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

Author

Listed:
  • Anneke Kosse
  • Ilaria Mattei

Abstract

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.

Suggested Citation

  • Anneke Kosse & Ilaria Mattei, 2022. "Gaining momentum – Results of the 2021 BIS survey on central bank digital currencies," BIS Papers, Bank for International Settlements, number 125.
    • Handle: RePEc:bis:bisbps:125
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    References listed on IDEAS

    as
    1. Raphael Auer & Codruta Boar & Giulio Cornelli & Jon Frost & Henry Holden & Andreas Wehrli, 2021. "CBDCs beyond borders: results from a survey of central banks," BIS Papers, Bank for International Settlements, number 116.
    2. Raphael A. Auer & Giulio Cornelli & Jon Frost, 2020. "Rise of the Central Bank Digital Currencies: Drivers, Approaches and Technologies," CESifo Working Paper Series 8655, CESifo.
    3. Raphael Auer & Rainer Boehme, 2020. "The technology of retail central bank digital currency," BIS Quarterly Review, Bank for International Settlements, March.
    4. Morten Linnemann Bech & Jenny Hancock & Tara Rice & Amber Wadsworth, 2020. "On the future of securities settlement," BIS Quarterly Review, Bank for International Settlements, March.
    5. Codruta Boar & Henry Holden & Amber Wadsworth, 2020. "Impending arrival - a sequel to the survey on central bank digital currency," BIS Papers, Bank for International Settlements, number 107.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Sergio Gorjón, 2022. "Wholesale financial markets and digital currencies: making headway in the tokenisation of central bank money," Financial Stability Review, Banco de España, issue Spring.
    2. Danny Hermawan & Denny Lie & Aryo Sasongko & Richard I. Yusan, 2023. "Money velocity, digital currency, and inflation dynamics," Working Papers 2023-01, University of Sydney, School of Economics.
    3. Andrej Sokol & Michael Kumhof & Marco Pinchetti & Phurichai Rungcharoenkitkul, 2023. "CBDC policies in open economies," BIS Working Papers 1086, Bank for International Settlements.
    4. Bert Van Roosebeke & Ryan Defina, 2022. "Central Bank Digital Currencies: A Review of Operating Models and Design Issues," IADI Fintech Briefs 13, International Association of Deposit Insurers.
    5. Rösl, Gerhard & Seitz, Franz, 2022. "On the stabilizing role of cash for societies," IMFS Working Paper Series 167, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    6. Fengqi Xie & Marina Ryzhkova, 0000. "The Development Status of CBDC: A Comparative Study," Proceedings of Economics and Finance Conferences 14115979, International Institute of Social and Economic Sciences.
    7. Raphael Auer & Giulio Cornelli & Jon Frost, 2022. "The pandemic, cash and retail payment behaviour: insights from the future of payments database," BIS Working Papers 1055, Bank for International Settlements.
    8. Alex Zarifis & Luis A. Castro, 2022. "The NFT Purchasing Process and the Challenges to Trust at Each Stage," Sustainability, MDPI, vol. 14(24), pages 1-13, December.
    9. Enrique Alberola & Ilaria Mattei, 2022. "Central bank digitalcurrencies in Africa," BIS Papers, Bank for International Settlements, number 128.
    10. Alora, Aswin & Sahoo, Poonam & Sasidharan, Aghila, 2024. "Central bank digital currency adoption challenges- The case of an emerging nation," Finance Research Letters, Elsevier, vol. 59(C).
    11. Balazs Koczian, 2022. "Potential Advantages of Retail Central Bank Digital Currency," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 21(3), pages 149-158.
    12. Charles M. Kahn, 2022. "Should the United States Issue a Central Bank Digital Currency? Lessons from Abroad," Policy Hub, Federal Reserve Bank of Atlanta, vol. 2022(8), June.
    13. Anneke Kosse & Ilaria Mattei, 2023. "Making headway - Results of the 2022 BIS survey on central bank digital currencies and crypto," BIS Papers, Bank for International Settlements, number 136.
    14. Sergio Gorjón, 2022. "Wholesale financial markets and digital currencies: making headway in the tokenisation of central bank money," Financial Stability Review, Banco de España, issue Spring.
    15. Sebastian Infante & Kyungmin Kim & Anna Orlik & André F. Silva & Robert J. Tetlow, 2022. "The Macroeconomic Implications of CBDC: A Review of the Literature," Finance and Economics Discussion Series 2022-076, Board of Governors of the Federal Reserve System (U.S.).
    16. Jiaqi Li & Andrew Usher & Yu Zhu, 2024. "Central Bank Digital Currency and Banking Choices," Staff Working Papers 24-4, Bank of Canada.

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