80% Central Banks are working for CBDCs: Report

According to a PwC report, 80% of central banks are considering or have already started CBDC.

According to research conducted by accounting firm PwC, more than 80% of central banks are interested in or have already started the Central Bank Digital Currency (CBDC).

While the recent second annual Global CBDC Index report was released on Monday while measuring the central bank’s maturity in implementing its digital currency. Furthermore, the report also had an overview of stable coins for the first time.

The blockchain and crypto specialist in PwC UK, Haydn Jones said in a report that “over 80% of central banks are planning to launch CBDC or have already done with the launch”.

The CBDCs that were issued for general public use and wholesale CBDCs for use by financial institutions with the Central Bank, were mentioned in the report.

The report states that retail CBDCs have reached a higher maturity level as compared to their wholesale counterparts. For example, Nigeria’s “eNaira”,  received a score of 95, which is recognized as the most advanced both in the retail and wholesale categories.

Some notable participants in the retail segment is the Bahamas, which is also known as the first country to launch its own CBDC. Even more, the Jamaican Jam-Dex is launching this year and has compiled a list prepared by Thailand for development and testing of the CBDC that was announced last August.

While Thailand and Hong Kong topped the wholesale segment while being a joint mBridge project focusing on border payments, Singapore and France are also some top contenders on the CBDC project release.

Jones commented on the current maturity level and readiness of central banks around the world. He said:

“Countries have different levels of maturity in CBDCs and each country has different motivation factors. Increasing financial inclusion, facilitating border payments, and controlling financial crime. We expect CBDC research, testing, and implementation is projected to intensify in 2022.

While the Report presented an overview of the Top Ten USD-Pegged Stable Coins review on the basis of their Market Cap and discussed how they work and their support.

It has been argued that stable coins have become an integral part of the current crypto ecosystem to an extent that it is now impossible for any fund or organization to “become active in crypto space without the use of stable coins”.

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