Web 3.0 Messenger – BChat Integrates Beldex Wallet
    January 22, 2023
  • KEY3.id Supports Multi-Chain Transaction, Partnership With KuCoin Wallet, CoinHub Wallet and Wallet3 To Launch 2023 Lucky Transaction Campaign With Over 30,000 Participants on Social
    January 20, 2023
  • Deposit EUR/GBP at Zero Percent Fees With Newly Launched SEPA/FPS Channels on Bitget
    January 19, 2023
  • Coinbase Lists Kava, Advancing Ethereum–Cosmos Interoperability
    January 18, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,144.20
$23,144.20
1.36%
Ethereum
$1,600.54
$1,600.54
1.9%
Cardano
$0.388723
$0.388723
4.2%
XRP
$0.41224
$0.41224
1.07%
Dogecoin
$0.087917
$0.087917
3.24%

Spotlight

  • Former High-Ranking SEC Official Blasts Crypto Lender Nexo’s $45,000,000 Settlement Deal With US Regulator
    January 20, 2023
  • Little-Known Ethereum Altcoin Soars 106% After Receiving Surprise Boost From Coinbase
    January 23, 2023
  • Crypto Analyst Who Nailed Bitcoin’s 2018 Bottom Warns Binance Coin and One Ethereum Rival Primed for Pullbacks
    January 26, 2023
  • Ethereum (ETH) Rival Launches New Ecosystem Fund Amid Bullish Price Action in Crypto Markets
    January 21, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl