According to a report by the Bank for International Settlements (BIS), by the end of the decade, more than twenty central banks in advanced and emerging economies will launch their own digital currencies.

BIS researchers predict that most government stablecoins will be used in retail. According to a survey conducted at the end of 2022 among 86 central banks, about 11 regulators are ready to follow the example of the central banks of the Bahamas, Jamaica and Nigeria, which already use retail CBDCs. What is happening is caused by the loss of interest of people in cash, as well as the need to provide people with an alternative to private cryptocurrencies.

About nine central banks are exploring the possibility of issuing wholesale digital currencies for interbank transactions. The Central Bank believes that the tokenization of assets can open up new functions and expand access to financial markets. The optimization of cross-border payments is one of the key factors that central banks are studying when working on wholesale CBDCs, the authors of the report note.

BIS believes that the proportion of central banks exploring CBDC opportunities or participating in development has risen to 93%. At the same time, 60% reported that stablecoins can really speed up settlements and payments. Almost 40% noted that they themselves or financial institutions under their control have explored the potential of stablecoins for settlements between individuals or enterprises. At the same time, BIS analysts concluded: if crypto assets, including stablecoins, are widely used for payments, this could become a threat to financial stability.

Earlier, the head of the BIS Innovation Center, Cecilia Skingsley, said that the use of state cryptocurrencies at the international level could be hampered by a tense foreign policy environment.