Update on Central Bank Digital Currency Research Worldwide
This update discusses the rise of Central Bank Digital Currencies (CBDCs) globally. It covers updates on CBDC research and pilots in various countries, the increasing number of central banks with CBDC projects, the varying attributes of retail CBDC projects, and the positive shift in speeches regarding CBDCs since late 2018.
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Restricted Rise of the Central Bank Digital Currencies Update 1 July 2023 Raphael Auer, Giulio Cornelli and Jon Frost* *The views are those of the authors and not necessarily the Bank for International Settlements
Restricted CBDC research and pilots around the world BS = The Bahamas; ECCB = Eastern Caribbean Central Bank; HK = Hong Kong SAR; JM = Jamaica; SG = Singapore. The use of this map does not constitute, and should not be construed as constituting, an expression of a position by the BIS regarding the legal status of, or sovereignty of any territory or its authorities, to the delimitation of international frontiers and boundaries and/or to the name and designation of any territory, city or area. Updated as of July 2023. Source: Auer, R, G Cornelli and J Frost (2023), "Rise of the Central Bank Digital Currencies", International Journal of Central Banking, forthcoming. 2
Restricted More central banks have CBDC projects Number of instances Updated as of July 2023. Sources: Auer, R, G Cornelli and J Frost (2023), "Rise of the Central Bank Digital Currencies", International Journal of Central Banking, forthcoming; central banks websites. 3
Restricted Attributes of retail CBDC projects vary Number of retail CBDC projects investigating each design option Architecture Infrastructure Access Interlinkages Updated as of July 2023. Source: Auer, R, G Cornelli and J Frost (2023), "Rise of the Central Bank Digital Currencies", International Journal of Central Banking, forthcoming. 4
Restricted Speeches on CBDCs have turned more positive since late 2018 Number of speeches Updated as of July 2023. Source: Auer, R, G Cornelli and J Frost (2023), "Rise of the Central Bank Digital Currencies", International Journal of Central Banking, forthcoming. 5
