Proceeding with caution - a survey on central bank digital currency

The hypothetical benefits and risks of central bank digital currencies are being widely discussed. This BIS paper adds to these discussions by taking stock of how progress and plans in this area are developing, based on a global survey of central banks. Responses show that central banks are proceeding with caution and most are only at a conceptual stage with their work. However, a handful have moved to considering practical issues and a couple of central banks with idiosyncratic circumstances might issue a digital currency in the short or medium term.

JEL classification: E42, E58, O33

Keywords: central bank digital currencies, CBDC, digital innovation, money flower, cryptocurrencies, crypto-assets, financial inclusion