Gaining momentum – Results of the 2021 BIS survey on central bank digital currencies

Most central banks are exploring central bank digital currencies (CBDCs), and more than a quarter of them are now developing or running concrete pilots. This BIS paper updates earlier surveys that asked central banks about their engagement in this area. The latest responses from 81 central banks show that the Covid-19 pandemic and the emergence of cryptocurrencies have accelerated the work on CBDCs. In addition, this paper shows that more than two thirds of central banks are likely to issue a retail CBDC in the short or medium term. Many are exploring a CBDC ecosystem that involves private sector collaboration and interoperability with existing payment systems. 

JEL classification: E42, E58, O33 

Keywords: central bank digital currencies, CBDC, digital innovation, money flower, cryptocurrencies, cryptoassets, financial inclusion, stablecoin, Covid-19, cross-border payments, interoperability